Al-Batikhi: The company will play a major role in real estate development and redevelopment operations and provide highly competitive real estate products.

Al-Salem: We hope that the company will contribute to the development of the Jordanian real estate market and increase its competitiveness and strength to support the comprehensive development in the Kingdom.

Seven Jordanian banks announced the launch of the Professional Real Estate Development Company, a private shareholding company, with a capital of 106 million Jordanian Dinars, which deals with various forms of real estate development and management in the Kingdom. The company’s objectives include buying and selling real estate, developing lands, managing real estate, renting apartments, lands, shops and complexes, in addition to owning and establishing commercial and residential projects as well as conducting market studies and research.

The announcement of the company’s launch came during the first meeting of the General Assembly of the Professional Real Estate Development Company, a private shareholding company, which was held at ABJ’s headquarters on Monday, October 31, 2022. The company’s General Assembly shareholding members include: Jordan Kuwait Bank, Jordan Capital Bank, Investment Bank, Housing Bank for Trade and Finance, Jordan Commercial Bank, Jordan National Bank and Arab Jordan Investment Bank.

The General Assembly discussed and approved the founding expenses of the company and approved the appointment of an external auditor. It also elected a board of directors for the Professional Real Estate Development Company, which consists of seven representatives of the shareholding banks in addition to two independent members. The Assembly agreed to nominate Mr. Haitham Al-Batikhi as a representative of the Jordan Kuwait Bank and as Chairman of the Board, Mr. Cesar Qulajeen as a representative of the Jordan Commercial Bank as Vice-Chairman in addition to the membership of His Excellency Mr. Basem Khalil Al-Salem as a representative of the Jordan Capital Bank, Mr. Montaser Dawas as a representative of the Investment Bank, Mr. Ammar Al-Safadi, representing the Housing Bank for Trade and Finance, Mr. Muhammad Musa, representing the Jordan Ahli Bank, and Mr. Raed Musais, representing the Arab Jordan Investment Bank.

The company’s board of directors held its first meeting following the meeting of the General Assembly, during which the details of the management company and the final agreement to manage the company’s business were discussed, in addition to addressing the reasons behind transferring real estate from banks to the company.

For his part, Haitham Al-Batikhi, Chairman of the Board of Directors of the Professional Real Estate Development Company, said that the establishment of this company came as a national initiative by the shareholding banks to invest in real estate and develop it effectively to the extent that contributes to reviving the real estate market in the Kingdom.

Al-Batikhi also indicated that the establishment of this company entails many direct and indirect advantages on the Kingdom’s macro economy due to its role in real estate development and redevelopment operations and the provision of highly competitive real estate products in terms of quality and price. This will help target a wide segment of the society including low-income people. Al-Batikhi also touched on the company’s expected role in creating new permanent and temporary job opportunities, stimulating the real estate sector and the various operating agencies, raising the efficiency, effectiveness and competitiveness of the real estate sector in addition to the positive impact on the rest of the economic sectors in light of the large intertwining between the real estate sector and other sectors.

Al-Batikhi indicated that the company’s General Assembly agreed to appoint a company specialized in this field to manage the company’s business which was chosen after in-depth and comprehensive studies through which all related details, feasibility studies, expected results and objectives were evaluated. All available alternatives were compared in terms of expertise in the real estate field.

Al-Batikhi thanked all the shareholding banks’ representatives for their great efforts since the earliest stages and studying the various relevant details leading to the implementation on the ground and the completion of all registration procedures. He also thanked the Governor of the Central Bank of Jordan for his great support and response to guarantee the success of the company. He expressed his sincere appreciation to the Jordanian government represented by the Prime Minister and the Minister of Finance for their great support for this initiative to overcome all obstacles that may face the company. Al-Batikhi also thanked ABJ represented by the Chairman of the Board, the General Manager and the staff for their tremendous efforts in embracing the idea since its inception and providing all means of technical and advisory support which accelerated the establishment process.

In his turn, Basem Khalil Al-Salem, ABJ Chairman of the Board of Directors, said that the association, out of its keenness to support all national initiatives that bring all the good to our Jordanian economy, has supported from the beginning the directions and efforts of banks to establish the company. ABJ has also provided all possible support for implementing the initiative on the ground. He also praised all the relevant authorities for the key part they took in the process including the Central Bank of Jordan, the Prime Ministry and the Ministry of Finance. Al-Salem also expressed his hope that this company will have an effective contribution to the development of the Jordanian real estate market and increase its competitiveness and strength, which will reflect positively on citizens and related economic sectors, and contribute to improving the prospects for comprehensive development in the Kingdom.