| $1
Billion resort deals drive Aqaba tourism developments
Posted: 4 May 2003
Dubai, UAE — Jordan’s Aqaba Special
Economic Zone Authority (ASEZA) has finalised the Aqaba Lagoon Tourism
Site project which will result in a further $500-700 million investment
in the development of tourism and leisure facilities in the zone.
The deal, signed with preferred developer ASTRA (The Saudi Arab
Supply and Trading Corporation), is to see the development of an
integrated, multi-use leisure community with over 1500 four and
five star hotel rooms, 20,000 m2 of commercial space and over 800
residential units.
The move comes as investors are focusing on Middle East opportunities
following the Iraq conflict.
“The return of confidence to the market has been swift, in
part fuelled by the remaining high regional liquidity, and in part
by the emphasis that this conflict has brought to the region. We
are seeing more interest from foreign investors than ever before,
and we intend to capitalise on that interest as much as possible,”
said ASEZA chief commissioner HE Akil Biltaji. “At the same
time ASEZA has maintained aggressive growth through this year”.
The Lagoon project will see a 250 metre-long stretch of sea front
extended to 3,000 metres with the development of a man-made lagoon
and marinas. Other components of the proposed development are to
include golf courses, retail and commercial complexes as well as
entertainment facilities.
The new project has been finalised as ASEZA participates in Dubai’s
‘First International Investment Summit’, held at the
Grand Hyatt Hotel, Dubai from the 3-5th May 2003.
“We’re aggressively targeting FDI, foreign direct investment,
and we have the absolute support and backing from our government
that we need to succeed,” said Biltaji. “The Lagoon
development will join the existing Tala bay project to create over
10,000 jobs in Aqaba over the coming 12 years.”
Louay Khatib, director of business development and marketing at
ASEZA, commented: “We are driving hard to attract investors
with incentives and assistance from the authority now complementing
the advanced infrastructure and open investment environment that
Aqaba offers. We’re flexible, committed and absolutely open
for business, and we’re seeing strong demand for the kind
of approach to multi-modal trade and investment that ASEZA is building.”
ASEZA is the statutory institution legally responsible for the
organisational, administrative, financial and economic development
of the Aqaba Special Economic Zone and is committed to maintaining
Aqaba at the competitive forefront as an international hub with
commercial, leisure and services based investment opportunities.
In addition to the strong moves to develop leisure and tourism
facilities, Aqaba offers a unique set of commercial investment opportunities,
being strategically located on the Red Sea and acting as a multi-modal
freight/logistics hub for the region. Goods originating in Jordan
are granted preferential entry into the United States market, duty
free, and not subject to the quota system as Aqaba is governed by
the Free Trade Agreement and the Qualifying Industrial Zone (QIZ)
agreement with the USA.
About ASEZA
The Aqaba Special Economic Zone Authority (ASEZA) is the statutory
institution that was commissioned by law to be responsible for the
organisational, administrative, financial and economic development
of the Aqaba Special Economic Zone.
The ASEZA is governed by six ministerial-level commissioners, each
responsible for a major area of regulatory or operational activity.
The Aqaba Free Zone law simplifies all procedures, licenses and
approvals to enable ASEZA to provide a competitive environment for
investment, where a single investment window was setup to interface
with investors and enhance the central decision making capability.
The authority aims at turning and establishing Aqaba into a center
for competitive international investment, by providing a simplified
investment environment and encouraging the participation of the
private sector in all development activities in the region. This
guarantees the presence of high quality infrastructure and services
for investors, visitors and residents.
For more information see www.aqabazone.com.
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
