European fund to improve Aqaba port

The Jordanian government reached an agreement with the European Investment Bank to get a loan worth of 30 million Ecos. Jordan will use the loan to finance modernizing of its Aqaba Port through buying equipment and constructing two new tanker docks.

Jordan is trying to strengthen the role of the port of Aqaba by reducing the tariff by 50% in order to enable it to compete with the other ports of the region. Syria is increasingly competing with Jordan for Iraqi business as relations between the two countries improve, and put more pressure on Jordan, the sole gate to Iraq after the Gulf war, as a gateway for external commerce.

Studies are underway to establish a major tourist investment project in Aqaba Gulf in the Red Sea area, Al Akhbar daily reported today. The project will cost L.E 30 million (about $9 million U.S). Within the project, a yacht marina, trade center, cinema, and theater will be set up.

These projects will contribute to increasing national revenues and creating 15,000 job opportunities, said Mr. Hweidak, chief of the Red Sea investor's society.

The Ministry of Tourism said in August that it was preparing a plan to establish a series of marinas. Minister of Tourism Dr. Akil Beltagaui said that 35 percent of international tourism expenditure goes to marine recreational facilities