The establishment of Saraya Jordan, a real estate development company with an ultimate capital of JD100 million, in Amman, Jordan was announced by its vice-chairman, Mr. Ali Kolaghassi. Saraya Jordan´s chairman and majority owner is the well-known Sheikh Saad Rafic Hariri, who has followed in his late father´s footsteps in the field of real estate development and identified the immense potential in Jordan.

´We are very keen on exploring the Jordanian market offerings, establishing Saraya Jordan as our vehicle by which we will further collaborate in prospect development projects that will cater to the constant changing face and needs of Jordan, and have brought in the global know-how of Saudi Oger Ltd., to ensure that our objectives are met with the highest international standards in construction and operation,´ said Sheikh Saad Hariri, Chairman of Saraya Jordan.

Like the late Rafic Hariri, Sheikh Saad Hariri appreciates the importance of real estate development as an imperative component to any economy through the forward movement and creation of a strong and growing real estate market. His specific interest in the Jordanian market started with his involvement through Saudi Oger Ltd., as the developer contractor and partner, in the Al Abdali development project, which proved to be a great business success for all stakeholders across the board, having been sold successfully to local and international investors. This experience reflected positively on Sheikh Saad Hariri, encouraging him further to invest in the country on a bigger and wider scale.

It has also not gone unnoticed how Jordan had been successful in securing and sustaining its economic environment in spite of the volatile conditions in neighbouring countries, which has enabled it to position itself as a growing market with significantly enhanced development opportunities. In line with this, Jordan has undergone legislative changes, investment and trade facilitations and expansion of the capabilities of human resources which have all played a key role in compelling global and local investors to seek investment opportunities available in Jordan.

“We are very excited about Saraya Jordan, and fully comprehend the huge advantage it presents to us as investors, both from our own extensive experience in the Saudi Arabian market and globally. We saw a golden opportunity, huge potential for growth and flexibility in the real estate development industry, where Saraya Jordan can play a crucial role,´ said Mr. Ali Kolaghassi, further adding: “We at Saraya Jordan feel the thriving potential that HM King Abdullah has been advocating for Jordan, and are eager to be part of this ground-breaking change that will benefit our stakeholders and the overall infrastructure and economy of Jordan.´

Saraya Jordan promises to recognise key development opportunities in the real estate industry that will catapult it and Jordan into the new economic era currently witnessed in the region.