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Arab News, Tuesday, Feb 12, 2019 | Jamadi Al Thani 7, 1440

Joint Saudi-Jordan project to build $705m railway

Saudi Arabia: Saudi Arabia is to help build a rail project in Jordan as part of a 500 million-dinar ($705 million) joint investment.

The Saudi-Jordan Investment Fund Company and the Aqaba Special Economic Zone Authority (ASEZA) signed a memorandum of understanding on Sunday to connect the ports of Aqaba on the Red Sea with Ma’an.

Upon completion, the railway will operate along a 195-kilometer (121-mile) track, transporting cargo containers to and from Aqaba, Jordan’s only outlet to the sea, as well as phosphate from the mines in Shidiya for export, Bloomberg reported.

The Jordan-Saudi fund was formed in 2016 as a partnership between the Saudi Public Investment Fund, which holds a 90 percent stake, and 16 Jordanian banks that own the rest.

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