(MENAFN- Jordan Times) AMMAN - The Aqaba Development Corporation (ADC) and APM Terminals, one of the world's leading port operators, on Wednesday signed an agreement to develop and manage the Aqaba Container Terminal (ACT) with a total direct investment volume of $242 million.

Prime Minister Jafar Hassan attended the signing ceremony of the agreement, which is a key part of the Economic Modernisation Vision, and aims at boosting local and foreign investments to drive economic growth and create opportunities.

The agreement, approved by the Cabinet last week, provides additional support to one of the "most successful" public-private partnership projects between the ADC and APM Terminals, which has been in place since 2006.

Key benefits of the agreement include direct foreign investment in the Kingdom worth $242 million, with most investments to be completed by 2031.

The deal also aims to increase the capacity of the ACT to over 1.7 million twenty-foot equivalent units (TEUs), which guarantees meeting the Kingdom's needs for the next two decades, including transit trade for neighbouring countries.

The agreement involves infrastructure and equipment development projects in line with the best global practices to reduce carbon emissions, paving the way for carbon neutrality by 2040, which will enhance Aqaba's competitive advantage as a green port, in alignment with the national green growth plan.

The agreement also guarantees the continuation of Aqaba's preferential advantage through ensuring that APM Terminals does not sign other contracts with other competing ports in the region, reflecting its status as a leader in port management.

The ADC's estimated revenue share from the agreement is some $2.5 billion between 2024 and the end of the extended agreement in 2046, in addition to tax contributions and the port's overall impact on the national economy.

The agreement will also enable the ACT to support the Aqaba Centre of Excellence with JD500,000 to implement capacity-building and training programmes for Jordanian workers across various economic sectors.

ADC CEO Hussein Safadi and APM Terminals CEO Keith Svendsen signed the agreement in the presence of Minister of Government Communication Mohammad Momani, Minister State for Economic Affairs Mohannad Shehadeh, and Chairman of the Aqaba Special Economic Zone Authority Nayef Fayez.

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