New growth opportunities: The Marsa Zayed Project in Aqaba
The Economic Modernisation Vision focuses on developing key sectors such as tourism and real estate investment. It aims to grow Jordan's economy, attract both local and foreign investments, and create jobs while improving infrastructure. The Marsa Zayed project in Aqaba is a real example of this ambitious vision.
Jordan faces economic and political pressures, including budget deficits, unemployment, and rising government debt. Additionally, regional crises continue to impact the country's economy. Given these challenges, Jordan must focus on long-term strategic projects that support sustainable growth and ease financial pressures.
Zayed offers unique features that make it a landmark in the real estate and tourism sectors. Covering 3.2 million square meters, the first phase includes 'Marsa Zayed Riviera,' which features four residential towers, a modern yacht marina, a 360-room hotel, 1,260 housing units, and 117 retail shops. This project transforms Aqaba's waterfront into a major investment and tourism hub, promoting marine tourism and positioning Aqaba as a regional and global tourism and logistics center.
By developing world-class facilities such as a yacht marina, shopping centers, and luxury hotels, Jordan can attract both tourists and investors. This will increase tourism in Aqaba, create new job opportunities, and boost government revenues.
The UAE-Jordan partnership in this project reflects strong economic ties between the two countries. In 2023, the UAE invested $5.5 billion in Jordan, strengthening trade and economic relations. With Emirati support, this project contributes to Jordan's modernization vision by creating a business-friendly environment and jobs in sectors such as construction, transport, tourism, and logistics.
At a time of economic difficulties, the Marsa Zayed project represents a major step toward achieving Jordan's economic goals. By integrating real estate and tourism investments, the project enhances economic diversity, attracts investors, and supports financial sustainability. If completed successfully, it will mark a new phase of economic development in Jordan and strengthen the country's position as an investment and tourism destination.
The Marsa Zayed project is a real opportunity to drive Jordan's economy toward sustainable growth. It is expected to improve Aqaba's tourism infrastructure and increase visitor numbers. The modern ports and yacht marina will help establish Aqaba as a global tourism center and attract investments in real estate and trade, stimulating local business activity and benefiting Jordan's economy as a whole.
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