The Aqaba Development Corporation (ADC), the investment arm of the Aqaba Special Economic Zone, signed a memorandum of understanding with the Eastern Investment Group Holding (EIGH) to establish a university in Aqaba.

The university will become one of the region’s primary educational institutions, specialized in aerospace engineering, management, tourism and hospitality and planning in addition to another 10 faculties by 2014. A $100 million project, the university will be an affiliate of UK’s Coventry University.

It will enroll its first 500 students in September 2009, and the number is expected to grow to 5,000 in the next five years.

This type of investment is expected to contribute to meeting local and regional demand in certain professions. It is also expected to encourage more investment in educational tourism in Aqaba.

The university will sign another agreement with the Ministry of Higher Education and Scientific Research to meet the ministry’s requirements as an accredited private university.

The project will generate 1,500 job opportunities, with several initiatives targeting the local community in Aqaba, as part of the university’s social responsibility.