Saudi Arabia and Syria have signed agreements worth about $5.3bn aimed at boosting cooperation across aviation, telecommunications and water infrastructure, marking one of the largest economic initiatives since Syria’s leadership change.
The five agreements were signed on Saturday (8 February) as part of a broader push to rebuild economic ties and launch large-scale investment projects across key sectors.
The signing ceremony was held at the People’s Palace and attended by Syrian President Ahmad al-Sharaa and Saudi Investment Minister Khalid al-Falih, who led a senior Saudi delegation.
Syrian officials said the new phase of cooperation centres on strategic agreements designed to improve infrastructure and essential public services.
Talal al-Hilali, head of the Syrian Investment Authority, said the deals target sectors that directly affect daily life and aim to establish a partnership based on mutual trust and a shared recovery plan.
Al-Falih said Saudi Arabia stood alongside Syria on its path towards stability and economic growth.
He announced the launch of the Elaf Fund, which will focus on major investment projects, and confirmed that banking transfer channels between the two countries would be reactivated.
Al-Falih also said a separate agreement would cover the Silk Link project, describing it as one of Syria’s largest digital infrastructure initiatives and potentially among the largest globally.
Syrian Communications Minister Abdulsalam Haykal said Syria aims to leverage its geographic location to become an international data transit corridor.
He said the Silk Link project would help strengthen Syria’s position as a global connectivity hub.
Omar al-Husri, head of the Syrian Civil Aviation Authority, announced two aviation initiatives: a project to develop and operate Aleppo International Airport and the creation of a new low-cost national airline, Nas Syria.
He said both projects would help reintegrate Syria into the international aviation network.
The agreements also include feasibility studies for large-scale water desalination and transfer systems, major upgrades to Syria’s fibre-optic networks, and the establishment of new data centres to expand internet capacity and reinforce Syria’s role as a regional digital transit hub.
Additional projects include the development of the Modern Syrian Cables Company and upgrades to the national vocational and technical training platform.
Syrian and Saudi institutions also launched 45 joint initiatives involving the Syrian Development Fund and the Saudi Development Committee.
Al-Falih later told Asharq newspaper that the agreements are valued at about 20bn Saudi riyals, or roughly $5.3bn.
He said they add to earlier memorandums worth around 40bn riyals, bringing total Saudi investments in Syria to approximately 60bn riyals, or close to $16bn.
Al-Falih said the steps lay the groundwork for a broader expansion of Saudi investment in Syria.
The Saudi delegation included Communications Minister Abdullah al-Swaha and Civil Aviation Authority President Abdulaziz al-Duailej, along with other senior officials.
The visit marked another sign of deepening ties between the two governments, which have accelerated through high-level exchanges and expanding economic cooperation since Syria’s leadership change.
Iranian Foreign Minister Abbas Araghchi and U.S. Vice President JD Vance have arrived in Islamabad for talks aimed at eas...
Britain’s plan to transfer the Chagos Islands to Mauritius, which host a strategic U.K.-U.S. military base, has been put on indefinite hold a...
The Iraqi parliament on Saturday elected Kurdish politician Nizar Amedi as the country's new president, f...
Talks between the United States and Iran opened in Islamabad on Saturday (11 April) as the two sides sought to turn a fragile temporary ceasefir...
Ismail Omar Guelleh has been re-elected for a sixth term with 97.8% of the vote, according to state media, extending his nearly three-...
Gulf states including Saudi Arabia and the UAE are exploring a $2,500 Ukrainian-designed interceptor drone as a cheaper way to counter Iranian attacks that are depleting stockpiles of U.S.-made missiles, a Japanese firm marketing the technology overseas told Reuters.
The third Turkish-owned vessel has departed the Persian Gulf via the Strait of Hormuz, Transport Minister Abdulkadir Uraloğlu said on Monday.
In an urgent response to escalating global energy instability, South Korean Presidential Chief of Staff Kang Hoon-sik announced on Tuesday that he will embark on a high-stakes diplomatic tour to Kazakhstan, Oman, and Saudi Arabia.
A war in the Middle East might seem far removed from a cup of tea in Nairobi or a farmer’s field in Kericho. Yet the connection is real, and it is already disrupting Kenya’s tea industry in ways that are becoming impossible to ignore.
Iranian Foreign Minister Abbas Araghchi and U.S. Vice President JD Vance have arrived in Islamabad for talks aimed at easing regional tensions, as Pakistan hosts the discussions. Meanwhile, Lebanon and Israel are set to hold rare negotiations in Washington next Tuesday.
Amid fragile calm, António Guterres urged constructive U.S.- Iran talks, while Pope Leo XIV warned violence is spreading. Lebanon's President said an Israeli strike killed 13 security personnel in Nabatieh.
Dubai has restricted foreign airlines to one daily flight to its airports until 31 May due to the Iran crisis, raising fears of significant revenue losses for Indian carriers, industry letters show.
Russian President Vladimir Putin announced on Thursday an Easter ceasefire with Ukraine lasting 32-hours and said that Kyiv has agreed to abide by the measure. The ceasefire is expected to begin at 16:00 (13:00 GMT) on Saturday 11 April and last until midnight Sunday 12 April, the Kremlin said.
Chinese President Xi Jinping has told Taiwan opposition leader Cheng Li-wun that “people on both sides of the Taiwan Strait are Chinese” and that the future of cross-strait ties should be decided by “the Chinese people themselves”.
Iranian Foreign Minister Abbas Araghchi and U.S. Vice President JD Vance have arrived in Islamabad for talks aimed at easing regional tensions, as Pakistan hosts the discussions. Meanwhile, Lebanon and Israel are set to hold rare negotiations in Washington next Tuesday.
The Iraqi parliament on Saturday elected Kurdish politician Nizar Amedi as the country's new president, following a parliamentary election last November.
Talks between the United States and Iran opened in Islamabad on Saturday (11 April) as the two sides sought to turn a fragile temporary ceasefire into a lasting agreement, amid disputes over Lebanon and sanctions relief.
Kazakhstan and Armenia are moving to deepen bilateral ties as shifting dynamics in the South Caucasus reopen long-blocked transport routes and create new economic opportunities.
Israeli and Lebanese envoys are set to meet in Washington on Tuesday in a rare U.S.-driven diplomatic effort to halt escalating violence between Israel and the Iran-backed Hezbollah movement in Lebanon.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment