Ammon News - AMMONNEWS - Aqaba Special Economic Zone Authority (ASEZA) Chief Commissioner Nasser Shraideh and SIAG Arabian Auto Manufacturing Co. Head of Board of Directors Mosad Rashed Tuesday penned a memo to establish an automobile factory in the port city.

The $447 million venture would have an average investment size of $6 billion over 5 years, said Shraideh, pointing out that the facility is expected to manufacture a total of 50,000 motor vehicle annually.

The region's first-of-its-kind project would also generate plenty of job opportunities in its first stages, Shraideh noted.

He stated that the Jordan-USA free trade agreement contributed to attracting such mega investment.

ASEZA, he added, would cooperate with stakeholders to offer them incentives making the project a success.

For his part, Rashed said choosing Aqaba for setting up this business comes as a result of the a propitious investment environment in the port city.

The factory, he said, would be established in line with the highest European standards with vehicles featuring luxurious internal and external designs and infused cutting-edge driving technology.