$500m Saraya plan announced
01 November 2005
Plans have been announced for a $500 million tourism development which will spread over an area of 1 million sq m along the Arabian Gulf coastline of Ras Al Khaimah.
Saraya Islands will encompass a range of five-star hotels, lavish residences, and cultural and commercial venues that will draw tourists from all over the world. The project, which aims to propel Ras Al Khaimah as a cosmopolitan tourism destination, is being spearheaded by Saraya Emirates, a subsidiary of Saraya Holdings (under formation).
The globally renowned Saudi Oger will be the sole official developer and contractor for the project, ensuring the highest standards of quality development and technically advanced construction in the contracting industry. Saudi Oger has extensive knowledge and experience in design concepts, operations and management, in addition to the resources and financial capabilities necessary to undertake a wide range of supreme mega construction projects.
Arab Bank is participating as an equity partner and will also provide financial consultancy and cooperation for the effective completion of the project.
“Saraya Islands will be a treat for tourists because of its vibrant shopping experience, exquisite dining, and varied entertainment and accommodation in five-star hotels and bungalows,” says a spokesman for the Saraya.
“The project commands views of spectacular sandy beaches and a beautiful mountainous backdrop,” he adds.
