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Arabtec clinches US$1.55 billion Jordan resort deal

Dubai contractor Arabtec Holding has won a US$1.55bn contract to build the Red Sea Astrarium, a themed entertainment resort in Aqaba, Jordan

The project, being developed by an international fund called Red Sea Astrarium LP, will involve a manmade lagoon, four hotels and entertainment facilities including a 4D cinema, a water park and a Star Trek-themed attraction, Arabtec said in a statement.

Hasan Abdullah Ismaik, managing director and CEO of Arabtec Holding, said, ?We are pleased to be involved in this important project which will further boost the Jordanian economy and enhance the country?s attraction as a tourist destination.

"We are involved in two major projects in Jordan and look forward to expanding our presence there to take advantage of Jordan?s huge potential.?

Construction work on the resort, which is expected to create around 4,000 jobs when opened, will begin in the third quarter of this year, with a soft opening targeted for the third quarter of 2017.

"Apart from its high value and significant contribution to our long term investment, which will translate in sustainable returns to our shareholders, this project provides further recognition of Arabtec as a leading international provider of complex mixed-use developments.?