UAE firm injects $240 million into Red Sea resort

Saraya Development has received an infusion of US $240 million from an Abu Dhabi-based investment firm to complete its developments in Aqaba in the Red Sea.



Abu Dhabi daily The National reported that work stopped on Saraya three years ago due to the global financial crisis.

Mohamed Turk, chief executive of Aqaba Development which owns a stake in the project reconfirmed that the money had been received, saying: “The declaration of this new partnership or new cash injection will be announced [soon] as well as the identity of the investor.”

According to the paper, 60% of the villas for the project were already sold. The project was intended to include waterparks, villas and hotels managed by the Jumeriah Group.

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