ASEZA showcases plans for Red Sea development at Cityscape

Jordan's growing port town continues to attract investors

ASEZA showcases plans for Red Sea development at Cityscape

Rome, April 23 - The Cityscape expo held in Abu Dhabi annually brings together the Middle East's real estate industry experts and powerhouses for a look into the future of the region's markets and also to reflect on where they stand to date. At the 7th edition that ended last week, the Aqaba Special Economic Zone Authority (ASEZA) and Aqaba Development Corporation (ADC) presented their continuing marketing strategy aimed at promoting Jordan's Red Sea city and attracting new investments to the zone. "Since its inauguration in 2001 Aqaba has successfully attracted over $20 billion in investments in different sectors," ASEZA Chief Commissioner, Professor Kamel Mahadin told ANSA. "Our participation at Cityscape 2013 is part of Aqaba's vision and marketing strategy as we reach out to investors, inviting them to seize the opportunity and invest in Aqaba." said Mahadin. ASEZA's participation in the Abu Dhabi expo is one way the burgeoning economic zone is communicating with major investors and corporations in the region. "This not only allows us to promote the competitive investment climate the zone has but also allows for exchange of ideas and visions," Mahadin said. Visitors were given a special look at the Marsa Zayed development of Aqaba - a $500 million deal struck between Al Maabar Jordan Investments and the Jordanian government in 2008. Marsa Zayed is expected to bring an investment value of over $10 billion by the time the area is completed and is the largest mixed-use real estate project ever envisioned in the region. It will include a commercial center, hotels and residences along with a plethora of venues for activities and sports. And ground is ready to break for the landmark component - the Sheikh Zayed Mosque - created to "add so much to Aqaba being a unique Islamic and cultural monument," Mahadin said.

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