Aqaba Special Economic Zone

"…We have succeeded in raising the rate of real economic
growth, establishing many projects and investments,
and creating work opportunities."

In order to develop Aqaba into a world-class business hub that would enhance the quality of life and prosperity of the community through sustainable development, King Abdullah II endorsed an integrated master plan to turn Aqaba into a Special Economic Zone on the 20th of April 2000. King Abdullah II chaired a meeting of the ECC at Aqaba and entrusted an interim task force with laying down the legislative, executive, and legal framework for the project.

Aqaba was turned into a Special Economic Zone through the enactment of special bylaws that took effect on the 15th of February 2001.

The total investment volume the Aqaba Special Economic Zone is expected to attract over the next 20 years is around six billion dollars, which is expected to create approximately 70,000 new jobs. The investment is expected to be distributed among the following sectors: Tourism 50%, Services 30%, and Industrial 20%.

Key Achievements of Aqaba Special Economic Zone in Numbers

Registering 434 new enterprises.
Signing over 213 land contracts.
Transfers to the treasury increased over 600% in 2001.
Development of over 5 shopping malls with over JD100 Million in investments.
Development of two mega resorts (Tala Bay started in 2001 and the Lagoon will start in 2003) with investments exceeding $1 billion in the next 12 years and creating 10,000 jobs.
Building permits in m2 increased by 107% in 2001 and 86% by the end of 2002 with a shift in use towards commerce, tourism and services.
Number of ships visiting port of Aqaba increased by 15%, tonnage handled by 5% and number of container TEUs by 11%.
Aqaba International Industrial Estate with an investment of $22 million is currently operational and will create 20,000 jobs.
Value of goods entering the zone reached $100 million in 2001, and $191 Million in 2002.

Performance Indicators

Commencement of several investment projects in excess of JD 500 million.
Start of phase I on Tala Bay Project, which includes a marina, several hotels and a residential and commercial marina town.
Establishment of Aqaba International Industrial Estate (AIIE) with an investment of $22 million. Also, a contract to operate the AIIE and further develop it was awarded to a consortium led by Parsons Brinckerhoff which started operating in October, 2002.
Establishment of a mega shopping mall with a hotel on a 100 dunum area and an investment of JD 62 million.
Establishment of Kemapco Fertilizer plant with an investment of JD75 million.
Start of construction of a 20 dunum shopping mall in mid-town with an investment of JD 8 million.
Establishment of a shopping mall on a 2 dunum plot with an investment of JD7 million.
Establishment of a shopping mall on a 3 dunum plot.
Establishment of a storage facility for chemicals and vegetable oils on a 20 dunum plot.
Signed an MOU for the establishment of the American University project in Aqaba on a 500 dunum plot in the southern coastal zone.
Allocating more than 1,200 dunums for the containment of about 200 investment opportunities.
Signing 213 land contracts with investors.
The Aqaba Special Economic Zone has witnessed a housing and real estate boom with a 107% increase in the Year 2001 compared to the Year 2000. For the year 2002 the increase was 86%.
Out of the total number of registered enterprises, 351 enterprises are newly established companies that have never conducted any type of economic activity before establishing the Zone.
Out of the total number of registered enterprises, 88 enterprises are registered with 100% foreign capital.
58 % of the total number of registered enterprises is of ASEZ origin, 40% from the customs territory, and 2% from abroad.

The financial highlights, customs activity, and visitors' movement across the ASEZ Aqaba Special Economic Zone has resulted in transferring around JD6 million to the central government from the Year 2001, an increase of about 600% from the year before.

Initiatives
Major Development Projects
Aqaba Special Economic Zone