Annual Report - Orascom Development

20 | Projects under development | OHD Annual Report 2006
Jordan
Tala Bay
Tala Bay key figures
2.7 million m 2
Land under development
Tala Bay, Aqaba, was the first regional expansion of our model
outside of Egypt, prompted by an invitation to develop Jordan’s
first resort project.
Jordan, like other untapped areas in which OHD invests, is experiencing
a property boom, largely due to a buoyant economy over recent years.
Growth in 2006 was expected to stabilise at an average of 6%, a
healthy
rate to support resort development. Whilst residents will benefit from
the low cost of living, Aqaba itself is a duty-free zone, further encouraging
investment and tourism opportunities.
Similarities with our business model are also key to our investment.
Tala Bay is being built upon a man made lagoon and is the largest
tourism scheme in the country. The current investment is estimated at
US$ 500 million by Jordan Projects for Touristic Development, in which
OHD has a 19% stake. The resort also includes four hotels, a marina,
golf course and commercial facilities.
We expect to create upwards of 5,000 jobs in the region, and provide
staff housing, schooling and town facilities as demonstrated within our
other developments.
OHD will own and develop one of the four hotels in Tala Bay, increasing
our total room capacity and driving revenue. The hotel will be operational
from 2008.
LE 22 million
OHD investment
287 room Marina Plaza
Hotel wholly owned by OHD
Key attractions
Jordan’s first fully integrated destination.
International marina with ferry to Taba Heights.
Excursions to Petra and the Dead Sea.