Details revealed on 'Marsa Zayed' project in Aqaba
Prime Minister Jaafar Hassan has laid the foundation stone for the first phase of the 'Marsa Zayed' project in Aqaba, marking one of the most significant real estate investments on the Red Sea.
The project spans 3.2 million square meters and includes residential towers, a marina, hotel units, a traditional market, a yacht club, and Aqaba’s cruise ship terminal. It aims to boost the maritime economy, attract investments, and create job opportunities, reinforcing Aqaba’s status as a key tourism and investment hub.
A Comprehensive Project
Hussein Al-Safadi, CEO of the Aqaba Development Corporation, emphasized that 'Marsa Zayed' is not merely a real estate project but a strategic and comprehensive initiative. He stated that the first phase, which has now been launched, will include residential towers, commercial outlets, a yacht marina, and a major expansion of the cruise ship terminal.
Speaking to Roya, Al-Safadi noted that due to its vast scale, the project will be completed in multiple phases. The first phase is expected to take between two to two and a half years to complete, with detailed planning for this phase nearing finalization.
A partnership agreement has been signed between Abu Dhabi Ports Group and MAG Group, one of the UAE’s leading developers, to carry out the project.
Attracting Investors
Al-Safadi highlighted that 'Marsa Zayed' will position Aqaba as a prime investment destination, attracting both local and international investors and bringing in renowned global brands. Additionally, the cruise ship terminal will help market Aqaba and the "Golden Triangle" (Petra, Wadi Rum, and Aqaba) as a strategic tourism center.
Throughout its construction, the project is expected to create numerous employment opportunities, benefiting local contractors, workers, and various sectors, including port operations.
Over 16,000 Job Opportunities
Economic expert Hossam Ayash described 'Marsa Zayed' as one of Jordan’s largest projects, integrating tourism, real estate, maritime, and commercial components.
Ayash told Roya that the project demonstrates Jordan’s ability to attract large-scale investments, potentially leading to additional investment inflows. He estimated that the project will generate approximately 16,000 direct job opportunities, with even more indirect employment resulting from its development.
Investment Exceeding $10 Billion
The total investment in 'Marsa Zayed' is projected to exceed $10 billion, nearly half of Aqaba’s total investment portfolio. Ayash emphasized that the project's returns will primarily benefit Aqaba and Jordan, while also drawing further investments.
The collaboration between Jordan and the UAE extends beyond this project. The two nations maintain a broad economic partnership, including a memorandum of understanding covering investments worth $5.5 billion, such as a railway project. Additionally, the UAE has a dedicated investment fund in Jordan, and the trade exchange between the two countries surpasses $4.5 billion. Their mutual investments exceed $23 billion.
The UAE is Jordan’s fifth-largest global trade partner and the second-largest Arab partner after the Gulf Cooperation Council (GCC).
