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.
Ukrainian President Volodymyr Zelenskyy has rejected a German proposal to grant Ukraine “associate” membe...
The United States is stepping up its efforts to rebuild ties with India, with Secretary of State Marco Rubio using his visit to New Delhi to promot...
An interactive map showcasing the Christian heritage of Caucasian Albania in Garabagh was presented in...
The 13th edition of the World Urban Forum (WUF13) held in Baku showed Azerbaijan’s “meaningful contribution to multilateralism,” ...
The nomination of Russian-Armenian businessman Ruben Vardanyan for the 2026 Václav Havel Human Rights Prize has triggered criticism....
A proposed nuclear cooperation agreement between the United States and Saudi Arabia is facing criticism from Democratic lawmakers and non-proliferation experts, who say the deal lacks the strongest safeguards designed to prevent the spread of nuclear weapons.
Pakistan has deployed around 8,000 troops, fighter jets and air defence systems to Saudi Arabia under a mutual defence agreement, according to security officials and government sources familiar with the arrangement.
The Organization of the Petroleum Exporting Countries (OPEC) exit by the United Arab Emirates has largely been viewed through a narrow economic lens: higher Emirati output, potential increases by Saudi Arabia and others to protect market share, and downward pressure on global prices.
Kazakhstan, Russia, Saudi Arabia and other key OPEC+ countries have agreed a paper-based modest oil output hike for next month, raising the output targets to 188,000 barrels a day in June.
Belarusian President Alexander Lukashenko has said Belarus will not be dragged into the war in Ukraine, while also stressing that Minsk and Moscow would jointly respond to any aggression against them.
Fighting in the Russia–Ukraine war has intensified sharply, with both sides launching significant strikes far beyond the front lines as the conflict enters its 1,549th day.
As the 13th edition of the World Urban Forum ended, Azerbaijan's Pavilion showcased reconstruction efforts in its liberated territories and foregrounded the importance of mine removal in resettlement efforts.
A French appeals court has found Airbus and Air France guilty of corporate manslaughter over the 2009 Rio–Paris crash, marking a major development in a case that has stretched on for 17 years.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 22nd May, covering the latest developments you need to know.
Archaeologists in Kyrgyzstan’s Naryn region are uncovering medieval bathhouses, mausoleums and ancient Silk Road settlements, while warning that many historical sites are rapidly deteriorating because of weather and erosion.
An interactive map showcasing the Christian heritage of Caucasian Albania in Garabagh was presented in London this week, highlighting Azerbaijan’s efforts to preserve and promote the religious and cultural legacy of the region.
The nomination of Russian-Armenian businessman Ruben Vardanyan for the 2026 Václav Havel Human Rights Prize has triggered criticism.
Turkish Foreign Minister Hakan Fidan met U.S. Secretary of State Marco Rubio on Friday (22 May) on the sidelines of a NATO foreign ministers’ meeting in the Swedish city of Helsingborg.
Traditional pottery from Gijduvan has officially received geographical indication status in Uzbekistan, recognising the centuries-old craft as a product closely linked to its region of origin and cultural heritage.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment