PM Lays Cornerstone For Marsa Zayed Project's First Phase In Aqaba

(MENAFN- Jordan News Agency)

Aqaba, Jan. 31 (Petra)-- Prime Minister Jaafar Hassan, on Friday, laid the cornerstone for the first phase of the "Marsa Zayed" project in the city of Aqaba. The project is being developed by the "MAG Holding" group, which was commissioned by the Abu Dhabi ports Group, in collaboration with the Aqaba Development Company, and with participation from Mohammed Hassan Al Suwaidi, the UAE Minister of investment and Chairman of the Abu Dhabi Ports Group's Board of Directors.
One of the most prestigious Real estate developments in the Red Sea region, the project is the first of its kind on the Aqaba coastline, and infrastructure construction has already started. In keeping with the goals of the Economic Modernization Vision, it will boost the economic tributaries of Jordan's maritime industry, help draw in investments, create jobs, and strengthen Aqaba's standing as a top tourist and investment destination to support growth-stimulating initiatives.
The Hashemite Kingdom of Jordan and the sister country, the United Arab Emirates, have a close strategic cooperation relationship that is supervised by His Majesty King Abdullah II and his brother, His Highness Sheikh Mohammed bin Zayed Al Nahyan. This relationship culminated in the signing of memorandums of understanding for a package of investment projects valued at around $5.5 billion in 2023, as well as a comprehensive economic partnership agreement about three months ago that aims to take economic, trade, and investment relations to new heights of mutual growth.
The project also follows agreements that Abu Dhabi Ports Group, one of the world's leading companies in trade, industry, and logistics, signed with the Aqaba Development Authority earlier. These agreements led to the opening of the Aqaba Cruise Terminal in January 2023, and last year, the Aqaba Development Company and its digital arm, Maqta Technology Group, concluded a shareholders' agreement to enhance the activities of their joint project, Maqta Ayla, which will implement the "Port Community System" and create a qualitative technological leap in the Port of Aqaba's operational processes.
Being the first of its kind in the Kingdom to combine residential, entertainment, commercial, and port facilities, the Marsa Zayed project the first phase of which is being developed by MAG Group Holding on behalf of Abu Dhabi Ports Group represents a significant advancement in Aqaba's investment and tourism scene. It is an integrated development model that has the potential to significantly alter the local and national economies.
Through the construction of cutting-edge hotel and entertainment facilities, the project will significantly boost the tourism industry and strengthen Aqaba's standing as a regional and international center for maritime tourism and logistics services. Additionally, it will help the cruise ship terminal in Aqaba and draw in investments in the trade, real estate, and logistics industries, all of which will increase Jordan's competitiveness on the regional economic scene.
The first phase of the project, which covers 3.2 million square meters, will develop the Marsa Zayed Riviera project, which consists of four residential towers, the marina area, which includes an integrated residential complex with 1,260 residential units and 117 retail stores, as well as a hotel and 360-room hotel apartments. Along with the rehabilitation of the Aqaba port lighthouse, a club, a yacht marina, and the Aqaba cruise ship terminal, the first phase also includes the old market area with fifty retail establishments.
During the project's foundation stone laying ceremony, Aqaba Special Economic Zone Authority (ASEZA) Chief Commissioner Nayef Al Fayez, said, "We are pleased with the cooperative relations with our brothers in the United Arab Emirates in various fields, which are framed in many agreements, memoranda of understanding, programs, and protocols that will contribute to opening broader horizons for cooperation and increasing the volume of Emirati investment that is considered to be the highest in the Kingdom and in Aqaba."
The Aqaba Development Corporation (ADC) CEO Hussein Safadi said the Marsa Zayed project is a strategic move meant to create both direct and indirect employment opportunities for the local people, rather than merely being an investment project. Additionally, it will help improve the city's tourism infrastructure, positioning it as a unique travel destination that draws visitors from around the globe and boosting tourism's contribution to the country's economy. Furthermore, because it showcases Jordan's alluring investment and development climate, this project serves as a catalyst for further investments.

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