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Market Overview | Aqaba - Jordan September 2015

PKF Jordan and PKF Iraq are member firms of the PKF International Limited network of legally independent firms and do not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.

Country Overview

The Hashemite Kingdom of Jordan has a very strategic location in the heart of the Middle East. It is bounded by Syria from the north, Iraq from the east, Saudi Arabia from the south and southern east and West Bank from the west. Jordan overlooks the Dead Sea from the west and Gulf of Aqaba from south which gives the country a 27 km coastline with the Red Sea. Jordan is a small country with a total area of 89,556 square kilometers.

According to the Jordanian Department of Statistics, Jordan’s population reached 6,675,000 in 2014. Jordan had a rising population growth rate of more than 2.2% in 2014. The capital Amman is the biggest city in the country with an estimated population of 2,584,600 in the metropolitan area, therefore forming 38.7% of the country’s population in 2014.

Jordan has a vibrant young population, 37.1 percent of the population are less than 14 years old (males form 1,279,370/females form 1,212,090), 59.4 percent are between ages 15 and 64 years (males form 2,052,560/females form 1,915,510) and 3.2 percent are above 65 years (males form 109,070/females form 106,400). The birth rate is 26.23 births/ 1,000 populations.

Area: 89,556 km2

Population: 6.675 Million (2014)

Average Population Growth Rate: 2.2%

Main Economic Indicators (2014): GDP: $33.6 billion Inflation Rate: 2.8% Unemployment Rate: 11.9% Industrial Production Growth Rate: 2.4%

Jordan is classified by the World Bank as an “upper middle income country”, the below table summarizes the Jordanian economy status for the past five years:

Indicator 2010 2011 2012 2013 2014 GDP (purchasing power parity) $36.6 billion $37.5 billion $38.7. billion $40.02. Billion $33.6 billion Inflation Rate (consumer prices) 5% 4.4 % 4.3% 5.9% 2.8% Unemployment Rate 12.5% 12.3% 12.3% 14% 1.9% Industrial Production Growth Rate % 2.7% 1% 0.8% 2.8% 2.4%

PKF Jordan and PKF Iraq: Market Overview: Aqaba 2 The History of Aqaba

Aqaba's history dates back to the 4th millennium BC. The name of Aqaba was given to the port city in the 14th century when it was ruled by the Mamluk Sultan based in Egypt. Previously, it was also known as Ayla. From 106 AD, the Romans, who ruled the region from their base in Syria, also used Ayla as their trading sea port, until it came under the control of the Byzantine Empire in the early 4th century. The Byzantines appointed Christian Arabs from south Arabia to rule the port city on their behalf.

Ayla came under Islamic rule in 630 AD, when the spread of Islam from Hejaz reached the people of the Red Sea. During this time, the port was known as the "Door to Palestine". The walled city of Ayla was constructed during the early days of the Islamic era, a rare example of early Islamic urbanization policy. Its layout is marked by axial streets leading to 4 gates and intersecting in the middle, where a tetra pylon (4 interconnecting arches) was set up, thus recalling the plan of Roman legionary camps.

Ayla benefited from the annual pilgrimage to Mecca and continued to prosper until the end of the 12th Century when the city suffered from a series of earthquakes, Bedouin raids, and Crusader attacks. During the 12th century, Crusaders wrested Ayla from Muslims and built a castle on Pharaoh's Island. When Saladin captured Aqaba in 1182 AD, the castle became known as Saladin's Castle. The Aqaba Fort was rebuilt in 1587 AD under one of the last Sultans of the Mameluk era and has been substantially altered several times since then. When the Mameluk Sultans of Egypt took control of the region, they renamed the city Aqaba and, in the 14th century, built the town's famous Mameluk fort. The Mameluks were followed by the Ottomans, who ruled Aqaba for 4 centuries. Aqaba was taken from the Ottomans in 1917 by Arab forces together with T. E. Lawrence. At the end of World War I, the British secured Aqaba for Jordan.

