Saraya Aqaba holds Ordinary General Assembly Meeting in Aqaba

The meeting was chaired by Mr. Ali Kolaghassi, Vice Chairman of Saraya Aqaba, CEO and Vice Chairman of Saraya Holdings, with the presence of Mr. "Shadi Ramzi" Majali, Saraya Aqaba General Manager. Also, attending the meeting were Saraya Aqaba board members, and shareholders who represents 85% of the Company's share capital.

The Assembly resulted in the approval of the Company's financial statements for the year 2008 and the re-election of 'Ernest and Young' as auditors for the year 2009. The General Assembly re-elected its board of directors as follows:

- Sheikh Sa'ad Al Hariri (Chairman), representing Saraya Jordan
- Mr. Ali Kolaghassi (Vice Chairman), representing Saraya Jordan
- Mr. Samer Muasher, representing Saraya Jordan
- Mr. Ihab Saadi, representing the Social Security Corporation
- Dr. Bassel Hindawi, representing the Social Security Corporation
- Mr. Imad Fakhoury, representing Aqaba Development Corporation
- Mr. Mohammed Sadek Al Hassan, representing the Arab Bank
- Mr. Abdul Raouf Waleed Al Bitar, elected by the non-founding shareholders
- Mr. Amre Fakhri Al Bilbeisi, elected by the non-founding shareholders

Mr. Kolaghassi confirmed Saraya Aqaba's commitment to deliver on its promise of delivering a world-class destination, stating, "Our annual General Assembly Meeting comes this year to support our work in this vibrant sector. We have been exerting all our efforts and capabilities to develop a unique destination in accordance with the highest international standards, as well as providing services that exceed expectations."

A representative of Saudi Oger Ltd., Saraya Aqaba's main contractor, briefed the attendees on the current construction development of the project. Mr. Majali later reiterated on the significant progress on ground and reaffirmed the one phase project delivery in the first quarter of 2011.

Mr. Majali also added, "The project is currently in its last phases of construction and we are expecting further developments in the near future." The attendees were also invited to the site where they witnessed the construction progress.

Mr. Ihab Saadi, a board member representing the Social Security Corporation, said that Saraya Aqaba represents a unique project in terms of residential, services, facilities and hotels offerings making it a special icon in Aqaba. He also foresees Saraya Aqaba reflecting positively on the region once completed.

Mr. Emad Fakhoury, a board member representing the Aqaba Development Corporation, added, "Aqaba Development Corporation considers Saraya Aqaba as one of the most strategic projects in the region. Such a project will help transform Aqaba and the northern coast into one of the most desired touristic destinations in the region; placing it on the world map of tourism. Aqaba Development Corporation and Aqaba Special Economic Zone Authority are continuously supporting this project by providing all the required facilities towards its completion."