Saraya Aqaba holds its ordinary and extra ordinary general assembly meetings

The meetings were headed by Mr. Ali Kolaghassi, Vice Chairman of the Board of Directors of Saraya Aqaba/ CEO and Vice Chairman of Saraya Holdings, and Mr. 'Shadi Ramzi' Majali, General Manager of Saraya Aqaba, in the presence of the board members and shareholders.

Opening speeches were delivered by both Mr. Kolaghassi and Mr. Majali, where the company's achievements and future plans were reviewed.

The 7th General Assembly ordinary meeting witnessed the unanimous approval of Saraya Aqaba financial statements for the year 2007, as well as the re-election of Ernest and Young as auditors for the year 2008.

Furthermore, Saraya Aqaba General Manager briefed the attendees on the latest achievements, developments and progress on ground in the project, in addition to the completion of the Saraya Aqaba residential units interior designs, where the owners has began the interior designs selection process as of February 2008.

Also and during the 8th extra ordinary meeting, the General Assembly discussed and approved the amendment of the mandate of Saraya Aqaba Company, where the company's capital was raised from JD293m to JD335m in order to finance the development of a new project for Saraya Aqaba in the Aqaba Special Economic Zone (ASEZ).

The General Assembly also approved the expansion of the company's scope of work, expanding its investments outside the boarders of ASEZ, inline with the company's plans to invest in the neighbouring areas surrounding ASEZ, within the Golden Triangle (Aqaba, Petra, and Wadi Rum).

Furthermore, several agreements with Saraya Aqaba were discussed, of which; Saraya Aqaba agreement with Saraya Realty, with Saudi Oger, with Saraya Holdings, in addition to the agreement with Saraya Development Group and its addendums, where all items were unanimously approved.

Mr. Kolaghassi reiterated Saraya Aqaba's commitment to its vision, stating:

'Our annual General Assembly meeting comes this year to build on the progress achieved in Saraya Aqaba destination. In a vibrant and developing real estate, travel and tourism sectors, we have been exerting all our efforts and capabilities to develop unique products in accordance with the highest international standards, as well as to provide services that exceed the expectations, and today Saraya Aqaba is a manifestation of these efforts realized on ground. As we continue to achieve the highest standards and quality of work, we will also continue to develop and enhance our operations, and subsequently provide sheer luxury to our customers, in addition to supporting the local community of Aqaba through our corporate social responsibility programs'.

On the other hand, Mr. Majali asserted that construction works in the Saraya Aqaba destination are progressing in accordance to the project timeline, saying: 'Development works over the past two years have been progressing according to the scheduled plans. We have completed the infrastructure works and reached advanced stages of construction. The project's prominent landmarks are already rising above ground level, while the owners of Saraya Aqaba residences proceeded with the interior designs selection for their fully furnished units. We are looking forward for further accomplishments and achievements in the near future'.

Saraya Aqaba Board of Directors currently consists of; three seats for Saraya, two seats for the Social Security Corporation, and one seat for each of: Arab Bank, Aqaba Development Corporation, Capital Investments and Brokerage/Jordan (previously, Export for Brokerage and Investment Company), and Dubai International Capital.