PKF Jordan and PKF Iraq: Market Overview: Aqaba 3 The History of Aqaba

Location Aqaba Special Economic Zone (ASEZA)

Aqaba is located in the south side of Jordan The Aqaba Special Economic Zone (ASEZ) was 330Km from the capital Amman bordering two established in 2001 as an economic initiative by governorates of Tafeeleh and Ma’an. the government of Jordan. A liberalized, low tax Aqaba represents 50% of Jordan’s shoreline and duty-free and multi–sector development zone. is a tremendous tourism asset for visitors and The ASEZ offers multiple investment residents alike. opportunities in a strategic location on the Red Sea covering an area of (375) km² and Climate encompassing the total Jordanian coastline (27 km), the sea-ports of Jordan and an international Climate Characteristics of Aqaba : airport. • Hot sunny summer, with warm winters, Aqaba Special Economic Zone Authority summer starts from April till October. (ASEZA) • Clean dry air. The Aqaba Special Economic Zone Authority • Low rainfall, on average one day per month in (ASEZA) is the financially and administratively winter (November till March). autonomous institution responsible for: • The average high temperature ranges from 27̊ • The management, regulation and to 40̊ in summer. development of ASEZ. • The average low temperature ranges from 10̊ to 21̊ in winter. • Assisting in turning Aqaba into a world class • The relative humidity typically ranges from Red Sea business hub and leisure (23%) dry to (83%) humid over the course of destination. the year. • Sustaining a globally competitive investor– friendly environment and optimizing the 70 efficient utilization of entrusted resources in harmony with the Zone's Master Plan to 60 internationally recognized standards.

50 Investor Incentives

40 • 5% Corporate Income Tax Rate • Exemption from Sales Tax 30 • Exemption from Custom Duties 20 • Exemption from Social Services and Dividends Tax 10 • 100% Foreign Ownership • Up to 70% Foreign Labor 0 • Streamlined Registration and Licensing 1 2 3 4 5 6 7 8 9 10 11 12 Procedures • Full repatriation of profits and capital. High Low Hummidity • No foreign equity restrictions on investments • No foreign currency restrictions

PKF Jordan and PKF Iraq: Market Overview: Aqaba 4 Economic Indicators

Facilities in Aqaba

By the year 2012, there were more than (3,212) 2,173 2,135

facilities in the Governorate of Aqaba . Data

obtained from DOS indicates that there were 1,695

(3,132) institutes in ASEZ in 2011. Industrial 1,550

institutions include (Food Industries, Textiles, 1,178 1,176 Printing, Chemical Products Productions, Raw 1,084

Material Production, Electronics Manufacturing,

and Furniture Production). ASEZ numbers of

facilities are shown in the following table:

Aqaba Development Plan (2012), Economic

IndicatorsIndustrial, [Online],Institutions Available: from the 264DOS 2008 2009 2010 2011 2012 2013 2014

(2011) Institutions in the field of

Transportation, Logistics, 82 Main Expenditures and Telecommunications

Trade Institutions 1,874 As for the main expenditures of the households in

Real Estate Companies 31 the Governorate of Aqaba, it was recorded that

Service Sector Institutions 777 the main item was expenditures related to food

products (41%). The following figure shows the Hotels 63 percentages of main expenditures recorded in Other 41 Aqaba in 2014: Total 3,132

Food Products

14% Employment Rates Housing 41%

Recent data shows lower unemployment rates in 15%

Aqaba Governorate compared to the Kingdom. Transportation & The unemployment rate reached (10.5%) in 2014 Telecommunicattion compared to (11.9%) for the Kingdom in 2014. It 30% Clothing, cigarettes, has to be noted that by the end of the year 2013, Education, and Health Aqaba Governorate had a total of 1,924 foreign workers. Aqaba Governorate struggled also in creating During the period from 2008 to 2014 Aqaba Governorate managed to create (10,991) new jobs. Nevertheless, new jobs creation witnessed an upturn during 2014 which was recorded at (1,550) new jobs compared to (1,176) jobs in 2013. The following figure illustrates the total net job creations in the Governorate of Aqaba during the period from 2008 to 2014: PKF Jordan and PKF Iraq: Market Overview : Aqaba 5

