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 economic growth in Aqaba is higher than the average economic 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.