His Majesty King Abdullah on Thursday attended the launch of the first phase of the $10 billion Marsa Zayed project in Aqaba.

At a ceremony attended by UAE Deputy Prime Minister and Minister of Interior Sheikh Saif Ben Zayed Al Nahayan, King Abdullah laid the cornerstone of the project, which is being carried out by Al Maabar Jordan Real Estate Development Company.

Under the project, Al Maabar, a subsidiary of the Abu Dhabi-based Al Maabar International Investments, will develop the mixed-use waterfront project, including high-rise residential towers, retail, recreational, entertainment, business and financial facilities along with several branded hotels.

Also attending the ceremony were HRH Prince Feisal, Prime Minister Samir Rifai, Royal Court Chief Nasser Lozi and King's Adviser Ayman Safadi in addition to several ministers and senior officials as well as businesspeople from Jordan and the United Arab Emirates.

Yousef Nowais, board member and managing director of Al Maabar International Investments, said Marsa Zayed is one of the largest integrated real estate projects in the region, saying it will boost the strategic location of the city of Aqaba regionally and internationally.

He added that the project, named after late UAE President Sheikh Zayed Ben Sultan Al Nahayan, is likely to boost the development process in Jordan in all fields.

The ceremony included a short film on the various phases of the project and how it will look like once completed.