HomeMiddle EastJordan’s port in Aqaba signs $242 million investment deal

Jordan’s port in Aqaba signs $242 million investment deal

Jordan is to receive a large investment in its Red Sea port from a Dutch port operator. 

The Aqaba Development Company signed a memorandum of understanding Tuesday with APM Terminals for a $242 million investment in Aqaba. The money will go toward turning the port city into a regional logistics hub. The two entities also aim to increase the amount of maritime trade passing through Aqaba and establish a training center for Jordanian youth so they can learn about port systems, Jordan’s official Petra news agency reported. 

Why it matters: Jordan’s port in Aqaba developed after the country purchased additional Red Sea coastline from Saudi Arabia. It has since become a big tourist attraction, attracting Israelis traveling on a budget, divers and others. Jordan’s tourism revenue has increased significantly so far this year. 

Jordan’s economy was negatively impacted by the strict coronavirus-related restrictions in 2020. The economy is marked by high unemployment, rising debt and weak investment, according to The World Bank

Know more: The Danish shipping giant Maersk is the parent company APM Terminals. Last month, Maersk agreed to invest $500 million in Egypt’s Suez Canal. 

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