Khaberni - The Board of Commissioners of the Aqaba Special Economic Zone has decided to launch a package of incentive incentives for investors, real estate developers, and citizens as part of strategic orientations aimed at revitalizing construction, enhancing the investment environment, supporting economic and real estate projects that contribute to the economic, touristic, commercial, social, and sustained urban development, in addition to providing new job opportunities in Aqaba.
Firstly: Adopting new equations for calculating reorganization returns from modifying usage nature, elevations, and acquired areas, to encourage developers and citizens to build, by reviewing the values of reorganization returns affected by the administrative price adjustments of lands, and adopting new flexible weighting formulas that consider differences between existing buildings and proposed projects.
Adopted equations:
1. Equation of reorganization returns on modifying usage nature:
Difference between the administrative price of the land for the approved usage and the administrative price of the land after modifying the required usage × land area × 25%.
(Incentive with a 75% reduction).
2. Acquired elevation equation:
(Acquired elevation ÷ pre-modification elevation) × administrative price × land area × ruling weight factor (10% for existing and 5% for proposed).
(Incentive with a 66% reduction for existing buildings and 75% for proposed buildings).
3. Acquired area equation:
(Acquired area ÷ floor area before modification) × administrative price × land area × ruling weight factor (10% for existing and 5% for proposed).
(Incentive with a 66% reduction for existing buildings and 75% for proposed buildings)
Secondly: Offering a package of additional incentive incentives related to reorganization returns linked to the speed of project completion, contributing to supporting real estate developers and stimulating economic and real estate investment, achieving optimal land use within the strategic direction of the region.
Incentives based on project completion time:
1. Granting an incentive of (90%) of the returns value if the project is completed within (12 months) from the date of obtaining the building permit until the occupation permit is obtained.
2. Granting an incentive of (70%) of the returns value if the project is completed within (18 months) from the date of obtaining the building permit until the occupation permit is obtained.
3. Granting an incentive of (50%) of the returns value if the project is completed within (24 months) from the date of obtaining the building permit until the occupation permit is obtained.
4. Granting an incentive of (30%) of the returns value if the project is completed within (30 months) from the date of obtaining the building permit until the occupation permit is obtained.
This decision comes in the context of the Authority's direction towards creating an attractive economic and investment environment, providing practical stimulating tools that contribute to accelerating the implementation of projects, enhancing economic activity and real estate development, and supporting the path of sustainable and inclusive development of all sectors in Aqaba.
Thirdly: Reducing parking fees for residential and non-residential uses in Aqaba to improve the economic feasibility for citizens, real estate developers, and investors, and in the event it becomes impossible to provide them, parking fees are to be collected.
Firstly: Non-residential uses.
Reducing parking fees for non-residential uses as follows:
1- Commercial, hotel, touristic, and mixed use (to become 3000 dinars instead of 5000 dinars).
2- Development areas (The waterfall, the tank, the old town, and Salah al-Din) (to become 900 dinars instead of 1500 dinars).
3- The fifth, seventh, and eighth residential areas (to become 2100 dinars instead of 3500 dinars).
4- Commercial within other residential areas (to become 1500 dinars instead of 2500 dinars).
5- Industrial (to become 1500 dinars instead of 2500 dinars).
6- Warehouses, storage, and crafts (to become 900 dinars instead of 1500 dinars).
7- Hospitals, medical centers, and educational (to become 900 dinars instead of 1500 dinars).
8- Governmental uses (to become 900 dinars instead of 1500 dinars).
9- Middle Beach (plots on the beach and inland) cancel the item
and include it for commercial, hotel, touristic, and mixed use (to become 3000 dinars instead of 8000 dinars).
10- Middle Beach (Corniche Street) cancel the item and include it for commercial, hotel, touristic, and mixed use (to become 3000 dinars instead of 10000 dinars).
Secondly: Residential use
The council has set reduced values for parking fees in various residential areas in Aqaba, taking into account different locations and according to tables prepared for this purpose, which can be checked at the authority's building licensing concerned entity.
Thirdly: Lands not connected to a public road.
Regarding plots of land that are not connected to a public road except through a public pedestrian passage or public steps, parking fees are collected as follows:
1- In residential use, parking fees are not collected from the owner if the number of apartments is four or less, and if the number of apartments exceeds four, parking fees for the additional apartments are collected, according to the tables approved in the authority.
2- In non-residential use, parking fees are not collected for the first (50%) of the floor area approved organizationally for the entire plot area in each region, provided that parking fees for the remaining floor areas are collected according to the tables approved in the authority.
