Saraya Aqaba and Saudi Oger sign the second phase agreement of the Saraya Aqaba construction contract

Eng. Joseph Al-Helo, Assistant General Manager for Saudi Oger International Operations- represented Saudi Oger Ltd, while Dr. Khalid Wazani, former General Manager of Saraya Aqaba- represented Saraya's side. Chief Commissioner of the Aqaba Special Economic Zone Authority H.E. Eng. Nader Al Dhabi and Mr. Ali Kolaghassi, CEO & Vice Chairman of Saraya witnessed the signing ceremony.

The first phase of the agreement which included the mobilization & infrastructure of Saraya Aqaba was signed before placing the foundation stone of the project in January of this year, whereas the second phase includes the completion of the construction work of the project; Saudi Oger is the exclusive build contractor for Saraya Aqaba. Dr. Wazani's signature concludes the phases of the agreement that he followed up during his term as General Manager of Saraya Aqaba, and by authorization from Saraya Aqaba's Board of Directors.

The Chief Commissioner for ASEZA H.E. Eng. Nader Al Dhabi congratulated both parties, emphasized the great role played by Saraya Aqaba in developing Aqaba city and placing it on the investment and tourism map, and highlighted the responsibility undertaken by ASEZA to facilitate and promote the investment in Aqaba, considering the investors and developers as key partners towards achieving the progress and prosperity of this city.

"Saraya Aqaba is considered as one of the pioneer projects in the region, and being the exclusive build contractor of this project adds value to our profile, performance, experience and eventually to our accomplishments among the many other projects we are working on in Jordan and the region,' said Eng. Joseph Al-Helo, Assistant General Manager at Saudi Oger for International Operations.

On the other hand Dr. Wazani, former General Manager of Saraya Aqaba said, 'Saudi Oger has been granted this exclusivity for all the phases of the project due to its extensive background and its regional & international experience in the completion of some of the largest projects in the region, ensuring the highest specifications and construction international standards; which goes in line with Saraya Aqaba policy of partnering with the largest construction and services companies in order to make the Saraya vision of originality and creativity come true.'

Saraya Aqaba project is located on the western tip of Aqaba around a man-made lagoon. The project will commence operations in 2009, adding approximately 1.5km of beachfront to the Gulf of Aqaba.

The project comprises approximately 617,000sqm (not including Radisson SAS land) of master planned development combining shopping, dining, entertainment, freehold accommodation and cultural activities within the context of an authentically styled ancient city. The approximate total cost of the project is US$995.7 million.

Saraya's founding partners in this project are; the Social Security Corporation (SSC), the Arab Bank, the Aqaba Development Corporation (ADC), and a number of individual and corporate investors.

This enormous tourism project is embodied in the heart of Aqaba city, manifesting the vision of the shareholders along with all partners to develop Aqaba and transform it into a tourist, residential, leisure and business attraction destination which will add to the local residential areas of Aqaba a new contemporary architecture and lifestyle.