Health Care Health Centers Furthermore, the below table shows the number of medical centers found in Aqaba: The table below shows the health centers in General Aqaba governorate: 23 Medicine

Dental Clinic 11 Region Comprehensive Primary Secondary Mother Care 19 Centers Aqaba 3 9 12 Medical Centers X-Ray Centers 3 Jordan 98 377 202 Emergency 9 Hospitals Hospitals Chest 1 In Aqaba Governorate as a whole there are no Family Care 19 governmental hospitals, while currently there is Centers one Royal Medical Hospital, and two private hospitals. Hospital names are listed as follows: Eye Centers 1 Specialized • Aqaba Modern Hospital (private sector) Centers • The Islamic Hospital (private sector) – under Psychology 2 construction • Prince Hashem Bin Abdullah II Hospital (Military) Health Sector Overview The following table presents an overview of the • Aqaba Governorate does not have a main indicators of the healthcare sector in Aqaba Governmental hospital although a high Governorate: percentage of people is covered by health insurance which highlights the necessity and the Aqaba Indicator Jordan high demand on health service. Governorate • Moreover, the current provided health Percentage of services in Aqaba need lots of improvements people covered in 79% 87% especially in the private sector meanwhile the health insurance Royal Medical Hospital is suffering from a lack of qualified personnel. Number of hospitals 3 104 • The health sector can be improved provided Population per that the Governorate of Aqaba and ASEZ can 6,052 9,463 medical center create better living conditions for doctors, and practitioners since many of them do prefer to live Number of beds 280 12,497 and work in Amman rather than in Aqaba. This population per bed 519 377 point creates a challenge to the health sector in Number of dental 11 397 Aqaba Governorate. clinics Number of 40 1,260 pharmacies Infant and mother 19 448 care centers

medical labs 12 285

PKF Jordan and PKF Iraq: Market Overview: Aqaba

Education Educational Indicators Educational Sector Overview

The below table highlights the main indicators for Regarding the educational system in the ASEZ, the education system in Aqaba Governorate: there are several factors that play an important role in the development of the educational system in the city. These can be summarized as Indicators Aqaba Jordan follows:

Number of Schools 122 6,614 • The Educational system in ASEZ has a decent demand within the primary level of Number of Students 41,643 1,846,903 education, while there is a need for more Number of improvement regarding the quality of the 166 6,656 Kindergarten higher education in Aqaba as a whole. Number of Primary • Also, the current status of education in ASEZ 1,240 56,940 Branches shows a high quality primary education by Number of Secondary having a variety of schools both public and 199 9,395 private such as the Aqaba International Branches School, Rosary College and Al- Ettihad Total Teachers 2,813 102,633 School. • However, lower illiteracy rates indicate good Student/ Teacher 15.23 16.07 investment opportunities in the higher education sector in Aqaba as a whole, Student/ Branch 25.95 25.30 especially in the fields of tourism and hotel management. • There are no naval academies operating in the ASEZ, which creates an opportunity to Higher Education establish a new naval academy for local and International students in the region. There is currently one college in ASEZ managed directly by Al- Balqa’ Applied University. It currently has (47) faculty members and (1,700) students. Moreover, there is a branch under the supervision of the University of Jordan, it has (55) faculty members.

