Emerging on the scene in 2005, Saraya Holdings has undeniably raised the bar of development companies throughout the Middle East. Recently crowned the “Fastest Growing Company” in the region by Arabian Property Magazine, Saraya has reason to be proud. As a relatively new real estate development and asset management company, Saraya boldly invests in travel and tourism. Saad Hariri — owner of Saraya Holdings — says the aim of Saraya is that it “seeks to support the economic growth of the countries it invests in by developing projects that maximize shareholders’ value and contribute to the sustainable development of local communities.” Saraya strategically partners with both the private and public sectors in order to fully utilize and contribute to the local communities where it invests.
Owned by Saad Hariri and run by CEO Ali Kolaghassi, Saraya holds numerous subsidiaries under its umbrella divided into Saraya Destinations, Saraya Services, Millennium Development International (MDI), and Saraya Development Group (SDG). The latter is responsible for real estate development and asset managing for Saraya projects, while also acting as the property advisor to the MENA Fund — created by Saraya Holdings. The MENA Fund seeks to invest in underdeveloped locations in order to offer high growth potential with low competition, and where demand of MENA real estate and tourism are on the rise. MDI is the development management arm of Saraya, catering to her every need on its mixed-use projects around the region. The mammoth developer envisions itself as an international leader in luxurious accommodation, travel, tourism, and overall elite living.
Won’t you be my neighbor?
In December 2007 Saraya Holdings announced that it was relocating its headquarters to Jordan’s new downtown, Abdali. Saraya acquired a 3,600 square meter land parcel in Abdali, which will include its headquarters, a five-star luxury business hotel and hotel apartments, a limited number of serviced residences and an underground parking, costing Saraya a cool $113 million. Saraya’s new headquarters is expected for completion by early 2011.
Saraya destinations
Boasting six opulent destinations — Saraya Aqaba (Jordan), Saraya Dead Sea (Jordan), Saraya Ras Al Khaimah (UAE), Saraya Bandar Jissah (Oman), stretching as far as Kazakhstan with Saraya Aktau, and all the way to Russia with Saraya Sochi — the company thinks big. Each project possesses a unique character of its own, providing a variety of facilities making up large mixed-use developments.
As the first project launched by Saraya Holdings, Saraya Aqaba is valued at approximately $1 billion. The project — founded by Saraya Holdings, Social Security Corporation, Aqaba Development Corporation, and Arab Bank — was introduced in 2005 at the World Economic Forum in the Dead Sea and is expected to be complete by the end of 2009. Located on the Red Sea, Saraya Aqaba will combine the ancient and historically rich city of Aqaba with exclusive residences (villas, apartments, town houses, lofts, and beach club duplexes), shopping facilities (traditional souks), entertainment, a water park, offices, restaurants, a wharf promenade and waterfront, six first-class hotels (three by Jumeirah and the other three by Starwood Hotels & Resorts Worldwide), and cultural activities. All of this will be centered in plush gardens and glistening waterways, built around a man-made lagoon — which will add 1.5 km of exquisite beachfront to the Gulf of Aqaba. The master plan development — totaling 617,000 square meters — will, without a doubt, create a culturally lavish ‘city within a city’, glorifying Jordanian culture and its natural wonders.
Being Saraya’s second project in Jordan, Saraya Dead Sea is a top destination for pure serenity. Saraya imports its luxurious exclusivity to yet another ancient site, the Dead Sea. Located at 400 meters below sea level, the project is on “the lowest point on earth,” but, swanks Saraya, “[brings] the highest standard of luxury.” Only 65 km from Jordan’s capital, the project offers numerous deluxe facilities such as an 18-hole signature golf course with a clubhouse, boutique and world-class hotels, residential units, a sumptuous health spa, recreational amenities, a botanical garden, as well as a temple reminiscent of Stonehenge. Outside of Jordan, Saraya has three other developments underway.
Saraya in the UAE
Saraya Ras Al Khaimah (RAK) is Saraya’s first project in the UAE, which will turn an unappreciated scenic location into a vibrant hub of various investment opportunities in one of the fastest growing economies in the world, for locals and foreigners alike. For its first Emirates project, Saraya partnered with the Investment and Development Office of the RAK government, Arab Bank, and Saraya Real Estate MENA Fund. Based off the northern tip of the UAE on the Gulf and nestled in between the Hajjar Mountains, Ras Al Khaimah is affluent in natural landscape, history, and culture. The project will stretch over 5.5 km of four naturally interconnected islands and a main village — which is connected to Al-Marsa (the main island) by a naturally lush boulevard and the Dubai Airport (via the Emirates Road). The RAK project is estimated to be 1.4 million square meters — ordaining 65% to residential (villas, lagoon view townhouses, terraced apartments) and commercial areas (such as first-class hotels, exotic bungalows, luxurious spas and retreats, a yacht club, a Wild Wadi water park, serviced residential units with private gardens, etc.) and 35% to beaches, landscaped areas, and open-air activities. Saraya prides itself that its aim is “to build a modern representation of RAK’s seafaring heritage over contemporary technology. The themed development will create an environment where history and modern life will co-exist in a manner that will offer an integrated experience between the past and the present.”
