09.06.2013, 22:06

Saraya Aqaba signs US $629 million contract with Arabtec JV

Author: Saraya Holdings

First phase of Saraya Aqaba project to be delivered within 28 months.


Saraya Aqaba Real Estate Development Company has announced a US $629m contract with an international joint venture led by Arabtec for the finalization of phase one of the Saraya Aqaba project.

The signing ceremony was held in the presence of Mr. Ali Hassan Kolaghassi, Chairman of the Board of Saraya Aqaba and members of the Board of Saraya Aqaba. 

The contract was signed by Mr. Soud Soror, General Manager of Saraya Aqaba, Mr. Samer Abu-Hijleh, Regional Managing Director of Arabtec in Jordan, Mr. Walid Salman, Regional Managing Director of CCC in the UAE, and Mr. Saleh Muradweij, Managing Director of Drake and Scull Construction. The joint venture between the three companies is based on "Equal Joint Venture (EJV)" terms.

Mr. Ali Kolaghassi, Chairman of the Saraya Aqaba Board said: "The signing of this contract coincides with the anniversary of the royal accession to the throne. In this occasion, we dedicate this achievement to HM King Abdullah II as a realization of his greater vision for the Aqaba Special Economic Zone. This contract is indeed a major milestone towards achieving Saraya Aqaba's vision and aspirations. It also reflects our unequivocal commitment to making a genuine contribution to the development of Aqaba and the Kingdom at large, through boosting economic activity and tourism." 

Mr. Hasan Abdullah Ismaik, Managing Director & CEO of Arabtec said: "On behalf of the joint venture, we are proud to be partnering with Saraya Aqaba on this vital project, one of Jordan's largest in the tourism sector. The three companies, who are part of the joint venture, are experts in their respective fields, with a strong track record of high-quality delivery to global standards within required timelines. We are fully committed to making this project a success for Aqaba and for Jordan. The project will also provide significant opportunities to engage with local suppliers and contractors to further support the growth of Jordan's construction and economic sectors overall."

Mr. Soud Soror, General Manager of Saraya Aqaba stated: "The signing of this contract marks the successful culmination of a long process of hard work. We have invited a number of internationally accredited contractors to tender for the project. In addition, we have managed to raise the company's capital, propelling Saraya Aqaba to the ranks of the largest corporations in Jordan by market capitalization."

He added "We had promised to make a substantial capital increase, and to select a highly qualified contractor who can deliver the work to the specified terms of quality and timeline and we have delivered that promise", emphasizing that "Now it's time for hard work on the ground in order to translate our vision to a living reality knowing that this project will provide more than 3,000 jobs during the construction phase in addition to more than 1,500 jobs once it is operational, hopefully in early 2016." 

Phase one of the project will be delivered within 28 months from the date of signing the contract. It will include four international hotels managed by Jumeirah International and Starwood Hotels and Resorts Worldwide as well as Souk Saraya, a beach club, offices, a convention center and Wild Wadi water park managed by Jumeirah International, in addition to a part of the residential units, infrastructure, utility buildings and staff accommodation.

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