PKF Jordan and PKF Iraq: Market Overview: Aqaba 7 Tourism Tourism in Aqaba Moreover, the city enjoys several advantages Aqaba Governorate is one of the major tourist that can be summarized as follows: attractions in Jordan. It is famous for its warm • The city has many international chain hotels, water and rich marine life. The Gulf of Aqaba and providing superior services and the city of Aqaba are extremely important for the accommodation options for tourists. future of Jordan as they are the only seafront in • The accessibility of King Hussein International Jordan. The coast of Aqaba is also important for Airport which is only a (20) minutes’ drive from the internal and external tourism because of the the city center. Moreover, there are several natural resources, variety of landscape and transportation options for the visitors, this historic sites in the area. Aqaba as a whole also includes bus and tours. It only takes around enjoys several advantages especially in terms of (4) hours to reach Amman by car. water sports’ attractions and activities; Visitors • The Gulf of Aqaba is renowned worldwide as can peer into the crystal clear waters while a tourist's paradise overflowing with wildlife cruising the Aqaba Gulf in a glass-bottomed boat. and adventure. It hosts about (110) species of Sailing fans have access to yacht tours of the soft corals, (120) species of hard corals and Red Sea. Coastal and deep-sea fishing are over (1,000) species of fish. Sting and manta available and speedboats have fast-lane access. rays, clown, angel, butterfly and lionfish, and Furthermore, Aqaba city benefits from its close occasionally turtles, eels, sea cows, and location to two of the main touristic destinations dolphins are spotted amid the resorts’ in Jordan, Petra and Wadi Rum, forming the so exquisite coral reefs. called “the Golden Triangle of Tourism” in Jordan

(Aqaba – Wadi Rum – Petra). Number of Visitors

There was an increase in the numbers of tourists

visiting Aqaba Governorate, this number reached

(540,028) visitors in 2014 compared to (511,371)

visitors in 2013. The numbers of visitors

witnessed a growth by nearly (2.1%). As shown

in the below figure:

550

Average Growth 2.1%  540 530

Additionally, Aqaba as a whole is rich in historical 510 512

and ancient sites since the area contains more Thousands 504 than (10) archeological sites which are as 490

follows: 470 464 Aqaba • Ayla Islamic City

• Byzantine Church 450 • The Castle of Aqaba 449

• Al Shareef Hussein Ben Ali Museum 430

• Tell Khalifah

• Tell Al Maqass 410

• Hujjairat Al Ghuzlan 2010 2011 2012 2013 2014

• Naval Science Center

• Wadi Rum

• Al Hamimeh Aqaba PKF Jordan and PKF Iraq: Market Overview: Aqaba

Tourism According to the latest figures obtained from the During weekends and public holidays Aqaba Ministry of Tourism & Antiquities, the percentage Governorate is a major destination for Jordanians as of the number of hotel residents in Aqaba nearly (53%) of the internal tourism in Jordan goes Governorate for the year 2014 are shown below. towards Aqaba. As shown in the previous figure According to the presented percentages, Jordanian visitors from Amman form the highest Jordanians visiting Aqaba Governorate represent percentage as (51%) of Jordanian visitors to Aqaba the highest percentage of visitors to Aqaba Governorate come from Amman. representing nearly (53%) of hotel residents whereas visitors from the European countries The table below shows the numbers of cruises and recorded the second highest percentage of charter trips coming to Aqaba Governorate in the last nearly (32%), this is followed by visitors from five years. The cruise visitors increased by (45%) other Arabian countries with a percentage of from 2012 to 2013. However it can be noticed the (8%): positive increase in the number of cruise trips to Aqaba Governorate during the phase from 2009 to 2010, while this number has dropped down to reach EU Contries (113) in 2011. Tourism Department at ASEZA (2014) Arabic Contries

32% American Year 2009 2010 2011 2012 2013 Contries Charter - 53% 948 1,086 958 1,253 1,319 Asian Conries Trips

8% African Contries Charter - 63,451 73,560 65,213 74,781 94,469 4% Visitors

3% Jordan 0% Cruise - 132 151 113 143 112 Trips

Cruise - 47,478 74,438 71,276 78,964 114,452 Visitors The Jordanian visitors form 52% from the total Aqaba visitors as shown in the figure above, this high percentage is distributed between the Jordanian governorates as shown in the following figure:

