× Government Healthcare Islamic Finance Oil And Gas Real Estate Technology Telecom Tourism
  • Contact Us
  • العربية

    Resort project in Aqaba moves ahead after years of construction delays

    February 24, 2020
    real estate

    AMMAN — In order to make up for eight years of construction delays, the Red Sea Resort investment project is progressing according to a fixed plan that divides work into five phases.

    “The significant project delay was due to deficiencies and irregularities in procedures, which were solved after introducing a new board of directors at the end of 2015,” said Talal Yaish, CEO of Arab Phoenix Holdings (APH), which owns the resort.

    The public shareholding company’s current management “was able to reach milestones in eliminating the project’s financial waste”, the CEO told The Jordan Times on Sunday.

    The resort, which covers around 147,000 square metres at a cost of $60 million, adds value to the Aqaba Special Economic Zone Authority (ASEZA), he said, by providing a “distinctive and comprehensive model” for projects, with its variety of facilities and recreational services.

    Overlooking Aqaba’s south beaches, the project includes 260 villas, which come in four designs and concepts to serve different segments of the city’s residents as well as visitors and investors.

    The first two stages of the project are complete and APH assigned the first 12 villas to their owners on February 19, while the other properties are to be transferred later, Yaish said, noting that the project’s total completion rate stands at 60-65 per cent.

    “The resort aims to revive the area, bring local and international investments and create direct and indirect job opportunities,” Yaish said, expressing the company’s appreciation for efforts made by ASEZA to facilitate the operation of the project, with the goal of attracting more large-scale investments.

    APH was established in 2005 and works on a number of projects in the local and regional development fields, according to the CEO.


    Top News

    real estate

    Al Zorah - Ground levelling Works start ...
    June 29, 2021
    Crown Prince inaugurates Great Arab Revo...
    June 24, 2021
    Cadre Announces Strategic Partnership wi...
    June 24, 2021