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Dubai: Saudi Oger won a Dh2.69 billion ($700 million) contract for the second phase of Saraya Aqaba construction.

The first phase of the agreement which included the mobilisation and infrastructure of Saraya Aqaba was signed before placing the foundation stone of the project last January. The second phase includes the completion of the construction of the project.

Saudi Oger is the exclusive build contractor for Saraya Aqaba. Dr. Wazani's signature concludes the phases of the agreement that he followed up during his term as general manager of Saraya Aqaba, and by authorisation from Saraya Aqaba's Board of Directors.

Details

Saraya Aqaba project is located on the western tip of Aqaba around a man-made lagoon. The project will commence operations in 2009, adding approximately 1.5km of beachfront to the Gulf of Aqaba.

The project comprises approximately 617,000 square metres (not including Radisson SAS land) of master planned development combining shopping, dining, entertainment, freehold accommodation and cultural activities within the context of an authentically styled ancient city. The approximate total cost of the project is $995.7 million.

The Chief Commissioner for Aqaba Special Economic Zones Authority (ASEZA) Nader Al Dhabi congratulated both parties, emphasising the great role played by Saraya Aqaba in developing Aqaba city and placing it on the investment and tourism map.

"Saraya Aqaba is considered one of the pioneer projects in the region, and being the exclusive build contractor of this project adds value to our profile, performance, experience and eventually to our accomplishments among the many other projects we are working on in Jordan and the region," said Joseph Al Helo, assistant general manager at Saudi Oger for International Operations.