The Greater Amman Municipality on Monday signed a frame work agreement with Kuwaiti Bayan holding company resolving two outstanding issues, the licensing and building permit and infrastructure.
The Kuwaiti company contribution to enhance the road and traffic infrastructure around the Jordan gate site was finalized at $25 million.
GAM sold its 8.5per cent stake to Bayan holding company for $15 million. The JD280 million projects, which includes two towers connected by a multi- storeyed podium in the vicinity of the capital 6th circle.
Al Manni assured during a press conference with Bayan company chairman Peter Panayiotou that they solved this matter through a special committee.
GAMs decision to withdraw from this project was a "right one ".Al Manni said." GAMs investment in the coming years will focus on development projects", he added
Next month GAM is to announce details of the first phase of its Amman master plan.Al Maani said.
The agreement was assigned by GAM council member Mohammad Mathher Enab, and from the company side, its attorney, Hayder Al Majali.