3% 1% 140 4% Amman Average Growth 27%  2% Balqa 120 9% Zarqa 100 1% 80 Ma'daba

2% Thousands 60 Average Growth Irbed 10% 40 11%  51% Mafraq 20 Jerash 0 2% 9% Ajloun 2009 2010 2011 2012 2013 6% Karak Charter - Visitors Cruise - Visitors Tafileh

PKF Jordan and PKF Iraq: Market Overview: Aqaba 9 Tourism Number of Hotels

Aqaba as a whole is well served when it comes to hotels and accommodation. Hotels can be 80.00% Average Increase 24% divided into two main categories; in-town hotels 70.00% and out-of-town hotels. In-town hotels are 60.00% characterized as being in the west of downtown, 50.00% towards Eilat direction and in the center of Aqaba 40.00% city. The other category is on the south beach Average Increase  13% side. According to latest data published by the 30.00% Ministry of Tourism and Antiquities, there are 20.00% Average Increase  12% currently (42) registered hotels in Aqaba 10.00% Governorate and (21) apartments, suites, and 0.00% unclassified hotels. The following table illustrates 2011 2012 2013 the number of hotels and room types: 5-Star 4-Star 3-Star

No. of Suites Rooms Beds Classification Hotels Aqaba Tourism Sector Considerations

Five Stars 5 18 1,567 2,771 Regarding the tourism sector in the ASEZ, there are several notes and considerations that are important Four Stars 4 10 682 1,318 to highlight. These points are summarized as follows: Three Stars 8 0 598 1,288 • The hotel sector plays a major role in the Two Stars 15 40 734 1,833 development and prosperity of the domestic and One Star 10 0 222 522 international tourism in the ASEZ. • The marketing of “Aqaba” as a major tourism site Total 42 68 3,803 7,732 in Jordan still did not reach its potential. The city on the other hand has a lot to offer; such as Apartments C 2 76 97 302 important touristic products, by being a city that Suites 2 29 77 154 has a history and a heritage and within a short distance from the worldwide known touristic Unclassified 17 0 297 762 destination of Petra and Wadi Rum. Hotels • The lack of entertainment facilities and activities Total Aqaba 63 173 4,274 8,950 (mainly after sunset) forms a major challenge for the tourism sector in the ASEZ.

As illustrated in the next figure, Aqaba’s hotels occupancy rates (3, 4, and 5 Star hotels) have increased over the years 2011 – 2013. The average year on year occupancy rate of 5 star hotels have increased by nearly (24%) over these years and the average year on year occupancy rate of 3 star hotels have increased by (12%).

PKF Jordan and PKF Iraq: Market Overview: Aqaba

10 Transportation and Logistics The following presents an overview of the core The average percentage year on year growth rate transportation and logistics infrastructure in Aqaba: over the years 2010 – 2013 was recorded at 4.4% as shown in the below figure: King Hussein International Airport 15,000 Considered the only airport in the south part of Jordan, located in the north of the city of Aqaba, the airport witnessed several investments which included: 10,000 • Ayla Aviation Academy. Imports • Royal Jordanian Air Academy. Tons

Thousands Exports • Royal Jordanian Falcons. 5,000 Tons • Aero Wings for Industry’s assembly plant for light planes. 0 • Jordan Private Jets Services (JP Jets)’s private jet 2010 2011 2012 2013 terminal. • Al Baddad International Group’s maintenance The following figure illustrates number of passenger center; arrivals and departures through Aqaba port: • National Aviation Services (NAS). 600

Aqaba Railway Corporation

In 1979 the Aqaba Railway Corporation (ARC) was 400 incorporated and took over the route from Abiad to Arrivals Aqaba. The purpose of the ARC was to transport 200 Departures phosphates from mines near Abiad and Ma'an to the port in Aqaba. The ARC operated only freight trains Thousands powered by GE U17C diesel locomotives. 0 Phosphate volumes and train traffic witnessed an 2010 2011 2012 2013 increase in 2014 compared to 2013 as shown in the below table: Aqaba Transportation and Logistics Overview

