AMMAN — A $1.5 billion tourism project will be established on 2,000 dunums of land at the Dead Sea under an agreement signed on Sunday, the Jordan News Agency, Petra, reported.

The deal was signed by Deputy Prime Minister for Economic Affairs and Minister of State for Investment Affairs Jawad Anani, Jordan Development Zones company (JDZ) Chairman Hammad Al Kasasbeh and Kuwait’s SQM Real Estate company Chairman Bader Al Ghanem.

Anani said the agreement is part of the Kingdom’s bilateral relations with Kuwait, which is the Arab country with the largest investments in Jordan and the second globally, after France.

The project will create investment opportunities and jobs for Jordanians, and will be on par with the most modern amusement and tourist cities in the world, the minister added.

Meanwhile, Kasasbeh said the project is “the culmination of JDZ’s efforts” to attract qualitative investments to the Kingdom in order to achieve the Dead Sea development area’s goals and provide locals with jobs.

The JDZ worked to provide the infrastructure and facilities needed to establish projects in the Dead Sea development area, he added.

JDZ Director General Hamza Haj Hassan said the “Dream Point” project would be “one of the most significant locations at the Dead Sea” to attract visitors from the Middle East and North Africa.

The agreement was signed after various discussions and visits between the JDZ and the Kuwaiti company, Haj Hassan said.

Under the agreement and the Investment Law, the JDZ shall lease the project’s land to SQM Real Estate Company for 30 years under the condition that the agreement is renewed with the Cabinet’s approval, he added.

The site will feature amusement and adventure facilities and will showcase historical stories interactively, covering the periods of the Nabataeans, Babylonians Romans and Islamic rule.

The agreement will come into force after the parties provide detailed plans, funding mechanisms and a schedule, which must be produced within a year, after which the establishment of the project will begin, according to the JDZ official.

The “Dream Point” will be a model for projects that work on “green energy”, Haj Hassan said, by depending on renewable energy technologies which will provide at least 1,000 job opportunities.

SQM Real Estate Company will provide training for the project’s jobs, he added.

Meanwhile, there will be at least four hotels with a capacity of 1,200 rooms, including four- and five-star hotels and resorts, said Haj Hassan.