📋 Tender Overview
Project Number: 48179
Company Name: OASIS 33 FOR HOUSING AND COMMERCIAL COMPLEXES DEVELOPMENT LIMITED LIABILITY COMPANY
Date ESRS Disclosed: Mar 19, 2024
Country: Jordan
Region: World
Environmental Category: B
Status: Pending Approval
Sector: Resort Hotel (Including Lodges)
Industry: Tourism, Retail, and Property
Department: Regional Industry MAS MCT
Project Description
Oasis-33 Mixed Use Development Co. ( Oasis-33 or the Company ) is a Special Purpose Vehicle established in 2008 by Ayla Oasis Development Company ( AODC ) for developing, constructing and operating Ayla Marina Village including three upmarket hotels and retail stores in Ayla Oasis ( Ayla ), a 4.3 million square meter private waterfront development by AODC on Red Sea coast in Aqaba, Jordan under Aqaba Special Economic Zone (ASEZ). AODC, is owned by the following companies, of which three are Astra Group companies: (i) Arab Supply Trading Company (Astra); (ii) Al Maseera International Company (Amic) both together are the Sponsors ; (iii) Palm Beach; and (iv) Aqaba Special Economic Zone Authority (ASEZA). AODC was awarded the contract for developing and operating Ayla Oasis on the government owned land provided to the company in 2003.
The construction of Ayla commenced in 2008 and has been carried out over multiple phases featuring a range of facilities and amenities including (i) civil and road works; (ii) 7.6 MW solar photovoltaic (PV) plant; (iii) three man-made lagoons that added 17 km of waterfront living to the Aqaba coastline; (iv) 3,000+ residential homes/apartments, luxury villas, golf residences; (v) 5-8 hotels, serviced apartments (1,500 keys); (vi) an 18-hole golf course; (vii) 10,000 sqm retail and commercial, entertainment, beaches, recreational venues; and (viii) 200 berth capacity boat and yacht marina.
Within Ayla, Oasis-33 owns Ayla Marina Village, which has been operational since 2018, covering: the Hyatt Hotel (285 rooms, managed by Hyatt International ( Hyatt )), Cloud 7 Residence (75 serviced apartments, managed by Kerten Hospitality ( Kerten )) and the Souk Area (including about 100 retail spaces ready for lease to third party retailers).
The third hotel (The Pulse Hotel) of Oasis-33 has been under construction since 2013. The hotel is built on a plot of land of 7,200 sqm with a total built up area of 18,489 sqm and will include 76 rooms, four food & beverages outlets, a meeting room, gym, and pools. The construction works for the skeleton were essentially completed in 2020. Design for finishing, mechanical, electrical and plumbing works is still ongoing. Construction work is expected to resume in the second half of 2024, following the contractor selection process.
The proposed IFC investment is an A-loan of up to US$35.5 million to Oasis-33 to (i) complete the construction of The Pulse Hotel with its retail stores; and (ii) refinance the existing debt utilized for the development of the two operational hotels and existing retail
