Saraya Jordan unveils its first large-scale development project in Jordan 'SARAYA AQABA' with a capital of USD 362 million

Saraya Aqaba is a large-scale real estate tourism project with an initial capitalization of 172 million Jordanian Dinars (242 million US Dollars), and with an additional JD85 million (US$120 million) anticipated with the private placement issuance, to be conducted via Atlas Investment Group, thus amounting to a total of JD 257 million (US$362million).

The agreement was signed by Mr. Ali Kolaghassi, Vice Chairman of the Board, Saraya Jordan, Dr. Mohamed Adeinat, Chairman, Social Security Corporation - Investment Unit, Mr. Abdel Hamid Shoman, Deputy Chairman, Chief Executive Officer, Arab Bank plc, and Mr. Imad Fakhoury, Chairman of the Board, Aqaba Development Company.

Saraya Aqaba is a collaboration of the private and public sectors for the ultimate purpose of expanding the beach front of Aqaba and enhancing the physical, economic and social well-being of the south of Jordan, thereby playing a crucial role in driving the growth and sophistication of the Jordanian tourism sector. To ensure the necessary high standard of development, Saudi Oger Ltd. will be the developer contractor for the project, drawing on their long expertise in the field.

This tourism project comes as a shared vision between the company's partners on developing Aqaba to become a strategically competitive and attractive tourist, residential and business destination.

"We are looking to the future, and what this new development aims to do is create a captivating vibrant environment, with a high quality infrastructure that will meet the needs of today's tourist and business communities both internally and externally, as well as become a beacon highlighting excellence in visionary planning, implementation and quality management," said Sheikh Saad Hariri, Chairman, Saraya Jordan. "The spirit of creativity brought to life through the development of Saraya Aqaba will deliver an inspiring, sustainable development of the highest quality with a wide range of job opportunities."

In recognition of the importance of creating a captivating and impressive environment that incorporates architecture and yet captures the magic of the old Arabian Aqaba, Phil Hettema and Associates, a renowned US design firm, were hired as the design architects and master planners for Saraya Aqaba's development. Saraya Aqaba will be developed right in the heart of Aqaba on a total area of 610,000m2, with a built up area of 648,000m2, thus inadvertently reshaping the landscape, and presenting an innovative waterfront city upon completion.

This project will be the first integrated resort in Aqaba combining the efforts of the public sector with the expertise and entrepreneurship of the private sector.

"Saraya Aqaba is committed to the engagement of all the community of Aqaba in the identification, preservation and development of the area's heritage, including its buildings, landscapes, customs and traditions through this colossal project," said Mr. Ali Kolaghassi, Vice Chairman, Saraya Jordan. "We want to ensure that we have the right mix of new homes, hotels, leisure facilities and employment space in order to create an attractive, lively development that has the full backing of the local community."

The development will be delivered in phases over the next 3 to 5 years, and it is envisaged that over 3,000 jobs will be created both directly and indirectly. Saraya Aqaba's key feature will be the lagoon which will be surrounded by six 5-star hotels, beaches, restaurants, an aquarium, entertainment facilities, the Old Bazaar 'Souq', a conference / convention centre, a health club and residential areas.