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Saudi Arabia, Jordan Discuss Complementary Projects North of NEOM

A view of the NEOM project. (NEOM via Twitter)
A view of the NEOM project. (NEOM via Twitter)
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Saudi Arabia, Jordan Discuss Complementary Projects North of NEOM

A view of the NEOM project. (NEOM via Twitter)
A view of the NEOM project. (NEOM via Twitter)

Saudi Arabia and Jordan discussed last week efforts to activate the opportunities available north of NEOM project, from the Jordanian side.

Jordan’s side of the border boasts ports and ready infrastructure that could be used immediately for projects that serve both countries and boost Saudi Arabia’s Vision 2030 and the region.

Chairman of Jordan’s Investment Commission Khalid Wazani said the NEOM project is attracting more Saudi-Jordanian investments that will be established in the Aqaba port city, including the enhancement of the existing business there.

He pointed out that the Jordanian side of NEOM includes Aqaba port and Marsa Zayed. It is expected to become a platform for exchange of expertise and consultations that will yield complementary projects related to NEOM.

This will make it easier for investors to benefit from the port, Wazani noted.

In a statement Friday, he stressed that the expected results, convergence of views and the achievement of some of the project’s objectives will serve Saudi Vision 2030 and the region in general, including Egypt and Jordan, which are part of NEOM.

He made his remarks following a meeting in Riyadh with member of the Board of Directors and Chairman of the Securities and Investment Committee at the Riyadh Chamber of Commerce Mohammed al-Sayer.

The meeting was attended by a number of Jordanian officials and investors from both countries representing different sectors.

In October 2017, the $500 billion NEOM project was launched by Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

Located in the Kingdom’s far northwest, NEOM will provide opportunities for development with a total area of 460 km on the banks of the Red Sea and a total area of 26,500 square meters.

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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP

President Vladimir Putin on Friday urged officials not to let Russia fall into recession "under any circumstances", as some in his own government warned of a hit to economic growth.

Economists have warned for months of a slowdown in the Russian economy, with the country posting its slowest quarterly expansion in two years for the first quarter of 2025, reported AFP.

The Kremlin has said this was to be expected after two years of rapid growth as it ramped up military expenditure to fund the Ukraine campaign, but officials including the country's economy minister have raised alarm about possible pain ahead.

"Some specialists and experts are pointing to the risks of stagnation and even a recession," Putin told attendees at Russia's flagship economic forum in Saint Petersburg.

"This must not be allowed to happen under any circumstances," he said.

"We need to pursue a competent, well-thought-out budgetary, tax and monetary policy," he added.

The Russian economy grew in 2023 and 2024 despite the West's sweeping sanctions, with massive state spending on the military powering a robust expansion.

But analysts have long warned that heavy public investment in the defense industry is no longer enough to keep Russia's economy growing and does not reflect a real increase in productivity.

At his address to the forum on Friday, Putin was upbeat about Russia's economic prospects and denied the economy was being driven solely by the defense and energy industries.

"Yes, of course, the defense industry played its part in this regard, but so did the financial and IT industries," he said.

He said the economy needed "balanced growth" and called on officials to keep a "close eye on all indicators of the health of our industries, companies and even individual enterprises."