Ali Kolaghassi

Ali Kolaghassi, Saraya's Vice Chairman and CEO, as well as the Senior Advisor to Saraya's Chairman and majority shareholder Sheikh Saad Hariri, is certainly more than satisfied with progress at Saraya Aqaba, the first project unveiled by the firm in May last year.

'Infrastructure work has been progressing as planned since the laying of the foundation stone in January. We are now about to undertake the second phase, the actual commencement of construction, and everything should be completed in 2009.'

But what has been the reaction to the project among potential purchasers?

'Sales have been going very well. We have received many refundable deposits which we are now in the process of turning into contracts. The Arab Bank, one of our partners, is offering attractive finance options and this has proved a real incentive. All the various sales packages of villas have proved popular.'

While smooth progress has been made in Aqaba, Saraya has just this month unveiled the details behind its ambitious $1.3 billion mixed use project in Ras Al Khaimah, Saraya Islands. The venture sees Saraya join forces with the Arab Bank and Ras Al Khaimah's Investment and Development Office, with each holding an equal stake. The main feature of the plan is four interconnected islands, with each being an exclusive gated community.

'Whereas most of the other developments in the UAE with an off-shore component have required large-scale reclamation, we have only needed to make more minor adjustments by comparison, as a 7km long natural island is already a focal point of the scheme. Saraya Islands will include four hotels, a special family island with its own water park and every villa will enjoy its own beachfront.'

But is Ras Al Khaimah ready for such a major real estate development?

'Definitely. For a start, many companies are now moving to Ras Al Khaimah as Dubai is only about forty minutes away, while the local government is keen to push forward its tourism sector and so this will attract people. Our sales drive is pitched at both locals and expatriates, while we are really putting a lot of emphasis on the wider GCC market.'

It looks as though 2007 will be an even busier year for Saraya Holdings as progress will gather pace on two further developments.

'Our Dead Sea project is still at an early stage and won't be ready before 2011 at least. But we believe that we have acquired a very strategic location. Considering its proximity to the Dead Sea, there will of course be some spa based five star hotels. We have also signed a deal for a project with Oman's Ministry of Tourism. Again, we have a great location in Muscat but that is also at a very early stage and at some point next year we will bring out the master plan.'

With projects right across the region Mr. Kolaghassi is perhaps well placed to give his opinion on the frenetic pace of growth in Dubai and whether the much-feared downturn could be on the horizon?

'No, I don't think so. People keep saying that Dubai is due for a correction but, personally, I think it is in good shape. You only need to look at the development now taking place out at Jebel Ali with Dubai World Central and the new downtown area: that will undoubtedly attract more people, and business, here.'

With Saraya aiming to expand its presence in the Middle East, Mr. Kolaghassi will be hoping the real estate sector remains buoyant throughout the entire region for some years to come.