ASEZA revenues JD109m since launch - Jordan
26 Aug 2007AMMAN - Total revenues collected by the Aqaba Special Economic Zone Authority (ASEZA) since it was established in 2000 until the end of last year amounted to JD109.2 million.
According to ASEZA's 2006 annual report, revenues from taxes and customs reached JD32.05 million last year, a 26 per cent increase from JD25.39 million in 2005. The revenues have steadily risen from JD8.52 million in 2001.
The authority's statement of income showed JD7.36 million as a surplus achieved in 2006, compared to a JD6.64 million surplus in the previous year.
Main balance sheet figures by December 31, 2006, were JD30.84 million in total current assets and JD875.38 million in total non-current assets.
Cash and cash equivalent amounted to JD13.52 million compared to JD6.67 million at the end of 2005. Accounts receivable and other debit balances totaled JD17.15 million, higher than the JD15.9 million posted on December 31, 2005.
Investments in lands and real estate marked the largest figure in the balance sheet, amounting to JD654.29 million, followed by a JD157.08 million investment in a subsidiary. Property and equipment was put at JD33.01 million and projects in progress were given at JD26.75 million.
The JD906.22 million in total assets was covered mainly by JD857.3 million of equity, the bulk of which was the current account of the government. Accrued expenses and other credit balances accounted for JD33.08 million of the liabilities which stood at JD48.92 million.
Auditor Steve Karadsheh from Talal Abu Ghazaleh and Co. International wrote: "The transfer of title process is not completed for the real estate property and investments at the Department of Survey. Accordingly, there are no details for the property and investments. The authority follows up the title transfer issue with the Department of Survey."
The real estate properties of the Free Zones Corporation, the ownership of which were transferred to ASEZA, were not booked in the authority's records because the concerned committee had not finalized the valuation of the properties, Karadsheh stated in the auditor's report.
During 2006, about 432,000 tourists visited the zone, an increase of 5 per cent over previous year. Approximately 65 per cent, or 293,000 were Jordanians.
Of foreign tourists, Europeans visited the zone in the largest numbers, with about 98,000 visiting during the year.
"There has been a significant increase in the number of tourist ships docking in Aqaba," the annual report said. "Twenty-four ships docked during the 2004/2005 season but this number increased to 39 during the 2005/2006 season."
Revenues from these ships have risen to more than JD7.72 million, double the total from the previous season. The number of tourists arriving on these ships has more than doubled, increasing from 10,700 in 2004 to 20,300 the following year to reach 44,200 in 2006. This represents a 120 per cent increase in cruise tourism from the previous year.
During 2006, the Tourism Department financed advertising and media campaigns with the assistance of the European Union in order to market the Golden Triangle of Jordanian tourism: Aqaba, Wadi Rum and Petra.
Agreements were signed between ASEZA and specialized tourism marketing companies in Poland and Sweden in order to increase tourist awareness of Aqaba's potential.
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