Joint Saudi-Jordan project to build $705m railway

The railway will link the port in Aqaba with Ma'an. (Shutterstock)
Updated 14 February 2019
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Joint Saudi-Jordan project to build $705m railway

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.

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.


UAE signs $5.5bn in military contracts

Updated 1 min 16 sec ago
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UAE signs $5.5bn in military contracts

ABU DHABI THE UAE awarded 20 billion dirhams ($5.5 billion) worth of defense procurement contracts during a defense show this week, a military spokesman said.
The majority were awarded to international companies such as US firms Lockheed Martin and Raytheon, which sealed one of
the biggest deals with 7 billion dirhams worth of contracts
related to its Patriot missile air defense system.
Gulf Arab states, including the UAE and Saudi Arabia, have long been major buyers of US weapons but have beefed up military purchases in recent years from other countries. This week, the UAE awarded deals to firms from Russia, Turkey, Pakistan and South Africa at the five-day IDEX military exhibition.
Saudi Arabia signed agreements this week at IDEX to develop its domestic defense industry as the Kingdom, the world’s top oil exporter, seeks to diversify its economy away from oil. Saudi Arabian Military Industries (SAMI), the Kingdom’s state defense company, signed partnerships with France’s Naval Group, Spain’s Navantia, and Abu Dhabi state fund Mubadala.
SAMI, established in May 2017, seeks to localize 50 percent of military spending by 2030.