Saraya Aqaba restructures board of directors

AQABA — Saraya Aqaba Real Estate Development Company announced in a press statement this week that, during an extraordinary general assembly meeting, shareholders approved restructuring the board of directors by reducing the number from nine to five; three of whom representing Saraya Jordan, one representing the Social Security Corporation, and one representing Aqaba Development Corporation.

“Accordingly, Saraya Aqaba’s Chairman Ali Hassan Kolaghassi and the board members announced their resignations paving the way for the appointment of a new board of directors,” the press release said.

Kolaghassi confirmed his continued support to Saraya Aqaba as a founding shareholder and the vice chairman for Saraya Holdings, the owner of Saraya Jordan and the biggest shareholder at Saraya Aqaba.

Highlighting Saraya Aqaba’s unique status as a debt-free company since its establishment, he noted that Saraya Aqaba increased its capital from JD100,000 in 2005 to JD797,266,780 in 2015.

Kolaghassi also mentioned signing a $629 million contract with a joint venture to complete the first phase of the remaining works, which includes four international hotels in addition to Souk Saraya, a beach club, offices, conferencecentre, Wild Wadi Water Park, part of the residential units, infrastructure works, services building and staff residences.