ASEZAqaba Special Economic Zone
ASEZAmerican Street Empowerment Zone (Philadelphia, PA)
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In order to ensure that Jordan as a whole benefits from the ASEZ, most projects will be developed as public-private partnerships, along lines laid down by the ADC-APM model for the management of the container terminal.
ASEZ was launched in 2001 with the objective of creating Aqaba as an oasis for commerce, a premium destination for tourism, an incubator for modern technology and a regional hub for transport logistics.
The 650 kilometre square ASEZ is a liberalised, low-tax, duty-free development area seen by many as a test case for how a streamlined, business-friendly environment can create jobs and promote economic growth.
He also underlined economic achievements accomplished in Aqaba, adding that ASEZ is one of the top investment destinations in the world.
His Majesty King Abdullah II on Thursday said he was satisfied with progress made at the Aqaba Special Economic Zone ASEZ through establishing more projects and attracting investments that create jobs and boost the national economy.
Saqer spoke about a number of projects now underway in ASEZ, highlighting privileges the zone offers to investors.
The ASEZ status led to the privatization of a number of port terminals and services, as well as the implementation of a multi-modal transport network.
The Aqaba Special Economic Zone ASEZ authorities have thwarted an attempt to smuggle large quantities of live corals out of Aqaba.
The ASEZ had already brought in around $8 billion in investment by 2006, surpassing the original target of $6 billion, and the ASEZ authority expects to attract a further $12 billion by 2020.
Marsa Zayed, a $10 billion real estate venture, is one of the mega projects in ASEZ, said Saqer, noting that other big health, environmental, industrial, tourist, transport and educational projects had been launched in the city.
ADC also plays a major role in several investment projects taking place in the ASEZ.
In a nut shell, ASEZ was able to accumulate several billion dollar ventures developing hundreds of sea view villas and apartments.