Amman - A subsidiary of the United Arab Emirates conglomerate, Al Maabar International Investments, on Thursday unveiled the largest real estate and tourism project in Jordan's history, a 10-billion-dollar Marsa Zayed complex at Aqaba.

The developer, Al Maabar Jordan Real Estate Development Company, said in a statement that the 3.2-square kilometer Marsa Zayed complex with a 2-kilometre waterfront would be "one of he most significant developments in the region".

The company said that the project would involve the development of the mixed-use waterfront, including high-rise residential towers, retail, recreational, entertainment, business and financial facilities along with several branded hotels.

The planned marinas are likely to "transform Aqaba into a premier yachting destination." A cruise ship terminal is also on the drawing board, the firm said.

The first phase of the project at the Red Sea resort town will begin in the first half of 2010 after the completion of the land survey and a series of technical studies which are currently taking place in coordination with the Aqaba Special Economic Zone Authority, it added. (dpa)