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On 25 April 2017, Al Eqbal Real Estate Development and Marriott International announced the signing of a landmark agreement to bring the Ritz-Carlton brand to Amman, Jordan, marking a significant milestone in the Kingdom’s luxury hospitality sector. The project, located at Fifth Circle, comprises a five-star Ritz-Carlton hotel and branded residences. Slated for completion in 2020, the development will include high-end suites, fine dining venues, serviced apartments, and a grand ballroom, designed to deliver an elevated hospitality and lifestyle experience in the Jordanian capital. A formal groundbreaking ceremony was held on 18 May 2017, with Prime Minister Hani Mulki laying the foundation stone and inaugurating the project. Khalifeh & Partners acted as legal counsel to Al Eqbal Real Estate Development, advising on all hotel management and residential agreements. The team was led by Khaldoun Nazer (Partner), who praised the project’s significance for both the client and the market: “The fact that Jordan is considered to be an integral part of the growth of the Ritz-Carlton brand in the Middle East, and that they established a close partnership with a prominent Jordanian firm, has exciting implications for future development and growth within the country,” he noted. The Ritz-Carlton Amman project is part of Marriott International’s broader Middle East expansion strategy, which includes new openings in Tunisia, the UAE, Egypt, and Morocco. Marriott currently operates five hotels in Jordan and plans to double its regional portfolio over the next four years. Importantly, the Ritz-Carlton Amman is a fully Jordanian-funded investment, and is expected to create approximately 2,000 jobs during construction and operations, with a strong emphasis on employing Jordanian youth. The design process will integrate both local and international architects, aiming to reflect Jordanian cultural identity through a modern luxury lens. Khalifeh & Partners continues to advise on high-profile hospitality and real estate transactions, with a longstanding track record in hotel management, construction, and mixed-use developments across the region. |
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Iyad Hamarneh Attends Royal Meeting on Judicial Reform
Our Partner and Head of Litigation, Iyad Hamarneh, was honored to be received by His Majesty King Abdullah II, in the presence of His Royal Highness the Crown Prince, at Al Husseiniya Palace, as a member of the Judicial Reform Committee, alongside fellow members.
The meeting followed the submission of the committee’s recommendations, developed pursuant to Royal directives and building on existing institutional frameworks and reform plans.
The committee’s report set out recommendations encompassing legislative review, the development of judicial infrastructure and technology, and amendments to more than 200 legal provisions aimed at unifying procedures and expediting litigation. It also addressed the expansion of the specialized Economic Chamber, the increase in specialized judicial chambers, and the strengthening of judicial capacity to support a more investment-attractive environment.
His Majesty commended the committee’s efforts and emphasized the importance of commencing implementation through a clear execution plan, defined timelines, and effective coordination across relevant stakeholders. His Majesty further underscored the need to assess the impact of these reforms following implementation to ensure their intended objectives are achieved.
We are honored to have our Partner, Iyad Hamarneh, contribute to this important initiative and to support ongoing efforts to enhance the efficiency and effectiveness of the judicial system in Jordan.
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Khalifeh & Partners Advising United Financial Investments Company on Strategic Acquisitions in Jordan’s Financial Brokerage Sector
Khalifeh & Partners has advised United Financial Investments Company (UFICO) on its strategic expansion in the Jordanian market through the acquisition of two financial brokerage firms.
The transaction involved the acquisition of International Financial Center Company, a subsidiary of Housing Bank, and Al-Hikma Financial Brokerage Company. This milestone represents a key step in UFICO’s broader growth strategy, reinforcing its position as a leading player in Jordan’s financial services sector and supporting the continued development of the local capital market.
The International Financial Center Company, largely owned by Housing Bank, is considered among the prominent listed companies on the Amman Stock Exchange, with trading volumes reaching approximately JOD 75 million. As part of the transaction, Housing Bank will retain an equity stake in UFICO. Similarly, Al-Hikma Financial Brokerage Company has recorded annual trading volumes of around JOD 75 million, further reinforcing UFICO’s operational presence following completion of the acquisition.
