Jordan Seeks to Transform Aqaba to a Developed Tourist Resort and Residential Area
19 Feb 2007AMMAN – Jordan has launched a serious campaign to reformulate the Aqaba region which has remained modest for many years despite the advantages the region enjoys. The is located at the Gulf of Aqaba at the northern-most tip of the Red Sea and faces Eilat which was occupied in 1948, and also faces the Egyptian Taba region.
Since 2000, Jordan has been trying to transform the Aqaba region to a large tourist, residential and industrial complex by attracting Arab investments. So far, it has succeeded in attracting about 8 billion dollars, which is the total capital invested in tourism and residential ventures being executed by companies and investors primarily from the Kingdom of Saudi Arabia, Kuwait and the United Arab Emirates.
The President of the Council of Negotiators for the Aqaba Special Economic Zone Authority (ASEZA), Mr. Nader Alzahabi, explained to reporters the objective of ASEZA –which celebrated its sixth year this week- and the royal vision for the Aqaba region that talked about “a modern state with active institutions and an economy built on sustainable growth and investments in the private sector that are protected by an independent judicial authority.”
He added that “the concept of the special economic zone was launched in order for the region to be developed in numerous economic sectors and liberalized with low taxes and exempt from fees and tariffs, along with possessing a simplified business atmosphere using administrative systems that are attractive to investments. The region is to emphasize the participation of the private sector and create all sorts of job opportunities for Jordanians.”
He explained the aims of the authority’s strategic plan that will organize the comprehensive growth for the Aqaba region by saying: “The goal is to attract 6 billion dollars and create 70 thousand jobs by the end of the year 2020. The plan has identified three major activities which are : tourism, with 50% of the resources being dedicated to it, followed by services at 30% and finally 20% to be dedicated to industry.
Zone Projects
ASEZA plans to develop the Gulf of Aqaba to correspond to the rapid progress in the region, in a project considered the largest in Aqaba. Alzahabi said: The Gulf Hous of Finance headquartered in Bahrain is one of six companies competing to get a contract to develop the port with investments of approximately 3 billion dollars.
A Jordanian delegation convened an investing seminar in Bahrain entitled “Aqaba: Let’s turn the sand into gold” in order to shed light on the related investment projects. Participating in this seminar was the Aqaba Development Co., the Ayla tourism project, the Saraya Aqaba project, the Tala Bay Resort, the Aqaba Company for National Real Estate Ventures, the Aqaba International Industrial City and the Talal Abu-Ghazaleh Organization (TAGorg).
There are three major projects currently ongoing:
The Tala Bay venture began execution on a land area of 2.7 million square meters stretching across 2 kilometers of shores overlooking the Gulf of Aqaba. The project is being executed in three phases and will be transformed into a complete, massive tourist resort within 10 years.
Tala Bay will include a marina town that will offer luxurious alternatives for families and individuals desiring to own appropriate residences. Also, there will be a yacht harbor with space for 56 yachts, 15 buildings that include 147 residential units that have already been sold, in addition to 10 buildings containing 120 apartments built around an artificial lake with a size of 7000 square meters. Execution is expected to be complete this year.
As for the Ayla Oasis project, it is a comprehensive tourist resort with various services being built by the Saudi Astra Co. north of the Gulf of Aqaba. Extra shores will be created here with a length of 17 km. The venture will cost 1.2 billion dollars and will include luxurious hotels, residential units, a golf course, cafes and entertainment centers. The idea of the project which is going to be established on 4 million square meters, is to create an “Arab Venice” with building whose design was inspired by Arab architecture. It will provide 2800 residential units and 1500 hotel room.
Also, the Aqaba Development Co. has launched the Saraya Aqaba project, which includes five 5-star hotels, three of which are being supervised the UAE Jumeira Group that specializes in the field of hotel management. The other two hotels will be under the supervision of the global Starwood company that soecilaizes in hotels, resorts and their services. Construction and setting the groundwork for this 1 billion dollar venture began in the middle of last year and is expected to be complete by the end of 2009. It is being built on 610 thousand square meters and residential and cultural buildings with an old-city type of design.
The Talal Abu-Ghazaleh Organization has signed an agreement with the Aqaba Development Co. to create the Aqaba Business Center at a cost of 25 million dollars. The project will be carried out in two stages and is expected to be complete in the first half of 2009. Also, the Aqaba Development Co. has signed a contract to create an integrated residential city north of Aqaba city at a cost of 140 million dollars, to be completed in 3 years.
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