Saraya Holdings eyes Jordanian success

Saraya Holding's first release, Saraya Aqaba, was announced in May of last year and since then rapid progress has been made. The development's foundation stone was laid in January and just last month Saudi Oger secured the $700 million construction contract for the main building phase which is now imminent.

High end ambitions

The mixed use venture will feature six hotels, residential units, an old style souk with retail outlets as well as a water park, convention centre and amphitheatre. Ali Kolaghassi, Saraya's Vice Chairman and CEO, stressed the exclusivity of the development, which has already witnessed encouraging sales interest.

'At Saraya Aqaba, we are targeting the high end of the market. All of our interiors are being designed by KCA International, who have worked on projects such as Dubai's Burj Al Arab and they are presently involved with the Four Seasons group. All of our units will be provided fully furnished too.

'Our villas, including of course our luxury grand villas, will be managed by Jumeirah, so we are definitely looking to provide a high level development.'

Aqaba, thanks to an aggressive marketing drive by the Aqaba Development Corporation, has been the focal point of a number of new projects such as Tala Bay, the Ayla Oasis and a $5 billion urban development scheme launched by Horizon Development Holdings. But Saraya Holdings welcomes the concentration of property developers in Aqaba.

'We are happy to see other developments taking shape in Aqaba. If you like, we believe in critical mass. The fact that a number of projects are in one area will draw interest and that will be good for us.'

Will Saraya be interested in participating in some of these other developments or taking a role in other major Jordanian projects such as the Abdali downtown venture in Amman?

'No, at Saraya we are only interested in putting together projects that carry our own branding. That is what we are doing in Aqaba and in our newly released mixed use development in the UAE, Saraya Islands, at Ras Al Khaimah.'

Dead Sea plans

While Saraya Aqaba is firmly on the road to being released in one phase in 2009, another Jordan based project, at the Dead Sea, is much further away from being completed. The development will cover a site of around 30 million square feet and, considering the therapeutic qualities of the water and its minerals, spa based hotels will feature in the plans which are still evolving.

'Our Dead Sea project will be a joint venture with the Jordan Valley Association. It will once again be a mixed use resort and one of the key features will be an 18 hole signature golf course. There will be a number of hotels but we are not fixed on how many just yet. One unique feature will be the setting up of an organic farm.'

No worries for Jordan

Jordan's economic progress in the past year or so has been fairly steady but a recent IMF report suggested that the kingdom could witness a slight downturn next year, partly due to the decline in the stock market but also due to a slowdown in the real estate sector. But Mr Kolaghassi remains distinctly bullish.

'I am not concerned at all. Jordan's upper and middle classes will sustain demand, while many Jordanian expatriates are now returning home to buy property and start careers here. We have a young population and the country as a whole has a lot to offer. I see much potential in Jordan and its future.'