Amman 4th of May, 2011 - A Saraya Holdings spokesperson stated that the Company has taken several remedial and preventive measures over the past two years aimed at coping with the adverse consequences of the global financial crisis. These measures included the freezing of the "Saraya Ras Al-Khaimeh" project in the UAE in 2009, and a successful exit from the "Saraya Sochi" project in Russia in 2010. On the other hand, the Company resolved to move forward with the execution of its other projects in Jordan and in Oman.
Moreover, and in light of the persistent negative effects of the financial crisis, as well as the delays witnessed in securing the credit facilities necessary to complete the financing of its projects, such as the Company's flagship project - Saraya Aqaba, the Company has undertaken additional measures aimed at ensuring its continuity under prevailing conditions, including the re-organization of the Company's operations and the reduction of its operating expenses. The spokesperson confirmed that these measures will reinforce the Company's sustainability and its ability to deliver on its investment objectives in Jordan and abroad. The Company, represented by its founding shareholders and its executive management, reconfirmed its commitment towards all its stakeholders.
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About the Company:
Saraya Holdings was founded and registered at the Dubai International Financial Centre (DIFC) in 2005. As of year-end 2010, the Company's paid-up capital stood at USD 272.8m, while its total equity reached USD 364.5m. Its investments include a 37% stake in Saraya Aqaba (Jordan) and a 50% stake in Saraya Bandar Jissah (Oman). Noteworthy in this respect is that both Saraya Aqaba and Saraya Bandar Jissah remain debt free.
For further information, please contact;
Dimah Khalili, Senior Manager - Corporate PR & Investor Relations
+ 96 2 6 5505444 / dkhalili@sarayaholdings.com
© Press Release 2011