Year 2011 2012 2013 2014 This section will summarize Aqaba’s transportation Number of sector’s importance, these points are summarized as 1,669 1,246 776 1,092 Trains follows: • Aqaba as a whole is considered a multi-modal Tons of transportation hub with a dedicated line of seaport 2,035,066 1,526,290 954,700 1,351,552 Phosphate services, and an international airport. • Strategically located between four countries where YoY the Port of Aqaba plays a vital role in Jordan’s -5% -25% -37% 40% Growth economy. It is the country’s only seaport, handling (78%) of Jordan’s exports and (65%) of the Aqaba Ports country’s imports. Thus, such a strategic location The Port of Aqaba is the only port in Jordan, owned of Aqaba between the continents should be utilized and operated by the Aqaba Port Corporation. It is and capitalized on. divided into three main sections: • The size of the imports over the years witnessed a • Aqaba Main Port positive growth which gives an indication on the • Middle Side Port importance of continuous development of the Port • Industrial Side Port and the Container Terminal to accommodate such Recent figures indicate a positive growth in the total growth rates. handling activities (imports and exports) regarding the port of Aqaba. PKF Jordan and PKF Iraq: Market Overview: Aqaba

Industrial Sector Aqaba Industrial Sector • the historic role and once again emerge as an Industry plays a very important role in economic important center for trade, industry, and cultural construction, advancement of technology, and social interchange within the region. development. In this regard ADC has created Aqaba’s Industrial Zones plan which allocated • The industrial sector in Aqaba witnessed several different sites for the establishment of industrial improvements in the past, these can be seen in projects in the Zone. The zones are divided based the increase of dedicated industrial zones in on the type of industry as follows: Aqaba, as well as the several International firms • The heavy industries are located in the Southern operating in the industrial zone. Aqaba’s industrial industrial zone. importance will grow significantly especially after • Light to medium industries have two main the re-location of the new port of Aqaba which will locations: have a major impact on the way Aqaba positions • Near the back road around the southern itself as one of the main industrial hubs in Jordan. area in close proximity to the zone's container terminal, and • The industrial sector in the ASEZ can highly • In the Northern part of the city in the benefit from the presence of the Port and the Aqaba International Industrial Estate Airport. The industrial areas which are considered (AIIE) with direct access to the air cargo to be close to the Port and the Airport provide a terminal at King Hussein International competitive advantage to industries located in Airport. those areas in terms of reducing transportation costs and providing a unique environment for This section will highlight the industrial sites that are investments in this sector. found in Aqaba, as shown below:

• Aqaba International Industrial Estate (AIIE) – PBI • Aqaba National Real Estate Projects Company (ANREPCO) • Jordan Phosphate Mines Company – Aqaba Industrial Complex • Aqaba Bulk Chemicals Company • Union Group for Fuel Storage and Management • East Gas Company • Nippon Jordan Fertilizer Company (NJFC) • National Group for Trade & Investments (Sayegh Group) • Central Electricity Generation Company • Seven Seas Industrial Production • SOLVOCHEM • Red Sea Timber Factory

Aqaba Industrial Overview • Aqaba historically has been a vital crossroad connecting routes in Asia, the Middle East, and Europe. Recent developments suggest Aqaba is anticipating on a path that will allow it to reclaim

PKF Jordan and PKF Iraq: Market Overview: Aqaba

Mohammed Khattab Chairman [email protected]

Mutaz Hajarat, PhD Partner [email protected]

Mohammad Alawneh Consultant [email protected]

PKF Jordan PKF Iraq 1 Jaber Ben Hayyan Street–Shmeisani MRF 4 Towers. Complex C. 5th Amman - Jordan Floor Office 16, Erbil - Iraq Website: www.pkf.jo Website: www.pkfIraq.com Email: [email protected] Email: [email protected] Tel: +962 6 5695442/ 3 Tel: +9647508829873 Fax: +962 6 5606344 Fax: +96265606344

