IBC to Invest $400m in Aqaba Projects

AMMAN, 5 July 2007 — The Iraqi Business Council (IBC) yesterday ended a three-day meeting at Jordan’s Red Sea port of Aqaba by pledging to invest about 400 million dollars in infrastructure and tourism projects, participants said. The meeting, held under the title “Aqaba as the Gate for Iraq”, involved 65 leading Iraqi businessmen who appraised the role of Red Sea facility as a conduit for Iraq’s reconstruction and explored available investment opportunities at the port. One of the projects approved during the conference was a $150-million holding company for investing in the Jordanian port that was concluded between the IBC and the Aqaba Development Corporation, the ADC Chief Executive Officer (CEO) Imad Fakhoury said.