Al Maabar, a joint venture company formed by Abu Dhabi's largest real estate developers of Sorouh Real Estate, Aldar Properties, Al Qudra Real Estate and Reem Investments, announced that an agreement has been signed with the Jordanian government to develop the project in the Red Sea port of Aqaba, as part of its plans to expand into overseas market.

Yousuf Al Nowais, Al Maabar managing director, said the contract with Jordan gives Al Maabar the rights of developing the main port and its surrounding areas with investments of $5 billion (Dh18.4 billion).

Al Nowais said the property giant, which forms a 'formidable' real estate group with strong international competence, is planning to set an integral organisational plan to transform the current main port into a tourism one with world-class facilities, including tourism facilities, residential and commercial buildings and a financial district to attract local, regional and international financial institutions.

The project will be implemented in phases, the first of which is expected to be completed in 2011, and the final phase will be completed in 2015, Al Nowais said.

Al Maabar will embark on preparing the project's blue prints and engineering designs right after transferring the ownership of lands to the company in the next few days, he added.

The project will involve modernising and developing the Aqab port's infrastructure and turn it into a tourism port with high-class specifications to serve as a tourism gateway between Jordan and the outside world.

It offers more than 15,000 job opportunities to Aqaba residents, Al Nowais noted.