Saudi Arabia and Syria have signed a framework agreement to launch 45 development initiatives, expanding bilateral economic cooperation as the two countries step up efforts to rebuild war-affected Syria’s economy.
The deals, signed in Damascus between the Syrian Development Fund and the Saudi Development Committee, during a visit by a Saudi investment delegation led by Investment Minister Khalid Al-Falih, cover several sectors and are aimed at reviving economic activity, improving regional connectivity and attracting foreign investment.
During the occasion, Khalid Al-Falih further announced a separate real estate project under the aegis of the Saudi-Syrian Business Council.
The two countries of late have been strengthening economic ties, with recent agreements focusing on investments in aviation, telecommunications, infrastructure and real estate. During the delegation’s visit to Damascus, the Kingdom also announced a USD 1 billion investment in the Western Asian country’s telecoms sector, including the strategic SilkLink project aimed at enhancing the region’s digital connectivity.
According to Khalid Al-Falih, stc, Saudi Arabia’s largest telecom operator, will lead the initiative.
Saudi carrier flynas also signed an agreement with the Syrian General Authority of Civil Aviation to establish a new commercial airline under the name “flynas Syria.” The new carrier will be a joint venture, with 51% ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49% by flynas. Operations are expected to commence in the coming months.
The airline will operate flights to destinations across the Middle East, Africa and Europe, aimed at bolstering air traffic to and from Syria, enhancing regional and international connectivity, and meeting growing demand for air travel.
“This partnership enhances economic integration and market connectivity, and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability,” Khalid Al-Falih remarked, while adding that the Kingdom will further invest SR7.5 billion (USD 2 billion) to develop two airports in Aleppo over several phases.
Also, the minister announced the launch of the Elaf Investment Fund to finance major projects in Syria, with the reactivation of banking transfer channels between the two nations, following the lifting of economic sanctions.