Jordan Daily – Jordan has signed on Wednesday an agreement with APM Terminals, one of the world’s largest port operators, for the joint development and management of Aqaba’s container port, with an estimated direct investment of $242 million.
The signing, witnessed by Prime Minister Dr. Jafar Hassan, is expected to boost Aqaba Port’s competitiveness both regionally and internationally, enhancing its capacity to attract foreign investment and solidify its role as a vital hub for trade and supply chains.
This agreement aligns with Jordan’s economic modernization vision, which aims to stimulate both local and foreign investment to drive economic growth and expand job opportunities. Approved by the Cabinet last week, the project is seen as a successful example of public-private partnership, building on the ongoing collaboration between Aqaba Development Corporation (ADC) and APM Terminals, which has been in place since 2006.
Under the agreement, APM Terminals, a subsidiary of global shipping and logistics giant Maersk, will implement various projects, including significant infrastructure and port equipment upgrades. This will involve measures aimed at reducing carbon emissions as part of a broader initiative to achieve carbon neutrality by 2040, positioning Aqaba as one of the region’s pioneering green ports.
The $242 million investment will increase the port’s capacity to more than 1.7 million TEUs, meeting Jordan’s shipping needs for the next two decades, including transit trade for neighboring countries. APM Terminals will also provide enhanced access to global shipping lines, bolstering Aqaba Port’s role in facilitating Jordan’s exports to international markets.
The agreement includes provisions for the ADC to earn an estimated $2.5 billion in revenue between 2024 and 2046, in addition to taxes and broader contributions to Jordan’s economy. APM Terminals has agreed to refrain from establishing competing port contracts within the region, securing Aqaba Port’s preferential status.
Further supporting local development, the agreement allows Aqaba Container Terminal to contribute approximately 500,000 Jordanian dinars to the Aqaba Center of Excellence. This funding will support training programs to enhance the capabilities of Jordanian personnel across various economic sectors.
The agreement was signed by Hussein Safadi, CEO of ADC, and Keith Svendsen, CEO of APM Terminals, with the attendance of Minister of Government Communication Dr. Mohammad Al-Momani, Minister of State for Economic Affairs Mohannad Shehadeh, and Chief Commissioner of the Aqaba Special Economic Zone Authority Nayef Fayez.
