Union Land Development Acquires 1600 Donums and Expands its Investments

Amman, July 30th, 2006: In line with its expansion strategy which centers on diversifying its range of investments, Union Land Development Company (ULD) has recently acquired 1600 donums in Khan Zabib area, thus increasing its ownership of land spaces to 1,030,830 squared meters - in Amman, its surrounding suburbs, southern airport area, Aqaba and the Dead Sea – amounting to a total purchase value of JD 36,754,017.

The newly acquired plot of land is strategically located south of Queen Alia’s Airport and features two artesian wells. ULD intends to develop the newly acquired piece of land into 10 Dunom parcels to be sold individually.

ULD has recently purchased a number of land pieces in Mecca and Wadi Saqra Streets to build an office and retail block as well as another piece in Dabouq where six luxurious villas will be erected.

“Our investment strategy focuses on financing the company’s various projects internally and reducing the need for banking loans. In addition, we aim at maintaining the cash value of ULD’s treasury, and increasing profits that will in turn finance our upcoming future projects”, said Engineer Ramzi Salfity, General Manager of Union Land Development Company.

“Our investments’ returns significantly contribute to the financing of our real estate and development projects. They fund up to 40 per cent of our commercial projects, and fully finance other projects such as the multi-use tower building to be built at the new down town “Al Abdali” and the Holiday Inn hotel”, Eng. Salfity added.

ULD has also invested in the tourism sector where it owns 10-20 per cent of two hotels which still under construction in the Dead Sea and Tala Bay, Aqaba. The company also owns a portfolio of stocks in Amman Stock Exchange and in non-traded companies.

“Staying up to date with the industry’s developments and customers’ ever changing needs is integral to every company’s success, and this is what our strategy centers on. We are always on the look out for market opportunity which further grows our investment portfolio,” Eng. Salfity concluded.

About Union Land Development (ULD):

Union Land Development Company (ULD) is a public shareholding company that was established in 1995, as a result of the mergence of Jordan Gulf Company for Real Estate Investments and Petra for Projects and Equipment Rentals, with a starting capital of 5 million JD.

On June 1st 2004, ULD acquired the Middle East & Commodore Hotels Company, thus increasing its capital to 7 million JD. Recently, ULD has increased its capital to 45 million JDs. ULD's major functions and services are:

I) Investment in land and real estate; developing it for various projects such as residential, commercial, tourist, recreational, and industrial.
II) Building, owning hotels operated and managed by international hotel chains.

Mouath Tarshihi / Ziad Qasem
Asdaa Public Relations
Tel: 009625520791
Fax : 00962559271

This release was published on openPR.