PKF Jordan and PKF Iraq

PKF Jordan and PKF Iraq: Market Overview: Aqaba 13 References

Ministry of Education (2014) Annual Report -2014,[Online], Available: http://www.moe.gov.jo/files/%D8%A7%D9%84%D8%AA%D9%82%D8%B1%D9%8A%D8%B1%20%D8%A7 %D9%84%D8%A7%D8%AD%D8%B5%D8%A7%D8%A6%D9%8A%202013-2014.pdf [Accessed 20/9/2015]. ADC, About ADC (2013) ,[Online], Available: http://www.adc.jo/Public/English.aspx?Lang=2&Site_ID=1&Page_ID=2086&Menu_ID=&M_ID=2&M_Title=Abo ut+ADC&T=1 [Accessed 20/9/2015]. Department of Statistics, Population(2015), [Online], Available: http://www.dos.gov.jo/dos_home_a/main/Demograghy/2014/2-2.pdf [Accessed 20/9/2015]. Awether Spark, Average Weather for Aqaba(2012), [Online], Available: http://weatherspark.com/averages/32847/Aqaba-Israel-Jordan [Accessed 20/9/2015]. Atlas Tour, Aqaba Marine Life(2012), [Online], Available: http://www.atlastours.net/jordan/marine_life.html [Accessed: 20/9/2015]. Department of Statistics, DOS (2012), Tours , [Online], Available: http://www.dos.gov.jo/dos_home_a/main/linked-html/tour_2008/2012/12.pdf [Accessed 20/9/2015]. Department of Statistics, Annual Average Expenditure Percentages, in Aqaba (2014), [Online], Available: http://www.dos.gov.jo/dos_home_a/main/linked-html/household/index.htm [Accessed: 20/9/2015] Ministry of Health, Health Statistics and Indicators, (2014),[Online], Available: http://www.moh.gov.jo/AR/Pages/HealthStatisticsandIndicators.aspx [Accessed: 20/9/2015] Aqaba Railway Corporation, Phosphate Volumes(2013), [Online], Available: http://www.arc.gov.jo/En/TransYearEng.aspx [Accessed: 20/9/2015]. Aqaba Port Corporation, Annual Report(2012), [Online] , Available: http://www.aqabaports.com.jo/En/Default.aspx [Accessed 20/9/2015]. Aqaba Container Terminal, Sustainability Report (2014), [Online], Available: http://www.act.com.jo/content/sustainability-reports [Accessed 20/9/2015]. Port of Aqaba, World Port Source(2012), [Online], Available: http://www.worldportsource.com/ports/commerce/JOR_Port_of_Aqaba_359.php [Accessed: 20/9/2015]. ADC, Business & Investments(2013), [Online], available: http://www.adc.jo/Public/English.aspx?Lang=2&Site_ID=1&Page_ID=2168&Menu_ID=27&M_ID=4&M_Title=M ajor+Investments&T=1 [Accessed 20/9/2015]. PBI Aqaba (2013), About Us, [Online], Available: http://www.pbiaqaba-jo.com/en/aboutus.html [Accessed 20/9/2015]. ANREPCO (2012), About ANREPCO, [Online], Available: http://www.anrepco.com/about-anrepco [Accessed 20/9/2015]. Aqaba Bulk Chemicals Company (2012), About Us, [Online], Available: http://www.abccojo.com/page002.aspx [Accessed 20/9/2015]. Red Sea Timber Ind. (2012), About Us, [Online], Available: http://redseatimber.com/index.php?option=com_content&task=view&id=12&Itemid=26 [Accessed 20/9/2015]. Scubaboard (2012), Red Sea, [Online], Available: http://www.scubaboard.com/forums/red-sea/450655-eilat- aqaba-recomendations.html [ Accessed 20/9/2015]. Social Security Corporation, Annual Report 2015, [Online], Available: https://www.ssc.gov.jo/Arabic/ElectronicLibrary/Statistical%20information/%D8%A7%D9%84%D8%AA%D9%8 2%D8%B1%D9%8A%D8%B1%20%D8%A7%D9%84%D8%B3%D9%86%D9%88%D9%8A%202014.pdf [Accessed: 10/9/2015] Department of Statistics, Unemployment Numbers and Rates (2014),[Online], Available: http://www.dos.gov.jo/owa-user/owa/emp_unemp_y.list_tables_y [Accessed: 20/9/2015] Ministry of Tourism and Antiquities, Tourism Statistical Newsletter(2014), [Online], Available: http://www.mota.gov.jo/Contents/Tourism_Statistical_Newsletter_2014Ar.aspx [Accessed: 20/9/2015]

