Amaar Group is PIF’s investment arm in real estate development, and was established in 2009 with a declared capital of 140 Million U.S. Dollars.
Through its commercial, housing projects, and land development projects, Amaar is playing a major role in boosting the real estate sector. The Group has made excellent accomplishments, creating several iconic landmarks in many governorates. One of the most well-known achievements of Amaar Group is Al-Reehan neighborhood. This residential area has set the main expansion features and future housing standards of the city of Ramallah. There are currently over 700 houses in the neighborhood with a state of the art modern infrastructure and investments in several sectors including medical, academic, and tourism. Upon completion, Al-Reehan will be home to over 1,500 households.
In addition to Al-Reehan, Amaar has developed Al-Jinan neighborhood in Jenin and the Moon City project in Jericho. Furthermore, the company is establishing commercial centers, such as the Ersal Center, shifting the standards of Palestinian commercial centers and bringing a new level of architectural creativity embossed with advanced technology.
The Group’s strategy for the coming years is focused on horizontal real estate development by purchasing large lots of land, providing basic infrastructure, leveling works, and zoning and urban planning. These land lots will then be available to real estate developers in order to cover the gap in the size of lands suitable for development.
One of Amaar’s priorities is making strategic investments in Jerusalem. These investments will create genuine opportunities and partnerships that would anchor the Palestinian identity and cultural heritage in the city. In addition, it aims at multiplying real estate projects in classified areas, such as Area C.
Amaar’s projects also target the Palestinian Diaspora, an integral component of the Palestinian people. It offers them the opportunity to reinforce their connection to their homeland through investing and contributing to the development of their future state.
In summary, Amaar’s main focuses are to effectively contribute to the development of physical and social infrastructure of the steadily growing Palestinian society, and support the Palestinian economy in accordance to PIF’s vision for a solid, independent, and self-reliant economy.