Agreement to Resume “6th Circle Towers” Works; Jordan Gate

تم نشره في Sat 21 May / May 2016. 12:00 AM
  • Jordan Gates 6th Circle Towers - (Archives)

AMMAN —Al Ghad— The two owner companies of the 6th Circle “Jordan Gate” Towers construction project, Kuwaiti Bayan Holdings Co. and Al-Hamad Contracting Co., announced that an agreement has been reached on the resumption of the construction of the Towers after 5 years of floundering with executing companies.

The agreement has been arranged with the Amman Municipality contractor company in the presence of the Minister of Political and Parliamentary Affairs, and the Mayor of Amman, Aqel Baltaji, leading to a 65:35 per cent share rearrangement in favour of Kuwaiti Bayan Holdings, according to the statements of the Company’s Chairman, who underscored that paid capital for the project that rests at 71 per cent completion, touches roughly at USD400 million, with more than USD120 million to be additionally pumped into the project over the next 24 months to see it through, and USD100 million in partner debts defaulted.

Mayor of Amman, Baltaji, stated that the completion of the project will increase investment potential in the Kingdom, as Kuwaiti investments in Jordan have exceeded USD10 billion, across various sectors.