Abu Dhabi Securities Exchange-listed AD Ports has named Dubai-based real estate company MAG Group Holding as the primary developer for the first phase of Marsa Zayed, a large-scale beachfront resort and residential community set to be developed along the Red Sea in Aqaba, Jordan.

According to a press release posted on Zawya, Marsa Zayed, supported by the governments of the United Arab Emirates (UAE) and Jordan, aims to develop a 320ha stretch of the Red Sea coastline into a major tourism and business centre.

The project will also serve as a southern gateway to some of Jordan's most key attractions, including the UNESCO World Heritage Site of Petra and the Wadi Rum Protected Area.

As stated in the announcement, the first phase of Marsa Zayed, covering an area of 1.2 million square metres, will feature the Zayed Riviera development.

This will include four residential towers, a marina with approximately 1,260 residential units and 117 retail spaces, the restoration of the iconic Aqaba Minaret, a yacht club, a visitors' centre, and more.

The statement did not reveal the costs associated with the project or its expected completion timeline.

In April 2022, AD Ports Group selected a consortium comprising Jordan's Dar Al Omran and Maisam Group to create the master plan for Marsa Zayed.

AD Ports Group, which is 75.4% owned by the UAE state investment company ADQ, is managing the Aqaba Cruise Terminal, which began operations in January 2023.

The group has also secured long-term concessions to develop and manage cruise terminals at the Red Sea ports of Safaga, Hurghada, Al Sokhna, and Sharm El-Sheikh.

Additionally, it will build and operate a multipurpose port in Safaga and a Ro-Ro terminal in Al Sokhna.