Jordan is reported to have granted permission for the establishment of the Saudi-Jordanian Investment Fund.
The fund has the right to own, develop, operate, manage and exploit certain specific projects worth at least $5 billion.
The projects include constructing the national railway system which would connect the Jordanian capital, Amman, with the port city of Aqaba.
Social media users said the project is the first phase of a giant railway system that will link Jordan, Egypt, Saudi Arabia, Gulf countries and Iraq as well as Israel in later stages.
Other projects include the establishment of a medical university in Aqaba and a hospital near the Saudi city of Neom
Reports indicate that the United Arab Emirates (UAE) also has plans to invest in Jordan in the field of energy, including a joint Saudi-Emirati investment plan that may lead to the creation of at least 50,000 jobs.
According to Jordanian economic experts, the Abu Dhabi Investment Authority has also decided to finance industrial projects in the field of food in Jordan.
Saudi Ambassador to Jordan, Nayef Bin Bandar Al-Sudairy, said Jordan is the kingdom's "largest trading partner".