Jordan Times
Monday, August 15, 2005
ASEZA looks to the Gulf to attract investors
The promotional visit is the second undertaken by ASEZA this year
in an effort to shore up investments in the economic zone
By Dalya Dajani
AMMAN — A senior delegation from the Aqaba
Special Economic Zone Authority (ASEZA) returned from Abu Dhabi on Monday
following a four-day mission geared at attracting investments in the Red Sea
economic hub.
ASEZA Chief Commissioner Nader Dahabi and accompanying zone officials met with
key investors in the United Arab Emirates and briefed them on the latest
development opportunities in the zone.
The promotional visit is the second undertaken by ASEZA this year in an effort
to shore up investments in the economic zone following a similar trip to Kuwait
in May.
Back then, ASEZA officials acquainted leading investors in the oil-rich country
with current and future investment opportunities.
Several Kuwaiti investors later visited the Kingdom to take a firsthand look at
potential business opportunities.
ASEZA has been aggressively pursuing major investment in infrastructure,
commercial and industrial development initiatives in the economic zone since its
inception in 2001.
The zone has witnessed numerous investments in multimillion dollar commercial,
tourism and industry-related projects over recent years.
A new private, nonprofit American university is currently under construction on
Aqaba's southern shore.
The Aqaba Development Corporation and ASEZA signed an agreement for development
of the university on 250 dunums of land last year.
It is expected to cater for up to 6,000 students over the next 10 to 12 years
with ultimately over 40 degree subjects in arts and sciences, management,
engineering, education and law.
ASEZA will also be witnessing several major beach resorts over the coming year,
including the Aqaba Lagoon Tourism Site, which will bring an additional
$500-$700 million in investments in tourism and leisure-based developments.
The deal, signed with the Saudi Arabian Supply and Trading Corporation is set to
develop an integrated multiuse leisure community with over 1,500 four- and
five-star hotel rooms and over 800 residential units.
Other major investments include a $600 million resort being established by the
Saraya Aqaba on the northern shores of the Kingdom's Red Sea coast.
Work on the large-scale real estate tourism project will begin before the end of
the year, with completion scheduled for January 2009.
ASEZA's promotional campaign, entitled “Aqaba... Endless Opportunities
Investments,” is one of the zone's latest strategies to help build on the area's
investment needs by attracting greater regional and international interest.
The Abu Dhabi visit included ASEZA Deputy Chief and Chairman of the Aqaba
Development Corporation Imad Fakhoury and ASEZA Director of Investments Saleh
Keilani.