Aqaba: Commissioner for Economic Affairs and Investment at the Aqaba Special Economic Zone Authority, Mohammad Abu Omar, announced that the Cabinet's recent decision to introduce a set of rental-related incentives for tenants in the old free zone is expected to have significant economic impacts. These measures aim to revitalize the market and improve the efficiency of resource allocation within the region.
According to Jordan News Agency, the Cabinet approved these incentives during a session on March 28, following recommendations from the ASEZA Board of Commissioners. This initiative is part of a broader effort to stimulate investment and support economic activities in Aqaba, enhancing the city's appeal as a regional investment hub.
Abu Omar explained that the decision seeks to rectify inefficiencies in asset utilization which have hindered economic growth in recent years. The incentives include a full exemption from rental fees for contracts signed before January 1, 2010, and a 75 percent exemption for contracts signed thereafter. Additionally, tenants will receive full exemptions from rent and repair costs for damaged warehouses, thus lowering operational costs and preparing these assets for renewed economic use.
Eligibility for these incentives requires tenants to vacate and hand over leased properties by December 31, 2026, in compliance with regulatory procedures designed to ensure fair implementation and maximize economic benefits. Abu Omar emphasized that this decision underscores Aqaba's commitment to fostering a robust public-private partnership aimed at achieving economic sustainability and attracting high-quality investments.
He further highlighted that one of the primary outcomes of this decision will be the release of underutilized assets, paving the way for new investment opportunities and invigorating economic activities within Aqaba, aligning with the Kingdom's growth priorities.