Raya announces official launch of Raya Sea Side Residence

The announcement took place at a press conference held on site in Aqaba and was attended by a number of officials along with the press.

Mr. Jawad Kasab, Board Member and Chairman of Executive Committee opened the proceedings saying, "Launching "Raya Sea Side Residence" project in Aqaba should be considered as an important milestone in the local real estate industry and falls inline with H.M. King Abdullah II vision of creating Aqaba as a first-class economic zone and a tourist hub. Aqaba is already emerging as a prime real estate location and coastal city, our project brings an added dimension as well as being an enticing and highly promising investment opportunity."

Kasab went on by saying that "Raya Sea Side Residence" project represents only a start in a series of interesting projects being implemented in the near future. For sometime, the company has been building a portfolio of real estate across the Kingdom with the intention of bringing enticing and innovative projects to the market. Kasab also expressed his gratitude to ASEZA for the management systems, facilities and exemptions offered by the Authority.

In his speech, H.E. Eng. Husni Abu Gheida, Chief Commissioner of Aqaba Special Economic Zone Authority (ASEZA) said: "We, at Aqaba Special Economic Zone Authority, stress our commitment in carrying on developing Aqaba, attracting more investments, providing a motivating investment environment and continuing the support offered to the current projects. Furthermore, we seek to facilitate the area's businesses through which we ensure achieving our goals represented in making Aqaba a business and entertainment hub that provides the best quality services and high value-added industries supported by various transportation methods and specialized supportive services."

"We wish Raya Development and Investment all the best and success in its outstanding project which will be of added value to Aqaba region through its quality services. We look forward to celebrating with Raya the inauguration of the project on the site very soon, thus becoming one of the remarkable projects on the south beach of Aqaba," H.E. Abu Gheida added.

On the other hand, Mr. Fakhoury, CEO of Aqaba Development Corporation (ADC) stated "ADC ensured that this important project was launched as a strategic investment opportunity which is considered a destination enabler project that comes in line with ADC's strategy to package real-estate investment opportunities in partnership with the private sector. Raya Aqaba project's significance not only lies in that fact that it is developed by a pioneering Jordanian company, but also in its unique location as part of Yamanieh Heights which is part of Aqaba's eco-tourism zone, an area endowed with a panoramic sea view, with proximity to the coral costal zone where Aqaba's coral reeves lie. Considering the environmental uniqueness of the area, ADC ensured that investments in this area are mainly special residential-tourism low density, high quality projects."

"While the world goes through this critical economic crises we are witnessing today's determination through this public-private partnership model and going forward in confidence announcing to the world that we are willing and able to continue our progress towards development and towards realizing His Majesty King Abdullah's vision to turn the Aqaba into a world class business hub and leisure destination," Fakhoury added.

Later, Abu Gheida laid the foundation stone for "Raya Sea Side Residence" and unveiled the model of the project. He also received a briefing from company's representatives, during a site tour that was attended by all guests, outlining the progress to date on the project, its capacity, range and variety of villas and additional services being provided.

Raya Seaside Residence which is being implemented following an agreement with ADC is located in the Yemanian heights, 10Km south from the heart of Aqaba city and on the south coast of a touristic area that was included in 2002 within the initial master plan for ASEZA.

During the press conference, Mr. Zeid Kawar, Board Member and Head of Marketing Committee pointed out that the project, due to be completed during the second half of 2010, had been designed by a Lebanese engineering office affiliated with local office following a full tender between five architectural practices.

"Raya Sea Side Residence" project includes 189 residential units between 126 to 410 square meters over an area of 40,000 square meters. Huge gardens will be located in the middle between the residential units giving residents fresh air. Moreover, the project includes a club with fitness center and a multi purpose area, restaurants, and swimming pools.

Kawar stressed on the importance of reinforcing cooperation between both the private and publics sectors and strengthening the partnership to sustain Aqaba's tourism infrastructure and to create a developed regional and international hub located in a strategic location in the Middle East.

Kawar also explained that the rapid growth of Aqaba requires developing distinctive projects such as "Raya Sea Side Residence" that will contribute in the economic growth of the city and provide many job opportunities and quality services hence adding a new dimension for this coastal city.

Raya is currently studying several projects in various locations across the Kingdom which will be announced in the near future. Projects will include a multi-use project in Aqaba, another tourism project in Ajloun, in addition to other projects in different areas. Furthermore, Raya recently signed an agreement with ASEZA to construct a smart multi-use offices located at the new center of Aqaba on the airport road.

Furthermore, and on the sidelines of the press conference, Raya signed an agreement with Eqarat.com through which the latter will market and manage the sales of Raya Seaside project inside and out side the Kingdom. The agreement was signed by both Kasab and Kawar from Ray and Mr. Hussein Malhas, Managing Director of Eqarat.com and Mr. Mouammar Al-Hadidi, Regional Relationship Manager of Eqarat.com.