NewswireToday - /newswire/ -
Amman, Jordan, 2007/07/29 - As part of its efforts to implement the master plan for the Aqaba Special Economic Zone (ASEZ), the Aqaba Development Corporation (ADC) signed an agreement with the Jordan Engineers Association (JEA) to develop 43 dunums of land at the Yemeniya Heig.
The agreement was signed between Eng. Emad Fakhoury, Chairman and CEO of ADC, and JEA representative, Eng. Wael Al Sakka. H.E Eng. Nader Al Dahabi, Chief Commissioner of the ASEZA, attended the signing ceremony.
According to the agreement, state of the art residential housing, built according to the highest international standards, will be developed on the parcel of land in Yemeniya Heights at an estimated cost of JD 30 million. JEA will provide a timeline for the implementation of the project, including all the engineering and technical designs, within 180 days from the date of the agreement.
Fakhoury said, "This project falls inline with ADC's objectives to provide a variety of investment opportunities in the real estate sector, in cooperation with the private sector."
Al Sakka added, "We collaborated with ADC on this project in order to turn Aqaba's southern coast into a high-quality residential and tourism destination. The development will be in harmony with Aqaba's architecture, whilst every effort will also be made to ensure the safeguarding of the local environment."
ADC put out a tender for Yemeniya's numerous parcels of land last year, and chose JEA to implement the project due to its expertise and experience in developing such projects.
About Aqaba Development Corporation (ADC)
The Aqaba Development Corporation (ADC) was launched at the beginning of 2004 by the Aqaba Special Economic Zone Authority (ASEZA) and the Government of Jordan, with the mandate to own and maintain the development and management rights for the strategic assets in the Aqaba Special Economic Zone (ASEZ), making it the development partner for all investors interested in taking advantage of the endless opportunities that ASEZ has to offer.
ASEZ was launched in 2001 with the objective of creating Aqaba as an oasis for commerce, a premium destination for tourism, an incubator for modern technology and a regional hub for transport logistics. ASEZ is regulated by ASEZA, which is responsible for managing, regulating and providing municipal services within ASEZ.