Arabtec consortium wins $629m Jordanian contract
JV with CCC and Drake & Scull to build four new hotels, water park etc
Arabtec has announced that its joint venture with Consolidated Contractors Co and Drake & Scull has won a $629m contract to complete the first phase of the Saraya Aqaba project in Jordan.
The firm won the deal from Saraya Aqaba Real Estate Development Company, the company responsible for developing a $1bn project containing authentically-styled houses close to the ancient coastal city of Aqaba.
The project will see around 634,000m2 of masterplanned development built around a man-made lagoon that will add 1.5km of beachfront to the Gulf of Aqaba.
The three partners will have an equal share in the joint venture and will carry out the first phase works under a 28-month contract.
This will involve building four new hotels managed by Jumeirah Group and Starood Hotels as well as Souk Saraya, a beach club, offices, a convention center and a Wild Wadi water park. It also includes infrastructure works, utility buildings and staff accommodation.
Ali Kolaghassi, chairman of the board of Saraya Aqaba, said: "This contract is 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.”
Arabtec CEO Hasan Abdullah Ismaik 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.”
It is expected that around 3,000 jobs will be created during the project's construction phase, and 1,500 permanent jobs on site once it becomes operational in early 2016.
Saraya Sqaba is a partnership between Jordan's social security company, Saraya Jordan, Aqaba Development Corporation, and Arab Bank plc.