What are the latest updates on the expansion of KHBP to over 3 million sqm of top-quality office space and mixed-use developments?
The expansion is building on the success KHBP has had over the past years in attracting local, regional, and international companies. We have reached 100% occupancy, and there is high demand, both from within and outside, to expand. KHBP, as a business hub and innovation and entrepreneurship ecosystem, is one of a few of its kind in the region. Our expansion was, therefore, a choice as well as a necessity. The master plan includes land use, phasing, and steps to attract different developers to the business park. We also looked at the risks a real estate developer might face and worked to eliminate or minimize those. One risk is the legal framework. Fortunately, development zones like ours are under the well-defined Jordan Investment Commission framework. We also did a marketing study; developers look for anchor tenants, and these take a long time and are costly to attract; however, as an existing business park, with King Hussein Medical City right next door, KHBP already has its anchor tenants in place.