Update: Problems with Sale of Aqaba Port

We have it on good authority that the Jordanian government has made a major mistake yet again, selling the current port of Aqaba before the new port is ready, which requires them to lease it back from the investor who acquired the port for $1 billion.

This is a major problem. As mentioned in the previous post, this still affects Jordan economically. In one year, they lose $500 million. If it takes longer it could reach into the billions. When your people are economically struggling, this is a big deal and should be taken very seriously.

How can one raise fuel-subsidies for the citizens but then engage in such a disastrous deal? There is no excuse, those who are running a country are held to a higher standard, and therefore must put their citizens above all else.

In our previous post we had indicated that it was sold secretly, it was not – it was part of a deal with Al-Maabar International Investments that was announced several years ago. However, this was the only part of this story that was incorrect – the government still is not forthcoming about the fact that the new port facilities will not be ready in time and they will have to rent it back for $1 billion a year. They are highlighting the one mistake to cover up their incompetence.

Is this the reform King Abdullah promised?

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