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MoU boosts car production in Aqaba, Jordan.

Jordan is the only Arab country to sign trade agreements with the United States.

The Aqaba Special Economic Zone Authority (ASEZA) Chief Commissioner Nasser Shraideh and Chairman of Siyaja Al-Arabiya for Automobile Industry Mus'ad Abdul Hamid Rashid, signed a memorandum of understanding to establish and develop a special area for the automotive industry in Aqaba, including the construction of a $447 million automotive plant.

Shraideh said during the signing: "The investment volume of the project in its early stages will reach $447 million. The average size of the investment in five years will reach about $6 billion. The average annual car production will reach 50,000 cars and will provide many jobs in its early stages. The factory is the first of its kind in the region.

Shraideh pointed out that ASEZA will cooperate with partners in this plant and will provide them with all privileges and services to make the project a success.

Rashid said the Aqaba project was chosen for the appropriate investment environment.

Jordan is the only Arab country to sign trade agreements with the United States.

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Publication:Arab News (Jeddah, Saudi Arabia)
Date:Aug 7, 2018
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