Work Begins on $1.5 Billion Tourism Project in Aqaba: Jordan

"We have begun works to prepare the necessary infrastructure for the mega project that will include tourism facilities, commercial buildings and residential areas," Ghanem told The Jordan Times in a phone interview.

The cost of the infrastructure works, which are expected to be completed early 2020, stands at about JD70 million, he added.

Under the project, a wide panoramic road overlooking the Gulf of Aqaba will be created.

The more than $1.5 billion project, called Al Matal, also includes a manmade lake that stretches over 100 dunums, according to Ghanem.

Al Matal project, which will be over a total area of 760 dunums, includes building three five-star hotels and two four-star hotels, chalets, shops and restaurants, villas, residential areas, as well as water sports facilities near the lake.

A cable car connecting the resort with the lower part near the sea will also be built as part of the scheme.

"This is one of the key projects in Aqaba that we are working on. It will help boost tourism to the Red Sea city," he said.

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ADC, he said, will finance the infrastructure works, while investors will be offered the opportunity to implement the scheme.

"We have already started reaching out to potential investors and will continue to do so as there is a huge interest in the project. Reaching out to investors will be in parallel with our works to prepare the necessary infrastructure for the whole scheme," he added.