Amman, April 22 (Petra) -- Minister of State for Economic Affairs Muhannad Shehadeh said the Aqaba Port Railway Project "matters not only because of its scale, but because it reflects a wider shift in Jordan's economy from planning to execution." In an article published by the UAE-based English-language newspaper The National, he said the project, with an estimated investment of $2.3 billion, will create a 360-kilometer railway linking the phosphate and potash production areas of Shidiya and Ghor Al-Safi to Aqaba's Industrial Port.

He said the project is expected to move about 16 million tonnes annually, significantly cutting transport costs and enhancing export efficiency.

Shehadeh noted the project's structure is equally important, which is now being implemented through a 50:50 Jordanian-Emirati joint venture between UAE-based L'imad Holding and Jordanian sovereign and industrial partners.

He stated the partnership reflects the "strength" of Jordanian-Emirati economic cooperation and a "shared commitment to long-term strategic" investment, adding that combining Jordanian assets with Emirati investment and expertise lays a strong foundation for a major regional infrastructure platform.

On its goals, Shehadeh said the project points to a broader economic model now taking shape.

Under the 2026-2029 executive program of the Economic Modernization Vision, he noted the Jordanian government has identified 392 projects to be financed in partnership with the private sector, supported by investments of about JD10 billion, equivalent to $14.1 billion.

He added that the emphasis is shifting toward larger, bankable projects in water, transport, energy, and infrastructure that welcome cross-border investment.

He said this approach is also visible in other projects. The National Water Carrier Project remains central to Jordan's long-term water security, while Amra City is being positioned as a long-horizon urban and investment platform rather than a conventional real estate project.

Official estimates suggest the project could activate more than 50 economic sectors, giving it significance well beyond housing.

Shehadeh said the broader macroeconomic picture adds credibility to this trajectory. In its latest report, the International Monetary Fund said Jordan's economy grew by 2.8 percent in 2025, with momentum strengthening in early 2026, while inflation remained below 2 percent.

While these figures may not be headline-grabbing by some emerging market standards, he said they matter in a region where stability itself has become an economic asset. For regional and international partners, this predictability is a critical anchor for long-term capital.

Shehadeh also affirmed domestic indicators are "encouraging," with company registrations rising in the first quarter of 2026 and strong corporate earnings on the Amman Stock Exchange suggesting that private-sector activity is firming.

He said this does not mean Jordan is insulated from regional volatility, but it does suggest the economy is entering this period with greater depth, stronger execution, and a clearer investment pipeline than many expected.

Shehadeh concluded that this is what turning "vision into reality" means in economic terms and it is not about announcing strategies, but about structuring projects, financing them, and moving them forward. He said the Aqaba Port Railway Project is one of the clearest examples of this shift.

"It is more than just a railway and forms part of a wider effort to make Jordan more competitive, more connected, and better positioned for long-term, investment-led growth in partnership with regional investors and strategic partners," he pointed out.

//Petra// AO