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 January) 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.
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