Under the Patronage of His Majesty King Abdullah, a leading Arab investment firm on Saturday announced a plan to build a $5 billion urban development project in the Aqaba Special Economic Zone (ASEZ).

Chairman of Horizon Development Holdings Baha Hariri and Chief Commissioner of the Aqaba Special Economic Zone Authority (ASEZA) Nader Dahabi signed a memorandum of understanding to build a 13.5-million-square-metre city at the northern side of ASEZ, 11km from the old town of Aqaba.

The planned city will be divided into six major zones, including commercial, cultural, recreational and residential centres as well as other complexes and buildings, in addition to a warehousing and light industry zone.

A statement by Horizon Holdings said the new large-scale development “will strengthen Aqaba as a whole, transforming its economic revival beyond cultural and tourist sectors into banking, retail, light industries, public facilities and services.”

The Jordan Times