Tala Bay developer JPTD holds Extraordinary General Assembly Meeting

Tala Bay developer JPTD holds Extraordinary General Assembly Meeting, announces JD 30M capital increase and acquisition of Marina Plaza and Radisson Blu hotels

Jordan Projects for Tourism Development (JPTD), the developer of the integrated Aqaba lifestyle complex, Tala Bay, held Extraordinary General Assembly meeting on Wednesday, February 4, 2015, during which the company made several announcements that constitute integral milestones in its history.

The Extraordinary General Assembly meeting tackled a number of issues that have been on JPTD’s agenda for the past year, including the company’s new future vision, the re-launching of the Tala Bay project and the company’s recent expansion plans and investments. The company announced that it is increasing its capital by an amount of JD 30 million to a total of JD 51.5 million, with the additional capital being sourced from its two key investors, Abujaber Group and Orascom Development Holding.

“The decision to increase our private capital comes to reaffirm our future vision, of which the continued expansion of our operations is a vital element,” commented JPTD’s Managing Director, Mahmoud Zuaiter. “As we re-launch the Tala Bay project under our revamped business model, our focus will be on broadening the scope of our investments and laying the foundation for a more aggressive investment and marketing approach.”

Another key announcement made during the Extraordinary General Assembly meeting invovled JPTD’s acquisition of the Marina Plaza and Radisson Blu, both of which will form a key element of the Tala Bay project, offering customers a diverse array of luxury accomodation options. The acquisition will entail a JD 30 million investment.

In 2014, JPTD completely overhauled its business model and philosophy with the objective of spurring the development of its projects — a fundamental move that also saw the arrival of a new management team with years of experience in international luxury destination development. The company’s current objective is to redefine the conventions of luxury real estate development in order to help Jordan realize its full potential as a distinct tourism and lifstyle hub. Critical to this strategy is the re-launch of the Tala Bay project, which the company is positioning as the flagship lifestyle destination in the rapidly-growing city of Aqaba.

“Tala Bay will be Jordan’s first fully integrated town on the Red Sea, complete with world class hotels, a state of the art Marina, luxury real estate properties and supporting infrastructure,” explained Zuaiter. “We are positioning Aqaba as ultimate seaside destination by leveraging on Jordan’s unparalleled geopolitical stability in the region and its rich cultural heritage, all the while creating a self-sufficient lifestyle destination and continually developing it to its maximum potential.”

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