Jordan's Aqaba Special Economic Zone Authority (ASEZA) and Siyaj Al Arabiya for Automobile Industry Eng. signed a Memorandum of Understanding (MoU) Tuesday to establish a special area for the automotive industry in Aqaba, a coastal city in Jordan.

The MoU was signed between ASEZA Chief Commissioner Nasser Shraideh and Chairman of Siyaj Al Arabiya for Automobile Industry Eng. Mus'ad Abdul Hamid Rashid.

Shraideh said in a statement to the press:"The investment of the project in its early stages will reach 447 million U.S. dollars. The average size of the investment in five years will reach about 6 billion dollars. The average annual car production will reach 50 thousand cars and will provide many jobs in its early stages. The factory is the first of its kind in the region."

Shraideh said the free trade agreement between Jordan and the United States has helped attract such a huge investment to employ local workers.

He pointed out that ASEZA will cooperate with partners and provide them with all privileges and services in order to make the project a success.

For his part, Rashed said the project will be the first of its kind in the Middle East, and that cars will be manufactured in the Arab region and the Middle East for the first time.

He added that the Aqaba project was chosen for the appropriate investment environment.

Jordan is the only Arab country to sign trade agreements with the United States.