ADC & Eastern Investment Group Holding sign MOU at a total investment value of $100 million
Aqaba - The Aqaba Development Corporation (ADC) signed a Memorandum of Understanding with the Eastern Investment Group Holding (EIGH) to establish the British University of Aqaba , an affiliate of Coventry University, one of Britain's most prestigious higher educational institutions. This private educational institution, with $100 million in investment value, is scheduled to open in 2009, with an expected number of registered students by the fist year to be 500 and will reach 5000 students in five years.
The university will offer niche specializations that will meet the high demand in Jordan and the region, which initially include Aerospace Engineering, Management, Tourism and Hospitality and planning. Ten new faculties will be added within the following five years.
The signing ceremony was held under the patronage of H.E. Eng. Nader Dahabi, Chief Commissioner of ASEZA and attended by the Secretary General of the Ministry of Higher Education Dr. Turki Obeidat, the Vice Chancellor of Coventry University Prof. Madeline Atkins, British Ambassador to Jordan Mr. James Watt, Director of the British Council, the Iraqi Ambassador to Jordan and a number of Aqaba's main investors and community leaders.
Eng. Dahabi said that the establishment of the British University of Aqaba is a major achievement for Aqaba's foreign investment attraction efforts. He also expects that the university will be a major boost for Aqaba's "educational tourism" and will contribute to its status as a major educational and investment hub in the Middle East.
He went on to say that ASEZ has a distinctive investment atmosphere that is optimal for the foundation of this university. The facilities, coupled with the outstanding human resources in Jordan make Aqaba the most advantageous location for this university.
Eng. Imad Fakhoury, ADC's Chairman of the Board and CEO said "ADC contributes to enhancing the level of educational services in the ASEZ and the cultural and tourism diversity including attracting more Jordanian, Arab and international investors who will enjoy the ideal environment for living and working. At the end of the day, these efforts will contribute to implementing ADC's development master plan for Aqaba".
Fakhoury added, "Aqaba is the location of choice for the university because of its strategic geographical location, attractive investment environment and exceptional tourist attributes. The university will also set an example in the field of private higher education and provide high quality university education."
He concluded by saying "To achieve such goals, the university will recruit academically distinguished faculty members from Jordan and Britain, and will develop and adopt degree programs with curricula similar to those at the best universities of the world."
Dr. Majed AlSaidi, Chairman of the Board of Directors of EIGH, said "This new university will be modeled on the best-practices of the higher education system. It will attract students from Jordan and the surrounding countries in the region to benefit from the university's distinguished educational experiences, especially that its certificates are accredited by the prestigious Coventry University and Jordan's Ministry of Higher Education."
"Students will have the opportunity to travel to Britain for two months and get first-hand experience on issues directly related to their study by visiting important locations such as aircraft factories, hotel administrations, and various scientific institutions. Furthermore, the university will add community service in addition to its educational duty, which is expected to generate around 1500 job opportunities, " he added.
The 650 dunum-British University of Aqaba, located south of Tala Bay, will comprise full supported services, exceptional sports facilities as well as a big commercial facility to serve the campus village residents. The university's facilities are designed in harmony with Aqaba's outstanding natural beauty.
-Ends-
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.
Eastern Investment Group Holding
Eastern Investment Group holding, a British registered holding company was established in 1993 with a total capital of $100 million, with the primary aim of providing an investment vehicle that would give strategic, financial support and stability to its companies in volatile and unstable markets. The Group includes Alpha Flight Services Jordan, an integral part of Alpha Airports Group plc, one of the world's leading aviation support services companies, providing retailing and catering services for airlines and airports. EIGH has invested in other companies in various areas that include manufacturing, tourism, security and training such as: Arab Pump Manufacturing Company, Eastern Investment and Touristic Development Company, Eastern Security Services Company Limited, Eastern International Academy (EIA), Jordan Airline Training and Simulation (JATS), and recently The British University of Aqaba (BUA).
For further information please contact:
Aqaba Development Corporation
Mahmoud Irani
Senior Specialist/ PR & Media Relations
Tel: +962 3 2039100
Fax: +962 3 2039113
Email: mirani@adc.jo
© Press Release 2007
