Strategic partnership agreement signed between Aqaba Development Corporation and National Real Estate Company of Kuwait

A number of major real-estate investments are expected to emerge from this partnership, which will greatly contribute in pushing investment momentum in the Aqaba Special economic Zone. The newly formed company will invest up to JD80 million over the coming ten years.

The purpose of this agreement is to establish a Joint Venture that will develop, manage and 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 will include over 110,000 m2 of built up space in addition to "built to order" facilities.

Mr. Imad Fakhoury, Chairman of ADC said,

"This agreement 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 Aqaba Special Economic Zone. This strategic partnership secures a world class manager/operator with a proven track record in such projects which will result in adding a major anchor tenant in ASEZ."

He added, "Aqaba and since its transformation into a special economic zone has succeeded in attracting 700 million dollars in actual investments that have been implemented on the ground and over 2.1 billion dollars of committed investments that will be implemented over the next 5 to 10 years."

Mr. Jamil Sultan the Chairman of the National Real-estate Co. said, "This strategic 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."

Established in early 2004, ADC is owned by the Government of Jordan and the Aqaba Special Economic Zone Authority (ASEZA) and is responsible for the development of the Zone. ADC operates as a holding company and owns strategic assets including the Aqaba ports, both, air and sea, along with strategic parcels of lands, as well as development and management rights of public utilities and infrastructure in the zone.

ADC's responsibility is to implement the ASEZ Master Plan in a manner that ensures integrated development and transforms Aqaba into a leading business and leisure hub on the Red Sea.

ADC is mandated to develop the ASEZ; build new world class infrastructure and required superstructure, or expand on existing ones; create critical business enablers for ASEZ; provide businesses with world class multi modal transportation facilities as well as package strategic real estate development projects.