Jordan Times
Thursday, January 19, 2006
ASEZA to
highlight remarkable achievements during fifth anniversary celebrations next
month
By Mahmoud Al Abed
AMMAN — Investors as well as Arab and
international guests will hold a major assembly in the Aqaba Special Economic
Zone (ASEZ) next month to mark the fifth anniversary of transforming the area
into a duty free zone.
Participants, including top executives of companies already investing in the
zone, will highlight the achievements in ASEZ.
According to Nader Dahabi, chief commissioner of the Aqaba Special Economic Zone
Authority (ASEZA), the celebration acquires special importance this year because
of the remarkable accomplishments that were realised beyond expectations.
Upon the inception of ASEZ, planners envisioned $6 billion in investments
landing in the zone. But by the end of last year, ASEZ had already recorded $2
billion-worth of projects, accounting for 30 per cent of the target amount set
by the 20-year plan to develop this Red Sea resort.
ASEZA official figures point to a boom in various sectors under development in
the zone. For example, the number of tourists visiting Aqaba rose in 2005 to
450,000 compared to 238,000 in 2000.
According to ASEZ's master plan, 50 per cent of projects planned in the area are
concentrated in the tourism sector. The growing tourism has reflected positively
on the performance of hospitality sector and land, air and sea transport, Dahabi
said.
The real estate boom witnessed at the national level was particularly evident in
Aqaba, the figures indicate. The size of residential, commercial and services
buildings built in 2005 grew up 65 per cent as compared to the previous year's
figures.
New and larger storage and cargo facilities and infrastructure projects were
inherent in the Aqaba construction scene last year, too.
ASEZA indicated in a statement on Wednesday that progress in job creation was a
key achievement in the past half a decade. The statement gave no figure but said
there was “substantial reduction in unemployment among the residents of Aqaba
and a subsequent increase in household incomes.”
In statements to the press in the summer, Dahabi said investments by that time
had helped provide one-third of the 70,000 jobs ASEZA had envisioned by the year
2020.
However, ASEZA has been encouraging jobless Aqaba youth to discard the so-called
“culture of shame,” and accept jobs in the construction of the projects and the
services sector.
ASEZA will take the opportunity of the 5th anniversary celebrations to highlight
stories of success and persuade more Arab and foreign businessmen to invest in
ASEZ.
Dahabi has this summer led a team of ASEZA and its investment arm, Aqaba
Development Corporation, along with investors and businessmen on a tour to three
destinations in the Gulf area to market Aqaba as a land of endless
opportunities.
The effort paid off and investors, especially from Kuwait, flocked to ASEZ to
study and establish their own ventures, ASEZA officials said.