Several Investment Agreements Mark ASEZA's Fifth Anniversary Celebrations
19 Feb 2006Several Investment Agreements Mark ASEZA's Fifth Anniversary Celebrations
ASEZA Organized Six Panel Discussions That Mainly Focused on Investment Opportunities in ASEZ By: Mahmoud Al Abed
ASEZA Organized Six Panel Discussions That Mainly Focused on Investment Opportunities in ASEZ By: Mahmoud Al Abed
AQABA — Several investment agreements in large-scale projects marked the fifth anniversary celebrations held by the Aqaba Special Economic Zone Authority (ASEZA) during the weekend.
Under a deal signed with Aqaba Development Company (ADC), ASEZA's investment and development arm, the International Investment Arabian Group (IIAG) will build a complete gated community in the northern side of Aqaba Special Economic Zone (ASEZ).
The cost of the first phase of the 285-dunum project is estimated at JD10 million.
According to ADC's Deputy CEO Nassim Al Ahmad, the project will help meet the increasing demand on residential units.
“Customers will be given the choice between rent and ownership,” he said in a statement.
ADC, which is owned jointly by the government and ASEZA, will be partner in the project in its capacity as the party that has legal authority to administer Aqaba's public assets and infrastructure.
IIAG General Manager Mohammad Abdul Munem Asaad indicated that the real estate scheme will include villas and semi-villas, along with all related facilities.
Moreover, a consortium comprising ADC and the Jordan-Kuwaiti Holdings Company signed an agreement with Saraya Al-Aqaba under which the two companies will undertake the provision of a package of services to the Saraya's $600 million urban development project which is a complete seafront town to the west of the city. The services include gas distribution, electricity installations and other infrastructure services.
Last year, ADC went into an agreement with the holding company to form the consortium. Under the agreement, the Jordan-Kuwaiti company became in charge of preparing studies for a full-fledged infrastructure project, including plants to desalinate seawater and to treat wastewater.
The Jordan-Kuwaiti Holdings Company, which was established in mid- 2004, comprises nine major Kuwaiti companies, with a capital of $100 million.
Kuwaiti investments are the largest among Arab projects in the country, totaling currently $3 billion in various fields, including real estate and communications.
Another agreement with ADC calls for Saraya Al-Aqaba to build residential units for Saraya's employees on a 50-dunum plot of land.
During the weekend, ASEZA organized six panel discussions that mainly focused on investment opportunities in ASEZ.
In the first session, presentations were held on the largest tourism projects under construction in Aqaba: Saraya Aqaba, Ayla Oasis and Tala Bay.
The second session tackled real estate investment with both Talal Abu- Ghazaleh Group and Kuwait's National Real Estate Company briefing participants on their experiments in Aqaba.
Other investors also took the podium during Friday's sessions to present their achievements and future plans to an audience including hundreds of officials, businessmen, local community personalities and media representatives.
Under a deal signed with Aqaba Development Company (ADC), ASEZA's investment and development arm, the International Investment Arabian Group (IIAG) will build a complete gated community in the northern side of Aqaba Special Economic Zone (ASEZ).
The cost of the first phase of the 285-dunum project is estimated at JD10 million.
According to ADC's Deputy CEO Nassim Al Ahmad, the project will help meet the increasing demand on residential units.
“Customers will be given the choice between rent and ownership,” he said in a statement.
ADC, which is owned jointly by the government and ASEZA, will be partner in the project in its capacity as the party that has legal authority to administer Aqaba's public assets and infrastructure.
IIAG General Manager Mohammad Abdul Munem Asaad indicated that the real estate scheme will include villas and semi-villas, along with all related facilities.
Moreover, a consortium comprising ADC and the Jordan-Kuwaiti Holdings Company signed an agreement with Saraya Al-Aqaba under which the two companies will undertake the provision of a package of services to the Saraya's $600 million urban development project which is a complete seafront town to the west of the city. The services include gas distribution, electricity installations and other infrastructure services.
Last year, ADC went into an agreement with the holding company to form the consortium. Under the agreement, the Jordan-Kuwaiti company became in charge of preparing studies for a full-fledged infrastructure project, including plants to desalinate seawater and to treat wastewater.
The Jordan-Kuwaiti Holdings Company, which was established in mid- 2004, comprises nine major Kuwaiti companies, with a capital of $100 million.
Kuwaiti investments are the largest among Arab projects in the country, totaling currently $3 billion in various fields, including real estate and communications.
Another agreement with ADC calls for Saraya Al-Aqaba to build residential units for Saraya's employees on a 50-dunum plot of land.
During the weekend, ASEZA organized six panel discussions that mainly focused on investment opportunities in ASEZ.
In the first session, presentations were held on the largest tourism projects under construction in Aqaba: Saraya Aqaba, Ayla Oasis and Tala Bay.
The second session tackled real estate investment with both Talal Abu- Ghazaleh Group and Kuwait's National Real Estate Company briefing participants on their experiments in Aqaba.
Other investors also took the podium during Friday's sessions to present their achievements and future plans to an audience including hundreds of officials, businessmen, local community personalities and media representatives.
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