The project will be developed by Saraya Islands Real Estate Development Company, a joint venture of the RAK Investment Development Office (IDO), Saraya Emiratesand Arab Bank. Construction is due to start next year, with all the work carried out by Saudi Oger, Saraya’s sister company. The development’s masterplanning and architecture has been completed by Oger’s own in-house consultancy team. Construction is expected to be complete by 2010.

Saraya Islands will be financed on a 60:40 debt/equity basis, with all three partners on the scheme participating in the equity portion. The debt element will be financed through a private placement later in 2006, with Arab Bank leading the syndication.

Saraya is also developing the Saraya Aqaba project in Jordan, for which Oger is also the main contractor (MEED 22:7:05).