PKF Jordan and PKF Iraq: Market Overview: Aqaba 14 About Us

PKF Jordan and PKF Iraq, member firms of PKF International, are regional, multidisciplinary business advisory firms with industry specific services. We offer outstanding opportunities, by providing international standard based services, to dramatically position our clients as pioneers in a rapidly growing business environment. PKF Jordan and PKF Iraq play a major role in business advisory including Consultancy, Auditing, and Tax Services.

Areas of experience include Finance, Taxation, Market PKF Network Worldwide Research, Strategic Planning, Organizational Development, Around 50 years of experience Human Resource Development, Investment, Technology 21,000 people and Information Management, Quality Management, and Socio-Economic Studies. We also initiate an added value 440 offices component where integration, consistency and reliability are 125 countries effectively enforced. PKF Jordan and PKF Iraq high quality US$ 2.6 billion turnover services help clients identify their business needs, improve, excel, cope with business fluctuations and accomplish their Top 10 assurance & advisory

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PKF Jordan and PKF Iraq: Market Overview: Aqaba 15 About Us

PKF Jordan & Iraq deliver a full spectrum of services:

Assurance and Advisory Umbrella Services • Statutory audit • Accounting services Financial Planning • Non-statutory audit • Retirement planning • Sarbanes Oxley assurance • Savings and investments • Compilation of financial statements • Medical and life insurance • International accounting standards • Business assurance • Assurance engagement • Property purchase • Internal audit • Business risk services IT Consultancy • Business process design Tax Consulting • Disaster recovery planning • Tax planning and tax manual • Managing Information Technology • Income tax (IT) expenditure - budgeting and control • Sales tax • Project management of business • Withholding tax requirements • Employee’s tax • Packaged software / Enterprise Resources • Planning (ERP) selection and implementation Corporate Finance • Information Technology (IT) security and crisis • Privatization and Build - Operate - Transfer planning (BOT) services • Risk analysis and management • Private placement memorandum • Information Technology (IT) policies and • Business plans procedures • Finding and securing finance from the most appropriate sources (such as private equity Management Consultancy firms) • Strategic planning to achieve a sustainable • Business valuations competitive advantage • Preparation of financial projections and • Risk - measurement strategies, risk financial cash flow forecasts management plans and crisis handling • Investment agent • Institutional assessment and upgrading plans • Provide ongoing advice and support with • Reviewing business processes for efficiency, flotation, mergers and acquisitions, control and effectiveness management buy-outs / buy-ins and disposals • Organizational restructuring • Due diligence • Competency-based human resources • Advice on reorganizing and restructuring management and development existing businesses, commercial and tax • Performance scorecards and indicators considerations and fundraising options • Marketing and market communication plans • Feasibility studies • Market studies, research and surveys • Customer satisfaction programs development Forensic Accounting • Financial policies and procedures including • Appraisal of financial losses resulting from procurement, accounting, and budgeting fraud • Corporate governance manuals • Appraisal of damage resulting from prejudicial • Costing systems acts • Internal audit manuals • Preparation of expert opinions and second • Operations manuals opinions • Quality management services • Assisting solicitors in the financial aspects of • Monitoring, evaluation, and impact assessment cases studies • Intervention as arbitrators or mediators in dispute resolution PKF Jordan and PKF Iraq: Market Overview: Aqaba 16