A consortium led by construction firm Arabtec has secured a $629m contract from Saraya Aqaba Real Estate Development to complete the first phase of the Saraya Aqaba project in Jordan.
The consortium also includes the Consolidated Contractors Company (CCC) and Drake & Scull Construction.
Under the project, which is expected to cost over $1bn, approximately 634,000m² of masterplanned development will be built around a man-made lagoon, adding around 1.5km of beachfront to the Gulf of Aqaba.
Phase one of the project will feature four international hotels to be managed by Jumeirah International, Starwood Hotels, Resorts Worldwide and Souk Saraya, as well as a beach club, offices, and a convention centre.
The first phase of the project, which is expected to be completed in 28 months, will also feature residential units, infrastructure, utility buildings, staff accommodation and a Wild Wadi water park to be managed by Jumeirah International.
Saraya Aqaba general manager Soud Soror said the project will provide over 3,000 jobs during the construction phase and 1,500 jobs once it is operational, which is expected in early 2016.
Arabtec managing director and CEO Hasan Abdullah Ismaik said the project will provide significant opportunities to engage with local suppliers and contractors to further support the growth of Jordan’s construction and economic sectors.
Earlier in 2013, Arabtec secured a $197m contract from Al Maabar International Investment to build a hotel and residences at the St. Regis Amman project in Jordan.
Image: The contract signing ceremony of the first phase of the project. Photo: Courtesy of Saraya Aqaba Real Estate Development Company.