|
|
Article: Gostelow report.(global update: news)
- Article from:
- Hotels
- Article date:
- November 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
On Jordan's Red Sea resort area of Aqaba, immediately east of King Abdullah's weekend home, the Barracuda beach club, followed in order by a sparkling new InterContinental resort, a future Kempinski and the existing Movenpick. The Barracuda has been bought by Saudi Oger Ltd., Riyadh. It will be demolished to make way for an artificial canal, which will lead inland to a 6.6 million-sq. ft. (613,000-sq. m) area to form Saraya Aqaba, a US$616 million development project. New York-based hedge fund Alexandria Investment Management LLC, chaired by Mikhail Filimonov, has committed US$162 million to the area. Saraya Aqaba Chairman Sheikh Sa'ad Rafik Hariri plans at least five ...