AMMAN -- Technical and managerial teams from major firms in Bahrain are expected to arrive soon in the Aqaba Special Economic Zone (ASEZ) to have a first-hand experience of investment opportunities available in this duty-free area.
The visit will complement the talks held in Manama by a delegation from the Aqaba Special Economic Zone Authority (ASEZA), headed by Chief Commissioner Nader Dahabi.
Members of the delegation that included officials and investors who already have projects in the zone, took turns to give presentations about the various aspects of investing in Aqaba.
Dahabi told a press conference on Saturday that the focus was on promoting opportunities in the industrial, banking and port development fields.
The Bahraini delegates expected in the ASEZ will include representatives of financial institutions who will look into the possibility of going into offshore banking, a development that is on the agenda of ASEZA for the near future.
Noting that detailed plans will be announced later this year, Dahabi said ASEZA seeks to attract international banks into the area, pending the enactment of the anti-money laundering law, which has been referred to Parliament. The legislation is a pre-requisite to offshore banking, the ASEZA chief remarked.
Aqaba Development Corporation Chairman Imad Fakhoury said a plan to relocate the Aqaba port to the southern part of the town and build new terminals worth $1b was presented to the potential Bahraini investors.
He told reporters that these businessmen were informed of an imminent tender that his corporation, the investment arm of ASEZA, would float to attract investors to the port project, which is expected to cost $2-3b in total.
Fakhoury also highlighted opportunities available at the King Hussein International Airport, which is slated for privatisation. Already, the facility has attracted $50 million in investment in the field of aircraft maintenance.
Opportunities are open in air cargo and aviation academies, he indicated.
The officials also acquainted the Bahraini investors about investment opportunities in heavy industries, which are located in the southern part of the area. In particular, the focus is on the cluster of fertiliser, phosphate and potash industries using natural gas imported from nearby Egypt.
According to Fakhoury, the Jordanian delegation discussed with Bahrainis prospects of turning Aqaba into a regional logistic hub and a trade gate for the entire Fertile Crescent region. This needs storage and cooling facilities that are also part of Aqaba's development.
ASEZA and the Bahraini side discussed with Bahrain's Chamber of Commerce a proposal under which the Aqaba authorities allocate a piece of land for Bahraini industrialists who will have the choice to develop its infrastructure according to needs.
The other alternative, Fakhoury remarked, is that these investors use the already-developed areas.
The November 10 - 14 visit included a press conference and an investment seminar with the slogan "Aqaba.... Turn Sand into Gold," coordinated with the Bahraini Chamber of Industry and Trade.
Investors in Aqaba and other ASEZA partners shared their experiences with potential Bahraini peers. They included top executives from Ayla Oasis, Talal Abu Ghazaleh Group, Aqaba Saraya, Tala Bay Resort, the Aqaba International Industrial City and the Kuwaiti National Real Estate Company.
Bilateral meetings between the Jordanian and Bahraini parties took place during the visit, an ASEZA statement said.
Leonie Matta, Saraya Holdings' Marketing and Corporate Communication director, representing Saraya Aqaba in this mission, described the visit in a statement as a "successful visit from all facets."
She attributed the success achieved by ASEZA to its Gulf tours, which have taken them over the past two years to Kuwait, Qatar and the United Arab Emirates.
By Mahmoud Al Abed
© Jordan Times 2006
