Economic expert Hussam Ayesh stated on Thursday that the Aqaba Port Railway project will serve as Jordan’s strategic gateway to the global market.
اضافة اعلان
In a press statement, Ayesh highlighted that the project—a joint venture between Jordan and the UAE connecting phosphate and potash mines to the Port of Aqaba—is set to reshape the nation's infrastructure. He noted that it will significantly reduce transportation costs, enhance competitiveness, support the GDP, and provide substantial job opportunities for Jordanian youth.
Economic Impact and Stimulus
The expert pointed out that the $2.3 billion investment will stimulate the economic sector both during and after the construction phase. Key benefits include:
Export Efficiency: Improving the capacity to export phosphate and potash.
Fiscal Health: Contributing to the reduction of the budget deficit and attracting more foreign direct investment (FDI).
Financial Stability: Increasing foreign currency reserves and improving Jordan's credit rating.
Regional Connectivity
Ayesh further explained that this project serves as a launchpad for broader initiatives, positioning Jordan as a vital transit hub for cargo headed toward Syria, Turkey, and the Gulf countries.
Alignment with Economic Modernization
As the railway sector is relatively new to Jordan, the project is expected to foster ancillary industries and create diverse employment opportunities. This aligns with Jordan’s Economic Modernization Vision, which aims to create one million jobs by 2033.
Project Timeline
Regarding the implementation, Ayesh confirmed that the project’s momentum has already begun following the signing of the agreement. Construction is expected to take between two to three years.
Source: Ammon News
