Saraya Aqaba signs $629mn contract with Arabtec led joint venture
Joint venture between Arabtec, Drake & Scull and CCC will see phase one of project delivered within 28 months of contract signing
Work on phase one of the project is expected to be completed within 28 months.
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Saraya Aqaba Real Estate Development Company, the Jordanian developer, has signed a $629 million contract with an international joint venture led by Arabtec Holding, for the finalisation of phase one of the Saraya Aqaba project.
The joint venture brings together Arabtec, the Consolidated Contractors Company (CCC) and Drake & Scull Construction LLC, three of the largest players in the local, regional and international construction industry. It is based on ‘Equal Joint Venture’ terms.
“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,” said Ali Kolaghassi, chairman of the Saraya Aqaba Board.
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.
It will also include Souk Saraya, a beach club, offices, a convention center and a Wild Wadi water park managed by Jumeirah International, in addition to a part of the residential units, infrastructure, utility buildings and staff accommodation.
“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,” said Hasan Abdullah Ismaik, managing director and CEO of Arabtec.
“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.”
“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,” explained Soud Soror, general manager of Saraya Aqaba.
“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.”
“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,” he added.
