Often overshadowed by its more successful neighbors, Jordan is quietly carving out a niche in the regional economy. With a GDP of $50.81 billion in 2023, the country is steadily gaining momentum. Its goal is to be a regional trade and investment hub.

The Aqaba Development Corporation (ADC) is central to this transformative effort, leading initiatives to develop the coastal city into a vibrant economic zone. 

H.E. Hussein Safadi, CEO of the Aqaba Development Corporation, emphasizes that ADC’s strategic vision aligns closely with Jordan’s national economic goals of promoting inclusive growth, enhancing trade, and creating jobs.

“Our focus on developing Aqaba as a logistics and trade hub contributes to Jordan’s efforts to strengthen its regional connectivity and diversify its economy.” 

THE INVESTOR OPPORTUNITY 

Since 2001, Aqaba has attracted over $20 billion in investments, driven by its robust infrastructure and favorable business environment, which provide opportunities across various sectors. 

Its geographic advantage is enhanced by connectivity to 161 countries through trade agreements and a well-developed logistics network. The Aqaba Special Economic Zone (ASEZ) strengthens this position with regulations and reduced operational costs, facilitating efficient cross-border movement of goods. 

“We offer global connectivity through our 12 ports with 32 berths and the King Hussein International Airport, which facilitate trade and investment across multiple sectors, from logistics to tourism and manufacturing,” says Safadi.

The ASEZ provides significant business advantages, including a capped corporate income tax rate of 5%, zero customs duties, and no restrictions on foreign equity. These benefits ensure an attractive return on investment. The city’s consistent annual GDP growth highlights its potential for expansion. 

Moreover, discounts on handling fees and customs duty exemptions for goods in transit reduce costs, making it easier for companies to scale their operations. ADC has focused on sector-enabling developments, such as the Aqaba Digital Hub, the Aqaba International School, and gated community projects, to cater to global businesses seeking to expand in the region.

Aqaba presents a wealth of opportunities across several booming sectors. 

The tourism and lifestyle industry draws over 2 million visitors annually, creating a robust market for hotels, resorts, diving and watersports centers, and eco-tourism ventures. The city’s stunning beaches and proximity to iconic historical sites like Petra and Wadi Rum further enhance its appeal as a destination.

In addition to tourism, logistics and transport represent a critical area of growth for Aqaba. Aqaba focuses on green growth and sustainable development by implementing eco-friendly projects and tourism initiatives, creating investment opportunities in sustainable practices. 

“We balance foreign investment attraction with local development by promoting sectors that drive job creation, skills development, and technology transfer. These efforts ensure that foreign investments yield sustainable benefits for Aqaba and Jordan as a whole,” says Safadi.

LOGISTICS AND TRADE 

ADC is advancing several projects to enhance Aqaba’s role as a regional logistics hub. Key initiatives include decarbonizing the Aqaba Container Terminal and expanding capacity by modernizing port facilities to increase efficiency. 

“We’re also adopting advanced digital logistics technologies, including automation and smart logistics solutions, through the digitization of our port communities,” says Safadi. “This effort is part of a joint venture called Maqta Ayla, in partnership with Abu Dhabi Ports Group, to streamline the movement of goods.”

Multimodal transport solutions integrating sea, air, and road networks improve Aqaba’s logistics capabilities and facilitate more efficient trade across borders.

In addition to logistics and trade, diversification efforts include investments in creative industries, green growth, and manufacturing. Aqaba’s tech and gaming sector and the upcoming Filming & Media Hub are attracting interest from creative professionals and companies worldwide.

Moreover, Aqaba’s growing manufacturing sector benefits from Jordanian Free Trade Agreements (FTAs) for global exports, enabling a partnership with PBI to develop the Al Queirah International Industrial Estate. This 1.8 million sq.m project will be the first in Jordan to utilize natural gas through networked connections, promoting greener and more cost-effective manufacturing.

