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STRATEGIC AGREEMENT BETWEEN TAGI AND ADC TO BUILD AQABA BUSINESS PARK

27 Jul 2006
Aqaba, July 23rd, 2006 - Aqaba Development Corporation (ADC), the Central Development Company for the Aqaba Special Economic Zone, and Talal Abu-Ghazaleh and Associates Company for Consultations, a member of Talal Abu-Ghazaleh International Group (TAGI), today signed a joint venture agreement for the establishment of a business park in Aqaba that will provide a wide range of services to investors and businessmen/women operating in the coastal city.
 
The project will commence later this year and will be constructed on a 20 dunum piece of land provided by ADC and will cost a total of JD 10 million. The business park will consist of ten 4 storey buildings, 3 of which will be completed in the first phase of construction.
 
The agreement was signed in the presence of H.E. Nader Dahabi, Chief Commissioner of the Aqaba Special Economic Zone Authority, and Mr. Talal Abu-Ghazaleh, Chairman of TAGI Board of Directors.  The Agreement was signed by H.E. Imad Fakhoury, Chairman and CEO of ADC, and by Mr. Mustafa Nassereddin, Executive Director of TAGI.
 
H.E. Nader Dahabi stated that Aqaba has witnessed a substantial increase in the last few years with regards to the size of investments and businesses, in line with His Majesty King Abdullah II’s vision of Aqaba becoming one of the leading commercial and industrial centers in the region.  This latest agreement is considered another step towards providing high quality development and business investment services in Aqaba.
 
Mr. Talal Abu-Ghazaleh expressed his pleasure about this important strategic Agreement, stating that his group will not hold back on providing its full range of resources in order to become a major part of the socio-economic development projects in the Kingdom.
 
H.E. Mr. Imad Fakhoury said that Aqaba has been witnessing sizable growth regarding the huge investment projects that have begun to consider Aqaba as a base for their operations in the region. This fact has created an urgent need to provide new office space to serve these Arab and foreign companies.  The project aims to establish a “Smart Office” village that is fully serviced and equipped with infrastructure and superstructure and advanced communications facilities.  These offices will also have full administrative services provided to any local, regional, and international company wishing to operate in the Aqaba Special Economic Zone.
 

Mr. Mustafa Nassereddin assured on his part that TAGI will be capable of conducting all advanced professional services for investors and business people through this important project.  He added that the Group has a reservoir of professional expertise which it has acquired in its 35 years of service across the Arab world and in varied professional domains such as consultancy, auditing, patents, legal services, information technology and telecommunications, and legal translation.  The Group will vigorously work through its vast international network to attract companies to come and take advantage of the multiple business incentives offered in the Aqaba Special Economic Zone.