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Saraya Aqaba Real Estate Development Signs Starwood to Operate
 Two Luxury Hotels at the Beachfront Luxury Sestination
 'Saraya Aqaba' in Jordan

Middle East and North Africa Business Report, Amman, Jordan
Knight Ridder/Tribune Business News

Nov. 25, 2005 --Saraya Aqaba Real Estate Development psc., a world class developer and Asset Manager of the beachfront luxury destination 'Saraya Aqaba', and Starwood Hotels & Resorts Worldwide Inc., the premium hotel operator and Leisure Company, signed a Letter of Intent for the management of both Harbor and Al-Manara hotels under Starwood's 'The Luxury Collection' brand, at Saraya Aqaba, Jordan.

The total project, set to be completed in the next three years, is estimated to cost over US$600 million, and will include luxurious facilities that include five 5-star hotels, a mix of residential units ranging from villas to town houses and serviced apartments, as well as an old city souq, conference center, water park, wharf promenade and outdoor amphitheater. Both Luxury Collection hotels will be managed as one resort, and will share same conference facilities, while keeping separate identities. Located on the shores of Saraya Aqaba's man-made lagoon, The Harbor Hotel is a luxurious beachfront resort built in a traditional Middle Eastern architecture. The Hotel will offer 300 elegant rooms including 23 suites, four main restaurants with terraces overlooking lush gardens and waterfront views, health and fitness club, world-class day spa, specialty shops, children's club and teenager's activity center, and outdoor recreation facilities with two swimming pools and a private beach.

The Al-Manara Hotel, distinguished by its rich and unique traditional architecture, is ideally positioned at the mouth of Saraya Aqaba's lagoon, stretching along a sandy beachfront and protected by a jetty with a lighthouse. The Al-Manara Hotel will offer 200 guestrooms, including 18 suites, three main restaurants with waterfront views, specialty shops, health club, spa and recreational facilities access, swimming pools and private beaches facing both the Gulf of Aqaba and Saraya lagoon.

To sophisticated travelers worldwide, The Luxury Collection delivers the finest hotel experiences through their unparalleled attention to guest needs and preferences, their exceptional and distinctive properties and seamless integration of the customs, culture and environment of each property's locale.

Saraya Aqaba, a state of the art tourist project, shows uniqueness and distinction from inception to creation by choosing natural environments that can be enhanced through unique developments, providing tailored tourist projects that meet customers' leisure and business needs and desires.

Jumeirah -- the Dubai-based luxury hospitality group; will operate the other three five- star luxury hotels, in addition to Saraya Aqaba's water park.

Saudi Oger Ltd. will be the exclusive contractors for Saraya Aqaba, ensuring the delivery of the highest specifications and construction standards. Saudi Oger brings with it extensive global expertise in the construction of complex and technologically advanced projects throughout the Middle East, Africa and Europe.

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To see more of the Middle East and North Africa Business Report or to subscribe to the newspaper, go to http://www.menareport.com/.

Copyright (c) 2005, Middle East and North Africa Business Report, Amman, Jordan

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