The MEDPorts Association Welcomes Two New Members
The MEDPorts Association approved on Tuesday 14 January 2025 two new members into the MEDPorts Association Network. This brings the number of members to 31 ports representing the voice of the Mediterranean and around.
AQABA DEVELOPMENT CORPORATION
Aqaba Development Corporation (ADC), the central development arm of the ASEZA, was launched in 2004.ADC is owned by the Government of Jordan and ASEZA, is mandated to build new infrastructure and required superstructure, expand existing utilities, create necessary business enablers and manage/operate key facilities for ASEZ.
ADC owns the ports, airport, and strategic parcels of land. It also has the development/management rights for these assets and key infrastructure and utilities. It strives to develop these assets and optimize private sector participation in their development and management to stimulate the economy and promote growth and development of ASEZ and, thus, Jordan.
Since the launch of ASEZ in 2001, Aqaba has witnessed a considerable increase in its population. Additionally, the value of committed investments in Aqaba has exceeded USD 20 billion mainly in Aqaba International Industrial Estate (AIIE), National Real-Estate Company (NREC), and other mega projects in the fields of transport, logistics services, education, and tourism such as developments in Marsa Zayed, Ayla Oasis, Saraya Aqaba, and Tala Bay.
MISURATA FREE ZONE
Misurata Free Zone is the first free-trade economic zone to be established on the Libyan territory In accordance to Law No. 9/2000, regulating free trade activities, and aiming at diversification of revenue sources, enhancing local economy’s performance and opening employment and training opportunities through the creation of an attractive investment environment for various economic activities and transit trade through optimal utilization of the local potentials and resources available, such as the distinct strategic geographical location and presence of the seaport.
The free zones are considered to be one of the most important economic resources for its active role in the trade exchange movements between countries for its exemption from all tax restriction to encourage investment establishments that leads to a good economic return to all parties and contribute for the establishment of a giant economy and facilitate the movement of the global trade in advanced investment environment, free zones are designated and organized by law to host industrial, commercial and service operations that are advertised to all who wish to invest.