Early Warning System

Countries

Jordan

Geographic location where the impacts of the investment may be experienced.

Specific Location

Aqaba - Ayla Marina Village

Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Proposed

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."

Voting Date

Apr 24, 2024

Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.

Borrower

Oasis-33 Mixed Use Development Company

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Industry and Trade

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

$ 35.50 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Project Cost (USD)

$ 305.00 million

Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.

Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 12, 2024

Disclosed by Bank Mar 20, 2024

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Project Description

If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of the provision of a long-term senior secured loan of up to USD 35.5 million in favour of Oasis-33 Mixed Use Development Company. The Loan will be a part of a multi-bank facility that will be used to build upon the Bank's initial transaction with the Company and support the continued development of Ayla Marina Village and the recovery of tourism activities in Aqaba.

The Loan will be used to (i) extend the Company's existing debt maturities and (ii) complete the construction, equipment, and putting into operations of a new hotel in Ayla Marina Village.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised B (2019 ESP). The Project involves the extension the Company's existing debt maturities and the completion of the Pulse Hotel construction currently being developed by Oasis-33 Mixed Use Development Company, an existing Client to the Bank, within the wider Ayla Oasis Regeneration Project, which extends over 4.3 million square meters of land reclaimed after de-mining efforts on a former high-security zone, and located near the western edge of Aqaba city near the Jordanian and Israeli border.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

A long-term senior secured loan of up to USD 35.5 million. The Loan will be a part of a multi-bank facility that will be used to build upon the Bank's initial transaction with the Company and support the continued development of Ayla Marina Village and the recovery of tourism activities in Aqaba.

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Oasis-33 Mixed Use Development Company is a fully owned company, established in 2008, by Ayla Oasis Development Company("AODC") and incorporated in Jordan. Oasis-33 is a mixed-use real estate company responsible for developing, constructing and operating Ayla Marina Village including three hotels and retail stores within Ayla Oasis ("Ayla") in Aqaba, Jordan. The Company is ultimately owned by the Arab Supply Trading Company, Al Maseera International Company, and the Aqaba Special Economic Zone Authority.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Ayla Oasis Development Company ("AODC")	Parent Company	-
-	-	-	-	Oasis-33 Mixed Use Development Company	Client	-

Contact Information

This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

COMPANY CONTACT INFORMATION

Hala Araj
haraj@ayla.com.jo
+962 6 461 2324
www.ayla.com.jo
Al Farouq Street Al Nakheel Area; Aqaba P.O.Box: 2303 Aqaba 77110 Jordan

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html