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AMMAN — The Aqaba Development Corporation (ADC) and APM Terminals signed a memorandum of understanding (MoU) on Tuesday, entailing a direct investment volume of some $242 million in a bid to make Aqaba a regional logistics hub.
Prime Minister Bisher Khasawneh presided over the signing ceremony, during which the memo was signed by CEO of ADC Hussein Safadi and CEO of APM Terminals Keith Svendsen, the Jordan News Agency, Petra, reported.
The MoU is in line with the requirements of the future, as it would pave the way for Aqaba for the expected increase in trade, shipping, and alternative energy, Safadi said.
He also noted that under the agreement, a training college called "Maersk" will be established to offer Jordanian youth training that would allow them to work in the regional and international port system.
The college, set to be based in Aqaba, would be the first of its kind, enhancing the port city’s regional, logistic, educational and commercial role.
The Aqaba Container Terminal (ACT) is one of the most important public-private partnership projects in the duration of the partnership between ADC and Denmark’s APM Terminals. Since 2006, as ACT has shown efficiency in operating the containers station, in addition to the activities related to the port’s sustainable development, including infrastructure, port equipment, technological systems and manpower capacity-building.
APM Terminals is seeking to expand its investment in Jordan through its partnership with ADC. Both parties are currently considering a number of new investments and initiatives.
The agreement is expected to see a total investment of $242 million, in addition to enabling investment in renewable energy projects and carbon emission reductions, to enhance the status of the ACT as a regional flagship port and support the logistics of the transport and supply chain.