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Asia Today ISSN 1861-4604 Tuesday, July 17, 2018

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Bahaa Hariri opens multibillion project in Jordan

Property development and investment group operating in Jordan

Share on Facebook June 21, 2014, Reporter : Daily Star, Reader : 607

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AMMAN: Bahaa Hariri – founder and chairman of the Horizon Group, a property development and investment group operating in Jordan, Saudi Arabia and Lebanon – fresh from opening a mega project in Amman, insists on betting against all security and economic challenges prevailing in Lebanon by pledging to continue his investments in the country, reports the daily Star.
“I believe in the story of Lebanon and I am willing to invest more in the country,” he told The Daily Star in an interview in Amman Wednesday.
Hariri’s remarks came after the official opening of The Boulevard, a $423 million project located at the heart of Abdali, Amman’s new downtown district.
One of the most recent projects started by the son of assassinated former Prime Minister Rafik Hariri in Lebanon is ABC Verdun, launched as a joint development between ABC and Verdun 1544 Holding, a real estate company owned by the young billionaire.
“We are making a bold bet to say that three or four years down the line at the end of the construction phase of ABC, the situation in Lebanon, Syria and Iraq will get better,” he said.
“We are making a bet and usually this is wild but we also have our calculations whether in terms of political or economic assessment,” he added. “We truly see the light at the end of the tunnel whether it is in Lebanon, Syria or Iraq.”
Munther Haddadin, chairman of Abdali Boulevard Company, vice chairman of Abdali Investment and Development PSC, was also upbeat about the project.
“We have completed around 60 percent of the first phase of Abdali estimated at $1.5 billion and The Boulevard constitutes one-third of this investment,” Haddadin said.
In his speech, Haddadin praised the king for continuously implementing projects with the aim of improving the income level of Jordanians. “The huge projects which your majesty have previously opened in water, energy, transport, airport and road sectors made a great difference on the economic front and enabled Jordan to face all challenges,” he said.

Joseph Helou, chairman of Abdali Investment and Development PSC, gave a brief overview of the project since its inception. “The project started in 2003 with a vision by King Abdullah and it was enhanced by [then-]Prime Minister Rafik Hariri to form Abdali Investment and Development.”
Bahaa Hariri has shown over the past years a very high and continuous interest in investing in Jordan.
But the young businessman stressed that his investments are of equal importance in both Lebanon and Jordan.>Read more

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