Zara Investment (Holding) Company
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and Aqaba Special Economic Zone Authority (ASEZA)Aqaba Special Economic Zone Authority (ASEZA)
Aqaba Special Economic Zone Authority
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signed on Sunday an agreement to develop Aqaba Heights located at the southern coast of Aqaba. The Aqaba Heights agreement was signed in Aqaba by Mr. Sabih Masri, Chairman of the Board of Directors of ZaraZaraLoading..., and by H.E. Hosni Abu Gheida, Chief Commissioner of ASEZAASEZALoading....
The agreement aims at establishing and developing a comprehensive tourism and real estate project in Aqaba in a bid to transform the Southern Coast into a tourist destination adding more to the new evolving architectural diversity and image of Aqaba.
Stretching over an area of 570 donums, Aqaba Heights project consists of the development of a 4-star hotel containing 300 rooms in addition to 100 serviced apartments as well as a comprehensive commercial center and 1000 residential units with a large beach club for the use of the residents of the community. The development cost of the project is estimated at 275 million Jordanian Dinars (USD 390 million) and the project will be implemented in two phases over the coming eight years.
The Aqaba Heights project is in line with Zara InvestmentZara InvestmentLoading...'s aggressive growth strategy aimed at maintaining and securing its leading market share in the Jordanian hospitality market. In addition, this agreement reflects part of the success story achieved in the Aqaba Zone, by attracting more than eight billion dollars of investments by the first half of 2007 in which investments in the tourism sector have accounted to about 50% of total investment.
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source: zawya.com
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