Jordan is to receive a large investment in its Red Sea port from a Dutch port operator. Yesterday, the Aqaba Development Company has signed a memorandum of understanding 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 Jordanians so they can learn about port systems.
Jordan’s economy was quite negatively impacted by the strict Covid restrictions in 2020. The economy is marked by high unemployment, rising debt and weak investment.