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Mon 1 Jan 2007 12:00 AM

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Aqaba seals $15m management

Jordan’s special economic zone in the Red Sea port of Aqaba has confirmed a 15-year contract with a UAE and Jordanian firm to invest US$15 million in handling the port’s marine services.

Jordan’s special economic zone in the Red Sea port of Aqaba has confirmed a 15-year contract with a UAE and Jordanian firm to invest US$15 million in handling the port’s marine services.

Lamnalco Group, a UAE-based towage and marines services provider, in partnership with Jordan National Shipping Lines Company, signed the deal in December with Aqaba Development Corporation (ADC), the investment arm of Aqaba Special Economic Zone Authority (ASEZA).

ASEZA regulates a tax haven in the segregated 375km2 zone that borders Israel, Egypt and Saudi Arabia.

“We will have exclusive rights for the management of the marine services for the provision of pilotage, tugs and towing services for the port facility for the next fifteen years,” said Philip Orme, managing director of Lamnalco Group.

Imad Fakhouri, the chairman and CEO of ADC, owner of the city’s strategic assets including the port, said “The contract is the latest deal to privatise one of the major facilities and terminals of the port to boost

its competitiveness as a regional transport and logistics hub.”

“This contract to provide international standards will attract more shipping lines,” Fakhouri added.

ADC also plans to offer tenders to investors for a host of facilities, including general cargo and industrial and miscellaneous liquids terminals to investors, either as packages or under build operate transfer (BOT) terms.

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