In advising on this transaction, we delivered end-to-end legal support spanning transaction structuring, drafting and negotiation of transaction documentation, and regulatory advisory. Our integrated and commercially focused approach ensured a seamless execution process and effective navigation of the applicable legal and regulatory landscape. This engagement further underscores our firm’s established expertise in complex M&A transactions within the financial services sector and our continued commitment to supporting clients in delivering strategic, high-impact growth initiatives across Jordan and the wider region.
The K&P team was led by Senior Associate Moawyeh Tarawneh and Junior Associate Alia Farrayeh.
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Khalifeh & Partners Advises AD Ports Group on Aqaba Multipurpose Port Development
Khalifeh & Partners acted as legal advisors to Abu Dhabi Ports Group in connection with the signing of a 30-year agreement with Aqaba Development Corporation (ADC) for the development, modernization, management and operation of a multipurpose and general cargo terminal in Aqaba. The signing ceremony took place in February 2026 at the headquarters of the Aqaba Special Economic Zone Authority (ASEZA) in Aqaba.
The project forms part of a broader development vision for the city of Aqaba and is intended to enhance cargo volumes, operational efficiency and long-term performance and is expected to further strengthen Aqaba’s position as a strategically important regional logistics hub.
Khalifeh & Partners also advised AD Ports Group on the structuring of the transaction, including the shareholders’ agreements, the establishment of the joint venture company and the negotiation of various project-related agreements in connection with the project.
The K&P team was led by Managing Partner Ala’ Khalifeh, with support from Senior Associates Adele Shaban and Siwar Saket, and Junior Associate Alia Farrayeh.
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Jordan USD 700 Million Eurobond Issuance
Khalifeh & Partners, in its role as local counsel for the issuer, advised the Ministry of Finance in connection with the issuance of USD 700 million in Eurobonds, together with a tender offer of up to USD 1 billion to repurchase existing bonds ahead of maturity.
As announced, the Eurobonds were issued at a fixed rate of 5.75% for seven years. Investor interest was substantial, with bids more than triple the issuance amount. The proceeds will be directed toward repaying Eurobonds due on 29 January 2026, in line with the Government’s approach to replacing higher-cost debt with lower-cost obligations.
The transaction drew wide participation from global institutions across multiple markets, reflecting sustained confidence in Jordan’s economic stability and reform trajectory.
Our team was led by Managing Partner Ala’ Khalifeh, Senior Associate Dana Mubaidien, and Junior Associate Alia Farrayeh.
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Khalifeh & Partners Advising on USD 250 Million Syndicated Facility to Royal Jordanian Airlines
Khalifeh & Partners Lawyers advised a syndicate of lenders along with Covington & Burling LLP on the USD 250 million syndicated loan facility extended to Royal Jordanian Airlines.
This strategic transaction marks a significant milestone for Jordan’s national carrier and reflects confidence of the Jordanian financial sector in RJ’s transformation plan. The facility was provided by a number of Jordanian and regional banks.
Our team acted as Jordanian legal counsel to the lenders and Covington & Burling LLP acted as English legal counsel to the lenders.
We thank our clients and colleagues for their trust and cooperation throughout the process.
Further details here: https://www.petra.gov.jo/Include/InnerPage.jsp?ID=314327&lang=ar&name=news&cat=news
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Major Industrial Development Project in Iraq
K&P is pleased to have advised IVI Holding on the development of a 6,000 TPD cement plant in Al-Muthanna Province, Iraq. The estimated project cost is around $240 million and marks a significant step in Iraq’s industrial growth. The project is expected to address a key gap in domestic cement supply and supports broader economic development objectives.
Our team represented IVI Holding on all legal aspects of the project’s development and financing. The project’s EPC Contract was recently signed by Mr. Hussein Shamara, Chairman of IVI Holding, and Mr. Linhe Zhu, Chairman of Sinoma Overseas.
We congratulate IVI Holding on reaching this milestone and are proud to continue supporting IVI Holding’s initiatives that drive sustainable, long-term growth in Iraq.