Saraya Aqaba signs Memorandum of Agreement with the Aqaba Development Corporation

To provide homes for employees

Aqaba, 21 February, 2006 Mr. Khaled Wazani, General Manager of 'Saraya Aqaba', has signed Memorandum of Understanding (MoU) with Mr. Naseem Al Ahmad, ADC's Deputy CEO signing on behalf of Mr. Imad Fakhoury, the Chairman of ADC, in order to build a private residential area for employees of the Saraya Aqaba project.

The signing was held at the end of celebrations commemorating the 5^th anniversary of ASEZ and was attended by HE Mr. Nader Dahabi, Chief Commissioner of the Aqaba Special Economic Zone Authority, as well as senior members from both ADC and Saraya Aqaba.

The agreement calls for Saraya Aqaba to build residential units for its employees on a 50 hectare plot of land just 10 minutes away from the development in the Karama area.  The Saraya Aqaba development will create 3,000 job opportunities during construction, a further 6,000 opportunities upon completion and the residential project will provide modern facilities for these employees and their families.

-Ends- 

For further information, please contact:
Dimah A. Khalili
Media Communication and PR Manager / SARAYA
P. O. Box 815321
Amman 11180
Jordan
Tel.: + 962 6 4680055
Fax: + 962 6 4680033
Email: dkhalili@sarayaholdings.com
www.sarayaholdings.com

© Press Release 2006