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(ANSAmed) - AMMAN, JUNE 30 - Jordan plans to transfer its main port in Aqaba further south by year end in a project worth USD 534 million to increase its competitiveness and turn the vacated area into a vibrant tourism destination, officials said today. An international tender was floated for this purpose on Sunday inviting companies from around the world to bid for the five year project, said Hosni Abu Gheida, head of Aqaba Special Economic Zone Authority (ASEZA). "The project will be the last stone in turning Aqaba into the jewel of the Red Sea after the area is turned into a multi billion real estate project, said Abu Gheida, noting that a UAE firm has acquired the land for development purposes. The land in which the current port is located, which encompasses 300 will be turned into a state of the art tourism site including water front and housing complexes which will become the new city centre, he added. The government expects to sign an agreement with the bid winner before year end, on hope of finalizing the project within 43 months. Aqaba was turned to a special economic zone by Jordan's king Abdullah in 2000, in a bid to turn the city into a commercial hub. It was granted administrative independence and given all economic incentives to thrive. The city has attracted investors from the oil rich Arab countries, who built lines of high rising buildings in projects worth more than USD 10 billion. Officials in Aqaba expect much more cash will flow to the Red Sea city as the oil industry continues to boom. (ANSAmed).