...transform the Red Sea Aqaba resort into almost the place envisioned by planners. On behalf of His Majesty King Abdullah, HRH Prince Feisal laid on Saturday the foundation stone for the Saraya Aqaba project, signalling the commencement of phase one of the $600 million “stylish beachfront city” in the heart of Aqaba. The scheme, well harmonising with the spirit of the area, will be built around a man-made lagoon, spanning approximately 610,000 square metres. “It will be developed in an environmentally friendly and culturally conscious manner, contributing to the enhancement of tourism in Aqaba,” a Saraya statement said. According to top Saraya Aqaba executives, the project is also expected to change the socio-economic reality of Aqaba, which was declared a duty-free zone in 2001. Saraya Aqaba General Manager Ali Kolaghassi told hundreds of guests and media people attending the foundation stone ceremony at the construction site that the project is expected to create over 3,000 job opportunities during the construction phase, and over 6,000 job opportunities thereafter. Representing Saraya's Chairman Saad Hariri, Ayman Hariri said in a speech that Jordan's drive to attract investments to Aqaba, the incentives offered and the sound legislative infrastructure have all encouraged the company as an urban developer to invest in this huge project. Hariri renewed the firm's confidence inJordan as “a safe investment environment” that appeals to major investors. Kolaghassi said: “Our efforts in the Kingdom, starting with Aqaba, are in complete alignment with His Majesty King Abdullah's drive to place Jordan on the world map by attracting foreign and Arab investments with a favourable investment climate.” Situated on the western tip of the coastal town, Saraya Aqaba and its man-made lagoon will commence operations in 2009, adding approximately 1.5 kilometres of beachfront to the gulf of Aqaba. The project will offer shopping, dining, entertainment and cultural activities within the context of an authentically-styled ancient city. Saraya leaders took the opportunity on Saturday to highlight the commencement of a programme planned to serve Aqaba's community in the form of a scholarship fund that was first announced during the Jordan Economic Forum in November 2005. Aqaba's students in their final year of high school are now candidates for the programme which will be effective for the academic term beginning fall 2006. The programme will provide full study-abroad scholarships to high school graduates to obtain a bachelor degree in the hotel and hospitality industry and come back to work at one of Saraya Aqaba's five five-star hotels upon successful completion. Local partners in the project include the Social Security Corporation, the Arab Bank and the Aqaba Development Corporation as well as a number of individual and corporate investors. Saraya Jordan also partners in this project with Saudi Oger Ltd., the exclusive contractor for Saraya's development projects and hospitality operators Jumeirah and Starwood Hotels & Resorts Worldwide, which will operate Saraya Aqaba's hotels and water park, in addition to Asteco as a sales agent. Saraya Jordan is a member of Saraya Holdings Ltd. chaired by Saad Hariri, the mother organisation is a holding company that seeks to create a series of distinguished 21st century world- class travel destinations throughout the Middle East.