The Business Park Company; the master developer of the King Hussein Business Development Zone (KHBP), signed a loan agreement with the Housing Bank, to finance the development and construction of five new buildings as part of phase one of the expansion plan for the KHBP Development Zone. Phase I includes the addition of approximately 40,000 square meters of office space to the existing Business Park site. The agreement was signed by Mr. Ammar Al-Safadi Chief Executive Officer of the Housing Bank, and Eng. Soud Soror, Chief Executive Officer of King Hussein Business Park, in the presence of H.E Eng. Atef Tell, Chairman of King Hussein Business Park.
The expansion comes in response to the increasing market demand for offices at KHBP, currently at 100% occupancy rate. In line with this financing agreement, the business park will be able to commence the construction of five new buildings as part of the KHBP Development Zone expansion Master Plan and enhance its positioning as a Smart, Innovation and Science Park. The new buildings' efficient and enhanced design and layout will offer multi-purpose ready-for-use office spaces that go in line with the best international standards, in addition to providing parking spaces, support services and business facilities.
The new buildings will be Green, Smart and common in appearance to the existing Business Park' buildings, and will share the same architectural language and adopt architectural details that enhance efficiency. Designs are developed in line with the best international codes and standards in terms of infrastructure requirements, structural designs, civil works, elector-mechanical systems, communications and information technology infrastructure, building management and firefighting systems.
Mr. Ammar Al-Safadi, Chief Executive officer of the Housing Bank stated that this agreement comes in support of the King Hussein Business Park role in developing and supporting the business sector in Jordan. The financing will enable KHBP to achieve its developmental goals and empower its position as a leading business and innovation hub. He also added that this agreement emphasizes on the Housing Bank active contribution to the national economy through offering competitive bank solutions and services that cater for its client's needs.
From his side Mr. Soud Soror, Chief Executive Officer of the King Hussein Business Park expressed his appreciation to the Housing Bank role in financing key economic development projects in Jordan. He also emphasized on the proficiency of the Housing Bank team facilitating the loan agreement and its execution, and the support provided towards enabling KHBP to kick-off the expansion by adding more buildings and office spaces and attract more companies into the business park, empowering its positioning as a key national success story in Jordan and the region.
It is worth noting that King Hussein Business Park (development zone) offers mixed-use class-A office for local, regional, international companies and start-ups. In 2018, the Business Park company, the master developer of the King Hussein Business Park Development Zone had finalized the expansion master plan of the King Hussein Business Park Development Zone over an area of 1.4 million sqm in the heart of the capital Amman, offering over 3 million sqm development opportunities of offices, healthcare, hospitality, retail, residential and supporting business facilities