Public share holding company set up for Aqaba tourist complex
Jordanian and Egyptian investors have set up a public shareholding company that will oversee the implementation of an ambitious $300-$500 million tourist complex in Aqaba.
The Jordan Project and Touristic Development Company, founded by the Abujaber Investment Group, will work with Egypt's Orascom Projects and Touristic Development on the three-phase project on the southern coast of the port city, Jordan's sole maritime outlet.
JPTD founder Ziad Abujaber said the firm, which will soon be listed on the Amman Stock Exchange, will run the project based on the experience of the Egyptian counterpart.
Orascom is mainly-owned by Sawiris, a family owned enterprise that boasts sizeable stakes in vital tourism and communication projects in Egypt and other Arab countries.
To be constructed on a 2,700-dunum plot, the complex is expected to accommodate several four-to-five star hotels, lagoons, a sports area, a mono-rail, a town center, staff housing, a cultural recreation center, water parks, and light industries such as handicrafts, embroidery and pottery.
The project will be complete by mid 2002, and is expected to create at least 3,000 jobs mainly for Jordanians from the southern regions of the country.
“We will target European tourists,” the 34-year-old businessman told the Jordan Times.
According to Abujaber, the tourist complex will not compete with local and five-star international hotels in Aqaba, but will enhance cooperation. “Having more hotel rooms will render Jordan a landmark in marketing its services,” he said.
“If we market the country's tourist destinations jointly, we will all benefit,” Abujaber said alluding to the tough competition Jordan's tourism industry faces from Israel and Egypt — (Jordan Times)
By Suha Ma'ayeh
© 2000 Mena Report (www.menareport.com)