Saraya Jordan to cease operations
Saraya Jordan, the leading real estate developer in Jordan, has laid off a number of its staff and will cease operating soon. Upper management has been given notice until August, the date the company will wind down.
Saraya Jordan is a member of Saraya Holdings Ltd., a real estate development company, which, under the Chairmanship of Lebanese premier Saad Hariri, has been active in beachfront projects across the region.
Exactly one year ago, Saraya Jordan, the Social Security Corporation (SSC), the Arab Bank, and the Aqaba Development Corporation (ADC), signed an agreement for the creation of Saraya Aqaba. This was a large-scale real estate tourism project with an initial capitalization of JD172 million (US$242 million).
The agreement was signed by Ali Kolaghassi, Vice Chairman of the Board, Saraya Jordan, Dr. Mohamed Adeinat, Chairman, Social Security Corporation - Investment Unit, Abdel Hamid Shoman, Deputy Chairman, Chief Executive Officer, Arab Bank plc, and Imad Fakhoury, Chairman of the Board, Aqaba Development Company.