Extending this dream further in the region, Saraya announced its ambitious project in Oman. Located a mere 25 km southeast of Muscat, Saraya Bandar Jissah destination follows Saraya’s trend of targeting inherent beauty. In a valley surrounded by Oman’s magnificent mountains and natural splendor, Saraya Bandar Jissah is situated on prime beachfront. The project will be built on 2.4 million square meters of land, featuring luxuriant villas, duplexes, a premium spa, two first-class hotels, souvenir shops, a heritage village (constructed around an archeological site), as well as a recreational and commercial center with restaurants, supermarkets, a social club, and sports facilities. Saraya partnered with OMRAN — an Omani government-owned company endorsing tourism projects and freehold property destinations — in order to promote the sultanate as an incomparable leading Middle Eastern destination.
Saraya further extends its vision beyond the Middle East, reaching into Eastern Europe. In Russia, Saraya Sochi is positioned on a green hill overlooking the Black Sea. Here Saraya partnered with Sistema Hals — one of the most diverse real estate companies in Russia and the Commonwealth of Independent States. The development is envisaged to cover an area of 6.3 hectares, making up approximately 95,000 square meters of built-up area. This unique project is another Saraya mixed-use resort, comprising a five-star hotel, residential units, entertainment, and retail facilities. Saraya intends to completely renovate the beach, to include a summer restaurant, commercial kiosks, sports areas, as well as plush relaxation and leisure amenities. The project seeks to preserve the lush forested areas of Sochi’s shoreline.
Kazak developments
As Saraya’s most recent addition to its expanding portfolio, Saraya Aktau in Kazakhstan is certainly ready to become the core of vivacity in the city. Aktau is said to be the center of emerging oil, gas and tourism industries in all of Kazakhstan; clearly, Saraya chose wisely. Saraya partnered with Kazemir Aktau Development Ltd (Kazemir Aktau) — a leading master developer and landowner in Kazakhstan — by signing a MoU to develop the opulent mixed-use enterprise. Kazemir Aktau appointed MDI as the chief development strategist and manager of the site. The project will stretch over a 400,000 square meters site, possessing a beachfront of 650 meters overlooking the spectacular Caspian Sea. Comprising a five-star hotel resort, serviced villas, a world-renowned spa and branded villas, the project is sure to accelerate the predicted economic boom of Kazakhstan. Saraya Aktau is expected to be operational by 2011.
All are currently works in progress, but Saraya does not sell itself short — with the creation of Saraya Services, the developer aims to complement its travel hot spots with customized services, to complete the Saraya experience.
Offering escape on a silver platter
Providing a bouquet of intricately tailored services, Saraya is definitely one of a kind. Aiming to complete the ‘Saraya experience’ of pure luxury and exclusivity, Saraya Skies, Saraya Roads, Saraya Seas, Saraya Holidays, and Saraya Realty were born.
Saraya Realty (SR), established in fall of 2007, acts as the exclusive property sales, leasing and re-sales arm for all of Saraya destinations. Saraya Realty offers one-of-a-kind personalized property selection services, including interior designing and furniture selection. SR partners with globally renowned real estate agents like Better Homes (UAE, KSA and UK) and ASTECO (Jordan), across their internationally expanding network. Currently, SR has showrooms in Aqaba, Amman, Dubai, Riyadh, London, and is soon coming to Muscat. SR states that it “aspires to deliver customer and shareholder value and to earn the loyalty of Saraya destinations’ owners through achieving [the] highest levels of customer satisfaction.”
Continuing their unparalleled legacy of superior travel and tourism, Saraya created Saraya Roads and Saraya Seas. Offering luxurious road transport services to all of its customers, Saraya Roads provides limousines and car rentals to ensure the individuality of customized services for its clients. Saraya Seas will capitalize on the latest maritime service trends to stay in line with the latest water-tourism frenzy. The first class services include yacht club membership, high-end marinas for palatial mega-yachts and more.
Delivering an “unmatched flying experience,” Saraya Skies is definitely the cherry on top for elite customers. Those wanting — and with the means — to travel in an exceptional way now have the option of flying to and from anywhere in the world with this elite air-carrier. Saraya Skies is made up of a fleet of private jets (three P180 Avanti II aircraft, and three G450 business jets) to cater to customers’ every last whim and desire. The aviation arm of Saraya began operations as of June 2008, and is sure to go above and beyond customers’ expectations of superior travel.
Encompassing all of their services is Saraya Holidays — Saraya’s own travel agency for corporate and leisure travel — that provides MICE (Meetings, Incentives, Conferences, and Events) services, FIT (Free Individual Travel) services, destination club packages, or customized packages to choose from.
Saraya’s solid commitment to turn locations into luxurious destinations whilst simultaneously providing every possible service is working out quite well. At this rate, Saraya is truly redefining the notion of a luxury travel, tourism, and everyday living.
In brief, Saraya’s unique fusion of travel, tourism and real estate is truly reshaping the notion of elitism and luxurious living. Saraya is, without a doubt, integrating the best of all worlds to ensure highest standards of utmost perfection to its clientele around the world.
