Arabtec-led joint venture to develop Saraya Aqaba project

arabtec  kalmyketArabtec Holding has revealed that it is part of a joint venture that has signed a US$629mn contract to develop part of the Saraya Aqaba real estate project in Jordan

The company said in a statement posted on the Dubai Financial Market website, “The joint venture includes Dubai-based Drake & Scull International and Consolidated Contractors Company.”

Arabtec managing director and CEO Hasan Abdullah Ismaik said, “On behalf of the joint venture, we are proud to be partnering with Saraya Aqaba on this vital project. The three companies, who are part of the joint venture, are experts in their respective fields, with a 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.”

Phase one of the Saraya Aqaba project, situated on the northern shore of Aqaba in Jordan, will include four international hotels and a convention centre and is scheduled to be completed in 28 months.

The latest contract win comes just weeks after Arabtec was awarded a US$197mn contract to build the first St. Regis branded property in Amman.

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