Saudis Get Behind $705 Million Project for Fellow Arab Monarchy - Bloomberg

Saudis Get Behind $705 Million Project for Fellow Arab Monarchy - Bloomberg:

Saudi Arabia is bolstering efforts to shore up the economy of a fellow Arab monarchy with a 500 million-dinar ($705 million) joint investment in Jordan.

The Saudi Jordanian Investment Fund and the Aqaba Special Economic Zone Authority signed a memorandum of understanding on Sunday to establish, develop and manage a railway connecting Aqaba, on the Red Sea across from the Israeli city of Eilat, to a future dry port in the Ma’an governorate, according to a joint statement. 


Saudi Arabia and other Gulf states have used their financial muscle to keep friendly Arab governments in their orbit or to lure away those allied with their adversaries. The International Monetary Fund, which is backing Jordan with a $700 million loan, last month said “international donor support is more important than ever” for the country following talks between Managing Director Christine Lagarde and Prime Minister Omar Al-Razzaz.