Jordan- Impact of crisis on Aqaba is limited 

(MENAFN - Jordan Times) The impact of the international financial crisis on the Aqaba Special Economic Zone (ASEZ) is "limited" as few investors want to delay their projects for a short while, a top official said on Sunday.

"The consequences of the crisis on the investments in Aqaba are still at low levels," Aqaba Special Economic Zone Authority (ASEZA) Chief Commissioner Hosni Abu Gheida said, adding that despite the slowdown, ASEZA has announced a large-scale multibillion investment project in the city.

He was referring to the $10 billion "Zayed Harbour" project which will be the largest investment project ever in Aqaba,

The project, announced after the beginning of the financial crisis, includes a tourism port, touristic and housing premises in addition to a financial and commercial district to attract the local, regional and global financial houses to invest in Aqaba, he said.

"Most of the investors in the area have speeded up their projects to benefit from low prices of building materials," he elaborated. "This is one positive impact of the global crisis for investors."

The authority has formed a committee to study requests by certain investors who want to postpone temporarily their investments due to the global financial downturn.

According to ASEZA's figures, the city hosts more than $18 billion in direct and confirmed investments.

Meanwhile, Aqaba Development Company (ADC) extended the deadline for submission of technical and financial offers for the Aqaba new port tender, the Jordan News Agency, Petra, reported yesterday.

The old deadline for the tender was set for end of the month, but the new date allows investors to submit their documents by end of next month, according to ADC Chief Executive Officer Emad Fakhoury.

He said the ADC will reveal the name of the developer who wins the bid by end of July, expecting construction work to begin during the last quarter of 2009.