Originally written for when Jafar became master of the lamp, this song was ultimately replaced by "Prince Ali Reprise" in the final film as it was felt it was too late in the film to introduce a completely new song. Now it's been re-worked to take place much earlier in the story, when Jafar and Iago are searching for the "diamond in the rough".
It's great to hear Jonathan Freeman as Jafar again! It really makes me feel like a kid again, and I can just tell this is going to be something really special. And speaking of special, make sure you have a watch of this video from Seattle's King 5 news. The video contains a nice shot of The 5th Avenue Theatre (complete with all its new Aladdin banners) and talks about the history of the theatre and how, in the last 10 years, 5 new shows that were originally produced at 5th Avenue went on to to be successes on Broadway, including 2 Tony Award winning Best Musicals, one of which was Memphis, which starred Aladdin's Genie; James Monroe Iglehart!
If you can see the show and still haven't got tickets, make sure you stop by http://www.5thavenue.org/ and book them as soon as you can! The Spotlight Night was moved to a bigger venue due to the overwhelming demand for seats, so this run is almost sure to sell out as the event gets closer! And be sure to keep an eye on both 5th Avenue's youtube page (linked above) for more possible teasers from the Spotlight Night (I hear A Whole New World was performed and I can't wait to see that!!) and this page which hosts full videos of previous Spotlight Nights. With any luck the full Aladdin: The New Stage Musical event will be viewable in the near future!
Edit: I'm very sorry to say I mistakenly credited this song to Howard Ashman and Alan Menken, it's actually an unused Alan Menken and Tim Rice song. I've now corrected it.