Amman, April 28 (Petra) -- The Amman Vision Investment and Development (AVID), the investment arm of the Greater Amman Municipality (GAM), signed three agreements on Tuesday with Saudi Arabia’s Sumou Holding to launch high-end real estate projects in Amman.

The projects carry a total investment value estimated at JD35 million ($50 million).

The signing ceremony was attended by Amman Mayor and AVID Chairman Yousef Shawarbeh, alongside senior executives from Sumou Holding and Jordanian investment officials. The deal marks a significant expansion for the Saudi-based strategic project developer into the Jordanian market.

In addition to the specific real estate contracts, the two parties signed a memorandum of understanding to develop a massive, mixed-use urban project. The development is slated for a 350-dunum (86-acre) site along the Abdoun Corridor, a prime arterial route in the capital.

AVID Chief Executive Mustafa Abu Ghoush and Sumou Holding Chief Executive Saeed Al-Nahdi formally executed the agreements. Both sides emphasized the importance of fostering strategic partnerships that align with modern urban development requirements and stimulate broader economic growth.

Sumou Holding officials stated that the agreements reflect the company’s confidence in the Jordanian investment climate. The firm noted that its entry into the market through a partnership with Amman’s municipal investment arm is designed to strengthen its regional footprint and bolster economic integration between Jordan and Saudi Arabia.

The partnership comes as Amman seeks to attract foreign direct investment for large-scale infrastructure and residential projects to modernize the city's urban landscape and create new commercial hubs.

//Petra// AF