Al Eqbal Real Estate Development Company PSC

What Al Eqbal Real Estate Development Company PSC does

Al Eqbal Real Estate Development Company PSC is a Jordanian luxury real estate developer headquartered in Amman that operates a single flagship mixed-use asset: The Ritz-Carlton Hotel and Residences, Amman. The project comprises 90 branded residences alongside a 228-room hotel with 34 suites, executed as a USD 300 million self-financed investment in partnership with Marriott International under The Ritz-Carlton flag. The company serves high-net-worth residential buyers seeking branded luxury ownership and hotel guests at the upper luxury tier, with additional revenue expected from Roberto's Italian restaurant, Quintessentially concierge services, F&B outlets, and event space operated within the integrated asset.

The development integrates hospitality-grade technology as a product differentiator, including UVC air purification systems described as a global first in a hospitality setting, LG OLED AI voice-enabled televisions described as a first in Jordan and global hospitality deployments, fiber-optic IPTV infrastructure, and a smart building management platform. Construction execution is supported by contracts valued at over USD 150 million awarded to Matta and MID in January 2019, with a General Manager, Tareq Derbas, appointed in January 2021 to lead the operational ramp toward opening.

The business model combines one-time revenue from the sale of 90 residential units with recurring revenue streams from hotel room nights, F&B operations (including Roberto's), concierge services delivered via Quintessentially, and event and banqueting revenue. Branded-residence economics typically allow developers to capture both an upfront unit sale premium tied to the Ritz-Carlton affiliation and a share of ongoing hotel/F&B revenue from the integrated asset, although specific revenue split economics are not disclosed in the available data.

Name

Al Eqbal Real Estate Development Company PSC

Legal name

Al Eqbal Real Estate Development Company PSC

Website

https://eqbaljordan.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Luxury Real Estate Development

NAICS

Rental and Leasing Services (532), Corporate, Subsidiary, and Regional Managing Offices (551114)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Dealers (For Their Own Account) (6532), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Master-Planned Community & POA Management (BPAJAHAD)

Keywords

• Luxury real estate development
• Branded residences
• Hospitality development
• Mixed-use projects
• Luxury hotel development

Headquarters

HQ city

Amman

HQ country

Jordan

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Branded Residential Unit Sales: Sale of 90 private residences at The Ritz-Carlton Residences ranging from 100-1,000 sqm, targeting ultra-high-net-worth individuals seeking luxury homeownership with Ritz-Carlton services.
2. Hotel Room Revenue: Revenue from 228-233 hotel rooms and 33-34 luxury suites operated by Marriott International under The Ritz-Carlton brand, generating recurring hospitality income.
3. Food & Beverage Operations: Revenue from multiple dining venues including two specialty restaurants (one rooftop), tea lounge, executive lounge, and banquet services including a 1,000 sqm ballroom.
4. Conference & Event Services: Revenue from conference tourism including ultra-modern meeting rooms, business center, and grand ballroom with 1,000-person capacity to promote conference tourism in Jordan.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Al Eqbal Real Estate Development Company PSC is a Jordanian luxury real estate developer that developed The Ritz-Carlton Hotel and Residences, Amman — a flagship mixed-use project comprising a 19-storey luxury hotel (228 rooms and 34 suites) operated by Marriott International and a 20-storey residential tower of 90 private branded residences. The project was developed under a brand licensing partnership with The Ritz-Carlton and is located at the Fifth Circle in Amman on a 15,000 sqm site with 113,000 sqm of built-up area.

Product overview

Al Eqbal Real Estate Development Company PSC is a Jordanian luxury real estate developer established in 2016 and headquartered in Amman. Its product portfolio consists of a single flagship mixed-use development: The Ritz-Carlton Hotel and Residences, Amman — comprising two co-located towers at the Fifth Circle of Amman. The hotel tower (The Ritz-Carlton Hotel, Amman) is a 19-storey, 228-room luxury hotel operated by Marriott International under The Ritz-Carlton brand, featuring dining venues, a grand ballroom, conference facilities, and spa amenities. The residential tower (The Ritz-Carlton Residences, Amman) is a 20-storey tower with 90 private residences for purchase, offering five-star lifestyle services and amenities managed by The Ritz-Carlton. Both towers share a unified site of 15,000 sqm with 113,000 sqm of built-up area, reflecting Jordanian heritage through European neoclassical design. No separate SaaS platform, API product, or technology module is offered — the company is a real estate developer, not a technology products company.

