Amman, April 15 (Petra) -- Saudi Arabia's Cabinet has approved a memorandum of understanding (MoU) with Jordan aimed at strengthening economic cooperation and advancing collaboration in the development of economic zones.

The agreement, signed between the Ministry of Investment and Saudi Arabia’s Economic Cities and Special Zones Authority, is set to facilitate the exchange of technical and regulatory expertise and support the development of competitive economic zones.

Officials said the MoU is expected to enhance competitiveness through innovation, investment incentives, and infrastructure development, while contributing to job creation and improving the investment environment.

The approval follows the signing of the MoU alongside an amended agreement for the promotion and protection of mutual investments between the two countries, concluded in October last year on the sidelines of the Future Investment Initiative conference in Riyadh.

Saudi investments in Jordan have grown by 5.6% over the past four years and account for around 7% of total foreign direct investment in the Kingdom, reflecting the strength of bilateral economic ties.

The agreement aligns with Jordan’s Economic Modernization Vision and Saudi Arabia’s Vision 2030, which share common goals focused on economic growth and investment expansion.

The Ministry of Investment is coordinating with Saudi counterparts to implement the agreement through a joint action plan covering sectors including energy, transport, logistics, tourism, and advanced technologies.

The MoU is part of broader efforts to deepen economic integration and expand investment cooperation between the two countries.

//Petra// RZ