GAM Council approves agreement with Amman Vision Investment and Development

AMMAN — The Greater Amman Municipality (GAM) Council has approved an agreement to develop, invest and manage GAM’s assets and investment rights with Amman Vision Investment and Development (AVID), which is wholly owned by the municipality as a master developer and investment arm. 

The decision was made during a council session chaired by Amman Mayor Yousef Shawarbeh on Sunday.

AVID was launched this year, offering investment opportunities that contribute to diversifying the investors’ assets and investments in order to achieve high returns that contribute to the growth of Amman and the Kingdom, according to an AVID statement.

The agreement included an appendix with a preliminary list of assets that are either ready to be signed with investors after negotiations take place, or ready to be offered as an investment opportunity and include projects of different investment sizes, such as the new Amman slaughterhouse in the Madouneh area, a commercial project in Abdoun, a mixed-use project on Airport Road near Ghamadan Park, multiple storey car parking in the Abdali area and the Banking District project.

The agreement is tailored based on the best global development and investment practices to identify the duties and responsibilities of GAM in its capacity as the owner of the assets and investment rights and AVID, the main developer of its assets as an investment arm, read the statement.

The agreement will authorise AVID to manage, develop and invest the assets of GAM and investment rights owned by the municipality, which are determined by GAM, the statement said, noting that the above asset list appendix is constantly updated and any addition will be presented to the council according to the rules and regulations.

AVID provides a variety of investment opportunities that serve the city of Amman and meet the needs of the market, investors and the aspirations of GAM along with the Jordanian society through several investment options that reflect “the genuine partnership” between the public and private sectors to achieve investment returns through sustainable projects that keep pace with Jordan's modern development scene, the statement said. 

Furthermore, AVID also meets the investors’ requests that are not included within the currently presented investment opportunities with tailor-made deals to meet up with the needs of the largest segment of investors.

Among the investment projects offered through the Amman Vision Investment and Development Company are:

1. Medical Centre: A specialised complex that provides integrated medical services to enhance the medical tourism sector in Jordan at the regional level. The project provides treatment facilities for 200 beds, in addition to a medical research centre, outpatient clinics and support service facilities. 

Additionally, the project includes hotel facilities to serve guests and visitors to the medical centres scattered in the area surrounding the project.

2. Boutique Hotel: A modern hotel which delivers integrated hotel services of international standards, including 72 distinct hotel rooms, as well as entertainment facilities and restaurants.

3. Exhibition Centre - Airport Road: The centre includes internal and external interactive spaces, theatres and conference rooms, along with permanent and temporary exhibition spaces.

4. Amusement Park: A huge urban project that includes recreational facilities that meet a wide range of entertainment means. The project also includes a conference centre and several hotels in the Ghamadan area.

Among the investment rights owned by GAM are: On-street parking, smart city solutions, slaughterhouse licences, city advertising and more investment rights, concluded the statement.