Sheikh Ghaith Pharaon says the $50 million project is likely to be finished within 30 months of the laying of the first foundation stone.
Maha Khatib, the minister of tourism and antiquities, said the scheme would create jobs for locals and attract a greater numbers of tourists.
She insisted that measures were being taken by the government to ensure that the archaeological site and environment around the ancient city of Petra would be properly preserved.
Among the amenities the development will feature are a handicrafts market, restaurants, a spa and swimming pools, Sheikh Pharaon added.
There would also be a 100-bed five-star hotel and multi-purpose conference hall.
During August the Department of Lands and Surveys reported sales of residential properties in the country showed an increase in June and July compared to the preceding months.
