Memorandum of understanding signed to establish Shenzhen Aqaba Estate

AMMAN — Marking  the visit to China of His Majesty King Abdullah, a memorandum of understanding (MoU) was signed on Thursday  in Yinchuan China by Shenzhen Chamber of Investment, Aqaba Development Corporation and PBI Aqaba Industrial Estate LLP. (PBIA).

According to a PBIA press statement, the MoU provides for development and operation of an industrial and logistics estate in the southern area of Aqaba Special Economic  Zone, near the new Aqaba port development project. “The estate will occupy an area of about 1 million square metres,” the statement said. 

The Shenzhen Aqaba Estate will be managed as an expansion of the Aqaba International Industrial Estate (AIIE) which is located on a site of 1.7 million square metres, near Aqaba Airport.

“AIIE has been operating for ten years with over 1,000 employees and it already has 80 signed contracts with $300 million invested,” the statement added. When completed, AIIE will have over $600 Million invested and more than 2,000 employees.

“The new Shenzhen Aqaba Estate is planned for an additional $700 million investment and should create an additional 2,500 jobs,” it concluded.