The Company is fully owned by Ayla Oasis Development Company (AODC), which was established in 2003 to own and develop the entire Ayla development complex. In turn, AODC is more than 95 percent owned by Arab Supply Trading Company and Al Maseera International Company. Palm Beach Investment Company and Aqaba Special Economic Zone Authority (“ASEZA”) hold the remaining stake. ASEZA is the government organization responsible for the management, regulation, and development of the Aqaba Special Economic Zone in Jordan.    

IFC’s proposed investment is an A-loan of up to USD 35.5 million, which will be part of a multi-bank facility for the Company to fund the Project.          

The Project is located in Aqaba, Jordan        

No governance risks are expected to development impacts.                         

This is a category B project according to IFC’s Policy on Environmental and Social Sustainability (2012). The project entails construction of a hotel located in a converted habitat where 55 percent of construction work has already been completed. The remaining construction and operational impacts are expected to be avoided or mitigated by adhering to recognized performance standards, procedures and guidelines as described in the following sections.

Key E&S issues and risks reviewed as part of IFC’s appraisal include: (a) the company’s management and monitoring systems, organizational capacity and competency to assess and manage E&S risks and impacts for construction and operations; (b) assurance of fair, safe and healthy working conditions (and especially in terms of gender based violence (GBV), freedom of association and workers’ grievance mechanism) including contractor management and occupational health and safety in compliance with IFC PSs; (c) resource efficiency and pollution prevention (waste, emissions and effluent management); (d) biodiversity conservation as the project is located in a converted habitat within the Aqaba Coast and Mountains Key Biodiversity Area (KBA); and (e) emergency response and preparedness including climate life and fire safety (LFS) management at all assets under the project, in line with WBG Environment, Health and Safety (EHS) Guidelines. Environmental