Jordan, Saudi Arabia in talks over $500b NEOM project

AMMAN — Discussions are under way between Jordan and Saudi Arabia to identify projects that will be implemented in Aqaba, as part of the NEOM project launched by Saudi Crown Prince Mohammad Bin Salman as part of the 2030 Saudi vision, an official said on Saturday.

“We are in the process of looking into which projects are to be implemented in Aqaba. There are ongoing discussions between delegations from Saudi Arabia and Jordan to identify the investments in Aqaba as part of NEOM,” an official at the Aqaba Special Economic Zone Authority  told The Jordan Times on Saturday.

The source added that the projects to be implemented have not been yet finalised, but there are ideas to build resorts in Aqaba.

“The discussions between Jordan and Saudi Arabia are positive and promising, and they usher in a bright future for the investments in Aqaba,” said the source, who stressed on the importance of NEOM project. 

The $500 billion NEOM project, which was launched last year, is expected to cover 26,500 sq.km, linking with both Jordan and Egypt.

The 26,500 sq.km zone will focus on industries in the fields of energy and water, biotechnology, food, advanced manufacturing and entertainment.

On Saturday, Reuters reported that Saudi Arabia will work with Egypt and Jordan to attract European cruise companies to operate in the Red Sea during the winter season, noting that Riyadh is negotiating with seven such companies and plans to build yacht marinas.

Jordanian officials stressed the significance of the major scheme, saying it would play a key role in driving economic growth in the country.

Last week, Saudi Arabia and Egypt set up a $10 billion joint fund to develop a mega city, with the aim of developing the Egyptian side of NEOM.