Aqaba, Feb 18 (Petra) - The Board of Commissioners of the Aqaba Special Economic Zone Authority (ASEZA) has decided to launch a package of incentives for investors, real estate developers, and citizens as part of strategic efforts to stimulate construction, enhance the investment environment, and support economic and real estate projects. The move aims to contribute to sustainable economic, tourism, commercial, social, and urban development while creating new jobs in Aqaba.
First: Reorganization Fees and Administrative Adjustments ASEZA has adopted new formulas for calculating reorganization fees concerning changes in land use, height limits, and acquired floor areas. This seeks to encourage developers and citizens to build by reviewing reorganization fees affected by changes in administrative land prices and adopting flexible weighting factors that account for differences between existing buildings and proposed projects.
The approved formulas are Change of Use Fee: The difference between the administrative land price for the approved use and the administrative price after the requested change of use × land area × 25%. (This represents a reduction incentive of 75%).
Acquired Height Fee: (Acquired height ÷ height before modification) × administrative price × land area × weight factor (10% for existing buildings and 5% for proposed projects). (This represents a reduction incentive of 66% for existing buildings and 75% for proposed projects).
Acquired Area Fee: (Acquired area ÷ floor area before modification) × administrative price × land area × weight factor (10% for existing buildings and 5% for proposed projects). (This represents a reduction incentive of 66% for existing buildings and 75% for proposed projects).
Second: Incentives Linked to Project Completion Speed ASEZA introduced additional incentives related to reorganization fees tied to the speed of project completion, aiming to support developers and achieve optimal land use.
Incentives based on completion duration: A 90% discount on fees if the project is completed within 12 months from the date of the building permit to the occupancy permit.
A 70% discount on fees if the project is completed within 18 months.
A 50% discount on fees if the project is completed within 24 months.
A 30% discount on fees if the project is completed within 30 months.
This decision aligns with the Authority’s direction to create an attractive economic environment and provide practical tools to accelerate project implementation and enhance real estate development.
Third: Reduction of Parking Space Fees The Authority has reduced parking space fees for residential and non-residential uses to improve economic feasibility for citizens and investors. In cases where parking cannot be provided on-site, fees will be collected at the following reduced rates: Non-Residential Uses: Commercial, hotel, tourism, and mixed-use: JD3,000 (reduced from JD5,000).
Development areas (Al-Shallala, Al-Khazan, Old Town, Salah al-Din): JD900 (reduced from JD1,500).
Residential zones 5, 7, and 8: JD2,100 (reduced from JD3,500).
Commercial use within other residential areas: JD1,500 (reduced from JD2,500).
Industrial use: JD1,500 (reduced from JD2,500).
Warehousing, storage, and crafts: JD900 (reduced from JD1,500).
Hospitals, medical centers, and educational facilities: JD900 (reduced from JD1,500).
Government uses: JD900 (reduced from JD1,500).
Middle Beach (Beachfront and internal plots): These categories have been merged with commercial and hotel uses at JD3,000 (reduced from JD8,000 and JD10,000 respectively).
Residential Uses: The Board set reduced values for parking fees across various residential areas in Aqaba, taking into account different locations. Detailed schedules are available at the Authority’s building licensing department.
Land Plots without Public Road Access: For plots accessible only via public footpaths or stairs, parking fees are regulated as follows: Residential use: No fees are collected if the number of apartments is four or fewer. Fees apply only to additional apartments beyond the first four.
Non-residential use: No fees are collected for the first 50% of the legally approved floor area for the plot. Fees apply to the remaining floor area according to the Authority's schedules.
//Petra// AF
