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Jordan revealed a US-backed strategy aimed at growing investment in its Red Sea coastal city of Aqaba on Wednesday, with an emphasis on environmental protection, as the country battles the economic effects of the war in Gaza.
The kingdom is one of the top three recipients of US aid and has a defence pact with Washington. Consecutive US administrations have pledged support for Jordan, which has a peace treaty with Israel, to maintain its stability in the region.
Richard Chen, an official at the US Agency for International Development in Amman, said that Washington played a significant role in developing the strategy as part of its support for further economic reforms in Jordan.
“Aqaba is Jordan's gateway to markets and to the global economy,” he said at the launch of the 2024-2028 Strategic Plan of the Aqaba Special Economic Zone Authority, held at Ayla, one of the main property developments in the city.
The Jordanian economy has been stagnant for more than a decade.
The International Monetary Fund expects it to grow by 2.4 per cent this year, compared to 2.6 per cent in 2023. The fund attributed the economic slowdown towards the end of last year to the war in Gaza, which began on October 7.
The war has decreased tourism to Jordan and has hindered business appetite in the region.
The proposals seek to position Aqaba as a destination for tourism and investment. Previous plans have been announced but officials said the one revealed on Wednesday is different because it prioritises protecting the environment.
Aqaba's marine life has been harmed by large amounts of fishing, as well as damage from shipping or oil spills. The strategy aims to end the degradation of the coral reef on its 27km shoreline.
Nayef Al Fayez, head of the Aqaba Special Economic Zone Authority, said that the city's exports would suffer if environmental protection laws are not put in place.
If environmental protection laws are not applied “no one will be able to export anything from Aqaba”, Mr Al Fayez said.
About 300 projects aimed at attracting tourism, trade, and improving public services are set to be announced.
They will remain separate from the mega projects the government hopes to build in Aqaba's water and energy sectors with grants and financial guarantees from western donors.
Officials did not provide exact figures for the size of the projects or how much investment they are expected to generate.
In 2001, following instructions from Jordan's King Abdullah II, the government turned part of Aqaba into a special zone with lower taxes than the rest of the country.
Foreign investment fell sharply from a $3.6 billion peak in 2006 to $1.1 billion in 2022 – the last year of available UN data.
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MATCH INFO
Northern Warriors 92-1 (10 ovs)
Russell 37 no, Billings 35 no
Team Abu Dhabi 93-4 (8.3 ovs)
Wright 48, Moeen 30, Green 2-22
Team Abu Dhabi win by six wickets
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
MATCH INFO
Barcelona 5 (Lenglet 2', Vidal 29', Messi 34', 75', Suarez 77')
Valladolid 1 (Kiko 15')
Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
