Giovedì, 18 Ottobre 2018
ROME

PBI Aqaba Chief Executive says competitive edge feeds growth

English
© ANSA

Rome, April 17 - In a moment of widespread
economic sluggishness, investors tend to hunker down, not take
risks and mostly, to avoid problems.
That is when the business savvy enters stage left, opening
the doors that make investing easy and worth it. In short,
problem-solving pays.
For PBI Aqaba Chief Executive Sheldon Fink, that
competitive edge is what has given his Aqaba International
Industrial Estate (AIIE) - a unique development located in the
southern Jordanian coastal city Aqaba - the wind beneath its
wings. Even in a moment of global slowdown.
"We are competitive...very competitive," the
Pennsylvania-born, 40-years-abroad executive told ANSA.
"And we know how to solve investors' problems," Fink said.
PBI Aqaba operates in Aqaba Special Economic Zone with the
support of the Aqaba Special Economic Zone Authority (ASEZA).
It has available for development 1.7 million square meters
of property. That is up from the original 2003 tender of 600,000
square meters.
Actual development today has reached about 800,000 M2.
What started as an expanse of desert and an initial one
million dollars down on a six million dollar investment, has
grown steadily. Today, the PBI Aqaba investment is the seed
money for a total investment of $180 million, partly by USAID
but mostly by private-sector factories and businesses.
"If the world economy stays the way it is, we will
double. If it improves, we could grow three to four times," Fink
said.
Fink envisions the Red Sea port town as blossoming into
an ever-more sought-out investment zone.
"There is certainly a resort and tourism drive, but its
port and commercial assets make it more comparable to a city
like Genoa than to Sharm-al-Sheik," Fink said.
Aqaba is a liberalized, low-tax, duty-free area that has
its sights on becoming a world-class hub for business and
leisure, easily accessible to the Middle East, Asia and Europe.

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