Saraya to go ahead with Jordan, Oman projects
Amman, May 5, 2011
Saraya Holdings, a leading Dubai-based developer, has resolved to move forward with the execution of its projects in Jordan and Oman and ensure its continuity under prevailing conditions, a spokesman said.
The company has undertaken measures aimed at reorganisation of its operations and reduction of operating expenses, he added.
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-Khaimah project in the UAE in 2009, and a successful exit from the Saraya Sochi project in Russia in 2010.
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 measures aimed at ensuring its continuity, the spokesman added.
He 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, a statement said. – TradeArabia News Service