Pulse Hotel Ayla (IFC-48179)

Countries
  • Jordan
Geographic location where the impacts of the investment may be experienced.
Specific Location
Aqaba
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
  • International Finance Corporation (IFC)
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
B
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
May 30, 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 FOR HOUSING AND COMMERCIAL COMPLEXES DEVELOPMENT LIMITED LIABILITY 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS May 16, 2024

Disclosed by Bank Mar 19, 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 proposed long-term secured A-Loan of up to USD 35.5 million (the “Loan”) will be part of the multi-bank facility to Oasis-33 Mixed Use Development Company (the “Company”). The Company is a mixed-use real estate company responsible for developing, constructing, and operating Ayla Marina Village, which includes three hotels and retail stores within the Ayla development complex in Aqaba, Jordan. The Loan will be used by the Company to i) fund capital expenditure and complete the construction of a new hotel and ii) reprofile existing debt that was used to partly fund the construction of the existing two hotels and retail stores (the “Project”).   

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.

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. 

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

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.

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.

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.

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.

Oasis-33 Mixed Use Development Company
Alaa Barakat
Director of Finance
+96264602600
abarakat@ayla.com.jo
Al Farouq Street, Al Nakheel Area /Aqaba
ayla.com.jo

ACCESS TO INFORMATION

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ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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