Unicorn acquired a 42% stake in Al Tajamouat for Touristic Projects plc in 2006. Al Tajamouat’s capital was increased from JD14 million to JD40 million through the participation of Unicorn and a rights issue to existing shareholders.
Through the newly formed Al Taj Mall Company Limited, Al Tajamouat is developing an upscale shopping mall in Amman’s affluent Abdoun district. The total estimated cost of the project is approximately JD 90 million, to be funded through a combination of equity and Islamic debt financing.
Unicorn’s participation in the Al Tajamouat mall project marks the Bank’s first private equity investment in Jordan. The project is expected to create significant new employment opportunities in Jordan, a country that offers an increasingly attractive proposition for business and is rapidly emerging as an important destination for foreign investment.
