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|12 February, 2019

Joint Saudi-Jordan project to build $705mln railway

Upon completion, the railway will operate along a 195-kilometer (121-mile) track, transporting cargo containers to and from Aqaba

Image used for illustrative purpose. Workers are seen at the construction site of the new Weinbergtunnel railway tunnel in Zurich November 26, 2013.

Image used for illustrative purpose. Workers are seen at the construction site of the new Weinbergtunnel railway tunnel in Zurich November 26, 2013.

REUTERS/Arnd Wiegmann

JEDDAH: 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.

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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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