The Aqaba Development Corporation (ADC), the central development company for the Aqaba Special Economic Zone (ASEZ), represented by its Chairman Imad Fakhoury, and the Kuwaiti National Real-Estate Company (NREC) represented by its Chairman and Managing Director Jamil Sultan, signed on Wednesday a strategic partnership agreement to establish a private shareholding company.
According to Petra news agency, major real-estate investments are expected to emerge from this partnership, which will contribute in pushing investment momentum in the ASEZ. The newly formed company will invest up to JD 80 million over the coming ten years.
The aim of this agreement is to establish a joint venture that will develop, manage ad operate two business parks. One will be in the northern part of the zone with an area of 540,000 m2 and the other in the south-east part on the back road area with an area of 1,500,000 m2 which will offer companies warehousing units, showrooms and supporting office space which include over 110,000 m2 of built up space in addition to "built to order" facilities.
Commenting on this agreement, Imad Fakhoury said that it comes as a direct result of the "very successful promotional campaign" and visit to Kuwait a few months ago which triggered a huge Kuwaiti interest in different investment opportunities that exist in the ASEZ. "This strategic partnership secures a world class manager / operator with proven track record in such projects which will result in adding a major anchor tenant in ASEZ," Khoury noted.
On his part, Jamil Sultan said that "this partnership with ADC coincides with his company's vision in preserving its leadership and entrepreneurial role between local and regional companies in addition to providing effective contributions to economic development on local and regional levels."
