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'Limited impact from crisis' says Aqaba official

Credit crunch has resulted in delays rather than cancellations.
An overhead view of the current Aqaba Container Terminal.
An overhead view of the current Aqaba Container Terminal.

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A senior official at the Aqaba Special Economic Zone Authority (ASEZA) has indicated that the impact of the international crisis on the development is still limited, as evidenced by the fact that the authority is still announcing large-scale investment projects in the city.

"The consequences of the crisis on the investments in Aqaba are still at low levels," said ASEZA chief commissioner Hosni Abu Gheida, speaking to Jordan’s Petra news agency.

"Most of the investors in the area have speeded up their projects to benefit from low prices of building materials. This is one positive impact of the global crisis for investors,” Abu Gheida added.

ASEZA has formed a committee to study requests from those investors who wish to postopone temporarily their investments, although the authority has already attracted US$18 billion of investment, which is an impressive 300% up on its 2020 target. 

Aqaba Development Corporation (ADC) CEO Imad Fakhoury has additionally announced that the deadline for submission of offers for the New Port tender has been delayed until the end of May. ADC will reveal the winner by the end of July, with construction work scheduled to start in the last quarter of this year.

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