Jordanian, Lebanese companies sign agreement to build Ritz-Carlton in Amman

AMMAN — Al Eqbal Real Estate Development and Lebanese Matta et Associés contracting company on Tuesday signed an agreement valued at $150 million to build the Ritz-Carlton Hotel in Amman.

Under the agreement, signed between Al Eqbal Chairman Tawfiq Fakhouri and Matta Chairman Jack Matta, construction of the hotel was agreed to be undertaken by the Matta company, while electrical work for the hotel will be awarded to a local contractor under the supervision of Matta before the end of the month. 

During the signing ceremony, attended by Tourism Minister Majd Shweikeh and the owners of the involved companies, Fakhouri expressed his pride in the Jordanian investment, worth $270 million, the Jordan News Agency, Petra, reported. 

He also expressed hope for the investment to stimulate the economy and provide more than 1,600 jobs during construction, as well as some 530 permanent jobs, mostly for youth.

The chairman added that the “distinguished” project will act as a launching point for other projects in the Kingdom.

The entire project will be implemented in phases, where the apartments will be finished by the end of 2020, and the hotel will be inaugurated in the first quarter of 2021.