Differentiator

Problem solved

Functional benefit

Products and services

• The Ritz-Carlton Hotel, Amman A 19-storey luxury hotel with 228 guest rooms and 34 suites, featuring two specialty restaurants including a rooftop venue, a 1,000 sqm grand ballroom, conference facilities, fitness center, indoor and outdoor swimming pools, and a signature spa, operated by Marriott International under The Ritz-Carlton brand. Targeted at luxury travelers and business tourists seeking five-star accommodation in Amman.
• The Ritz-Carlton Residences, Amman A 20-storey residential tower with 90 private residences for purchase, offering one- to four-bedroom apartments plus two penthouse duplex units. Residents enjoy full access to amenities including an indoor swimming pool, fitness center, owners' club lounge, cinema, gaming room, beauty salon, electric car charging stations, 24-hour concierge, and Ritz-Carlton services. Targeted at ultra-high-net-worth individuals seeking luxury branded homeownership.

Quantifiable outcome

• Create over 1,300 construction jobs and 530 permanent positions for Jordanian youth
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

19 partnerships are on record, tiered major, minor and core.

• Orange JordanmajorTechnology or Integration · 1 January 2020Telecommunications provider for the project providing high-speed dedicated internet, fixed telephone, mobile coverage, vehicle tracking, SMS services, MiFi for each hotel room, and triple-play services including IPTV for residences.
• AVXAV Group / LG ElectronicsmajorTechnology or Integration · 1 January 2020Strategic partnership to supply LG OLED Premium smart TVs with AI voice command technology. First hospitality project in Jordan and globally to feature AI-powered hotel TVs. AVXAV provides integrated hospitality solutions.
• Cozmo (THE Group)minorChannel Partner/ Reseller/ Distributor · 1 January 2020Partnership to establish a Cozmo convenience store within The Ritz-Carlton Residences to serve residents and unit owners with daily necessities and household products.
• Quintessentially JordanmajorStrategic or Co-development Partner · 1 December 2019Award-winning concierge service membership extended to buyers at The Ritz-Carlton Residences one year before anticipated handover. Quintessentially is the world's leading luxury lifestyle management service.
• Roberto's Group / Skelmore HospitalitymajorStrategic or Co-development Partner · 1 November 2019Franchise agreement to open Roberto's Italian restaurant at The Ritz-Carlton Amman rooftop. 200-seat venue marks Roberto's first international expansion. Operated by Marriott International. Scheduled to open April 2021.
• United Pioneering Business Group (UPB) / Villeroy & BochmajorTechnology or Integration · 1 May 2019Supply of German Villeroy & Boch bathroom sets, Dornbracht mixers, and Swiss Geberit systems for the project. UPB is the exclusive representative of Villeroy & Boch in Jordan.
• Matta ContractingcoreImplementation/ SI/ Consulting Partner · 1 January 2019Awarded main contractor agreement for hotel construction and finishing works valued at over USD 150 million. Matta will supervise electromechanical and finishing works over 22 months. Matta has extensive experience in towers, hospitals, hotels across Lebanon and Gulf countries.
• MID Contracting CompanycoreImplementation/ SI/ Consulting Partner · 1 January 2019Awarded electro-mechanical and finishing works contract for the residential tower for 20 months. One of Jordan's largest contracting companies with projects including Royal Hotel Amman, Intercontinental Aqaba, and Le Meridian expansions.
• Arab Technical Group (ATG) / DaikincoreTechnology or Integration · 1 January 2019Supply of Daikin VRV air conditioning systems, Daikin Chillers, and Fan Coil Units for both towers. Cooling capacity of 1,330 tons for hotel and 1,100 tons for residential building. ATG is the exclusive agent for Daikin in Jordan.
• Mitsulift Group (Mitsubishi Electric)coreTechnology or Integration · 1 July 2018Partnership to supply and install 20 Mitsubishi elevators for the project. Signed in Tokyo, Japan. Mitsulift is a joint venture with Mitsubishi Electric and regional leader in elevators and escalators.
• MielemajorTechnology or Integration · 1 April 2018Supply of premium Miele home appliances for The Ritz-Carlton Residences. Each residence receives 7-9 Miele appliances depending on size. Signed in April 2018 with Miele Managing Director Dr. Reinhard Zinkann attending.
• King Abdullah II Fund for DevelopmentcoreStrategic or Co-development Partner · 1 June 2017Cooperation agreement to support Royal Academy of Culinary Arts. Al Eqbal committed to funding 100 students over four years (25 per year) with priority for graduates to train and work at company projects. CSR initiative supporting Jordanian youth development.
• Marriott International (The Ritz-Carlton)coreOEM/ Whitelabel/ Licensing Partner · 1 May 2017Strategic partnership for The Ritz-Carlton brand licensing in Jordan. Marriott International operates the hotel through The Ritz-Carlton brand while Al Eqbal develops the property. This marks the debut of The Ritz-Carlton brand in Jordan, with Alex Kyriakidis signing for Marriott and Tawfiq Fakhouri signing for Al Eqbal.
• D.G. Jones & PartnerscoreImplementation/ SI/ Consulting PartnerAppointed for project and construction management services for 36 months. International company with extensive experience in construction project management.
• WATGcoreImplementation/ SI/ Consulting PartnerConcept design for the project. WATG is a renowned international architectural and design firm specializing in luxury hospitality projects.
• Wimberly / Wimberley InteriorscoreImplementation/ SI/ Consulting PartnerInterior design for the project, providing sophisticated interior décor that reflects Jordanian authenticity with modern twist.
• Dar Al-Handasah (Dar)coreImplementation/ SI/ Consulting PartnerArchitectural design, engineering, and supervision services for the project.
• Arab Towers Contracting Company (ATCCO)coreImplementation/ SI/ Consulting PartnerAwarded excavation works for the project for a four-month period. Local Jordanian contractor.
• Habash-Deir Contracting CompanycoreImplementation/ SI/ Consulting PartnerAwarded skeleton works contract from 13 local and international contractors. One of oldest construction companies in Jordan with projects including Abdali Mall, Queen Alia Airport, Jordan Museum.

