Jordan Times
Sunday, February 19, 2006
Several investment
agreements mark ASEZA's fifth anniversary celebrations
ASEZA organised six panel discussions that mainly focused on investment
opportunities in ASEZ
By Mahmoud Al Abed
AQABA — Several investment agreements in
large-scale projects marked the fifth anniversary celebrations held by the Aqaba
Special Economic Zone Authority (ASEZA) during the weekend.
Under a deal signed with Aqaba Development Company (ADC), ASEZA's investment and
development arm, the International Investment Arabian Group (IIAG) will build a
complete gated community in the northern side of Aqaba Special Economic Zone (ASEZ).
The cost of the first phase of the 285-dunum project is estimated at JD10
million.
According to ADC's Deputy CEO Nassim Al Ahmad, the project will help meet the
increasing demand on residential units.
“Customers will be given the choice between rent or ownership, he said in a
statement.
ADC, which is owned jointly by the government and ASEZA, will be partner in the
project in its capacity as the party that has legal authority to administer
Aqaba's public assets and infrastructure.
IIAG General Manager Mohammad Abdul Munem Asaad indicated that the real estate
scheme will include villas and semi-villas, along with all related facilities.
Moreover, a consortium comprising ADC and the Jordan-Kuwaiti Holdings Company
signed an agreement with Saraya Aqaba under which the two companies will
undertake the provision of a package of services to the Saraya's $600 million
urban development project which is a complete seafront town to the west of the
city. The services include gas distribution, electricity installations and other
infrastructure services.
Last year, ADC went into an agreement with the holding company to form the
consortium. Under the agreement, the Jordan-Kuwaiti company became in charge of
preparing studies for a full-fledged infrastructure project, including plants to
desalinate seawater and to treat wastewater.
The Jordan-Kuwaiti Holdings Company, which was established in mid- 2004,
comprises nine major Kuwaiti companies, with a capital of $100 million.
Kuwaiti investments are the largest among Arab projects in the country,
totalling currently $3 billion in various fields, including real estate and
communications.
Another agreement with ADC calls for Saraya Aqaba to build residential units for
Saraya's employees on a 50-dunum plot of land.
During the weekend, ASEZA organised six panel discussions that mainly focused on
investment opportunities in ASEZ.
In the first session, presentations were held on the largest tourism projects
under construction in Aqaba: Saraya Aqaba, Ayla Oasis and Tala Bay.
The second session tackled real estate investment with both Talal Abu Ghazaleh
Group and Kuwait's National Real Estate Company briefing participants on their
experiments in Aqaba.
Other investors also took the podium during Friday's sessions to present their
achievements and future plans to an audience including hundreds of officials,
businessmen, local community personalities and media representatives.