A GLOBAL TOURIST DESTINATION 

To promote Aqaba as a global tourist destination, ADC is investing in large-scale projects, including a premium serviced public beach, luxury hotels, eco-tourism ventures, and the Yamaniyeh Business District, which will serve as a hub for the tech, gaming, and AI business community. 

“We are also collaboratively expanding our offerings in niche areas such as diving, adventure tourism, and eco-friendly golf courses, which attract diverse visitors and enhance Aqaba’s global appeal,” says Safadi.

ADC and ASEZA prioritize nature-based tourism and the preservation of Aqaba’s natural assets, including coral reefs and marine life, which are vital for the global diving community. All new tourism projects undergo environmental impact assessments to minimize ecological damage, strongly emphasizing responsible tourism practices that protect Aqaba’s natural and cultural heritage. This commitment is reflected in the increasing number of green key certified resorts and blue flag beaches.

“We aim to ensure that Aqaba’s tourism sector grows in harmony with the environment, providing long-term economic benefits while safeguarding natural resources for future generations,” he adds.

PROMOTING ENTREPRENEURSHIP 

ADC fosters innovation by creating a supportive environment for startups and tech companies, particularly in logistics, gaming, and creative industries. “We provide business-friendly regulations, access to advanced infrastructure, and attractive financial incentives to encourage entrepreneurship,” says Safadi.

To further this initiative, ADC is establishing a tech and gaming park in the Yamaniyeh Business District, which will serve as a hub for entrepreneurs and tech companies. “By partnering with universities and international institutions, we support the growth of the local tech ecosystem, further positioning Aqaba as a center for innovation,” he says.

Safadi adds, “We also strive to ensure that vocational training programs are designed to equip Jordanians with the skills needed to participate in key sectors like tourism, logistics, creative industries, and manufacturing.”

SUSTAINABLE DEVELOPMENT, SUSTAINABLE FUTURE 

Safadi says sustainability is a core principle in Aqaba’s development. The ADC drives green growth through various initiatives, including green mobility, renewable energy, eco-friendly tourism, and sustainable manufacturing. For instance, the Agri-Food Tech Corridor incorporates advanced technologies such as vertical farming and hydroponics to boost productivity while minimizing environmental impact, utilizing sustainable water sources from the Red Sea.

“We prioritize energy efficiency and water conservation in all new developments,” says Safadi. “Our eco-friendly tourism initiatives, including sustainable resorts and nature-based eco-tourism, aim to preserve Aqaba’s unique environmental assets.”

This is also evident in the upcoming Aqaba Marine Park (AMP), an innovative project of global significance initiated by His Majesty King Abdullah II ibn Al Hussein in the city of Aqaba. The project will entail an advanced science and technology hub and a public aquarium in addition to the existing marine nature reserve. The AMP will strive to find solutions for ocean and climate crises beyond Jordan’s shorelines, starting by caring for the resilient coral reefs and unique marine life in the Gulf of Aqaba.

Moreover, a skilled workforce is critical to sustain growth in logistics, manufacturing, and creative industries. Collaborations with educational institutions and international organizations aim to develop vocational training programs focused on industry-specific skills. The Aqaba University of Technology, Aqaba Medical University, and the upcoming Aqaba Center of Excellence exemplify this effort. A media and filming hub is also being developed, featuring a dedicated training center to empower local talent in the film and entertainment industries. 

Initiatives with local universities are also in place to provide training in logistics, green technologies, and tech development, ensuring that Aqaba’s workforce is equipped to meet the demands of the expanding economy.

“Our long-term vision for Aqaba is to establish it as a leading global trade, tourism, and innovation hub,” says Safadi.  As the country’s only seaport, Aqaba is crucial in facilitating international trade and the movement of goods and services.

He adds, “Over the next decade, we envision Aqaba evolving into a regional powerhouse, with world-class infrastructure supporting sectors like logistics, creative industries, and green technology.”