King Abdullah of Jordan has officially inaugurated the Aqaba Special Economic Zone (SEZ) on May 17, reported Al Hayat daily. Aqaba, the only Jordanian city with a seaport along the Red Sea, was declared a special economic zone last February, but was never officially launched as such.
Several distinguished businessmen from Jordan and neighboring Arab countries, as well as international figures have attended the zone’s inauguration ceremony.
It is estimated that the low-tax zone will attract up to six billion dollars in investments. In addition, it is expected that 70,000 new jobs will be created as well as a 100 percent increase in Jordan’s per capita income within the next twenty years, to a large extent as a result of business generated by the port.
Half of the total projected investments are expected to come from the tourist sector, 20 percent from manufacturing plants and 30 percent from service industries. Five hundred companies have thus far registered to be part of the new economic zone, with many more likely to join in the near future. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)