Benefiting from its location and status as Jordan's special economic zone, Aqaba's economy is based on the tourism and port industry sectors. The economical growth in Aqaba is higher than the average economical growth in the country. Under the special economic zone status some investments and trades are exempted from taxation, as a result, new resorts, housing developments, and retail outlets are being constructed. New projects such as Tala Bay and Saraya al Aqaba are constructed aiming at providing high-end vacation and residential homes to locals and foreigners alike.
Over twenty billion dollars have been invested in Aqaba since 2001 when the Special Economic Zone was established. Along with tourism projects, Aqaba has also attracted global logistic companies such as APM Terminals and Agility to invest in logistics, which boosted the city's status as a transport and logistics hub.
The Red Sea Summit in Aqaba in 2003.
There are numerous hotels that reside in Aqaba but new hotels are also under construction.
Aqaba is the only seaport of Jordan so virtually all of Jordan's exports depart from here. Heavy machinery industry is also flourishing in the city with regional assembly plants being located in Aqaba such as the Land Rover Aqaba Assembly Plant. By 2006 the ASEZ had attracted $8bn in committed investments, beating its $6bn target by 2020 by a third and more in less than a decade. The goal was adjusted to bring in another $12bn by 2020, but in 2009 alone, deals worth $14bn were inked. Some projects currently under construction are:
Saraya Aqaba, a $700 million resort with a man made lagoon, luxury hotels, villas, and townhouses that will be completed by 2010.
Ayla Oasis, a $1 billion resort around a man made lagoon with luxury hotels, villas, a 18-hole golf course. It also has an Arabian Venice theme with apartment buildings built along canals only accessible by walkway or boat. A water park is part of the project. This
