A multimillion-dinar residential city will be built near Zarqa to tackle overcrowding and help citizens on low and limited incomes buy suitable housing.The 70,000-unit project, to be built on 21,000 state-owned dunums, was announced at a Royal Court meeting attended by King Abdullah and Saudi King Abdullah, who concluded yesterday a key two-day visit to Jordan.
â€œThe King Abdullah Ben Abdul Aziz Al Saud Residential Cityâ€ will be designed to house 370,000 citizens.
Each housing unit will cost JD30,000. Local banks, mainly Islamic, will be contracted to provide loans to citizens at government-subsidised interest rates over 20 years. The city will include public facilities, banks, parks, mosques as well as sports, cultural and recreational centres.
The cost of the land on which the city will be built was estimated at JD600 million, while another JD650 million will go to infrastructure projects.
The National Resources Investment and Development Corporation (MAWARED), private sector firms and Saudi companies will implement the mega-project, expected to create jobs and attract investments.
The Custodian of the Two Holy Mosques arrived in Jordan on Wednesday, on the first such visit by a Saudi King in almost 25 years, to a cheerful welcome by thousands of Jordanians who lined the streets of Amman to express joy at his visit.
He held talks with King Abdullah on bilateral ties and Middle East issues.
The two leaders warned of the â€œserious repercussionsâ€ of the developments in the Palestinian territories, stressing that Palestinian infighting and rift provides Israel with a pretext to evade its peace commitments.
They also focused on mechanisms to cement Jordanian-Saudi cooperation in various fields, where they stressedÂ keenness to build on the existing relations.
King Abdullah voiced appreciation of Saudi Arabiaâ€™s support for Jordanâ€™s plans to overcome the harsh economic situation caused by rising oil prices.