Scale indicators9 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Majid Al Futtaim: Diversified MENA developer and operator of malls, hotels, and mixed-use communities. Comparable on hospitality-adjacent real-estate development but with a much broader, integrated retail-and-leisure portfolio.
• Nakheel: Dubai-based master developer behind Palm Jumeirah and other large-scale waterfront luxury communities. Comparable on master-planned luxury real estate in MENA, though at materially larger scale.
• Aldar Properties: Abu Dhabi's largest listed developer with a diversified portfolio of residential, commercial, retail, and hospitality assets. Overlaps with Al Eqbal on premium real-estate development but operates at much larger scale and broader product mix.
• Meraas: Dubai holding company developing luxury lifestyle destinations (e.g., Bluewaters, City Walk) with premium residential and hospitality components. Comparable on high-end mixed-use positioning in MENA.

Regional players

• Barwa Real Estate: Qatari-listed developer of large-scale mixed-use and residential communities. Comparable on regional Gulf-area luxury mixed-use development, but focused on the Qatari market rather than Jordan/Levant.
• SODIC: Egyptian-listed developer of premium residential and mixed-use communities (e.g., Allegria, SODIC West). Comparable on regional MENA luxury real-estate development, though serving a different country market.

Direct peers

• Dar Global: London-listed luxury real-estate developer focused on branded residences with hospitality names (e.g., Ritz-Carlton, Trump, JW Marriott) across MENA and beyond. Highly comparable given direct use of the Ritz-Carlton co-brand in residential projects.
• Select Group: Dubai-based developer of high-end mixed-use projects including branded residences and luxury hotels (e.g., Jumeirah Living, InterContinental). Comparable on mixed-use luxury product targeting UHNW end-users.
• DAMAC Properties: Dubai-based luxury developer famous for branded residences with global fashion and hospitality brands (e.g., Trump, Versace, Cavalli). Closest direct analog to Al Eqbal's Ritz-Carlton branded-residence play, targeting UHNW Middle East buyers.
• Emaar Properties: UAE-listed developer of master-planned luxury communities (e.g., Downtown Dubai, Dubai Marina) with integrated branded hotels (Address, Vida) and branded residences. Operates the same ultra-luxury mixed-use model in MENA that Al Eqbal is replicating in Amman.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/al-eqbal-real-estate-development-company-psc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Al Eqbal Real Estate Development Company PSC