Saudi Arabia and Syria Sign $5.3 Billion in Strategic Agreements

Damascus, MINA – Saudi Arabia and Syria signed five agreements worth $5.3 billion on Saturday to support key sectors including aviation, telecommunications, water, and infrastructure, according to Syria’s SANA news agency.

The agreements were signed in Damascus as part of efforts to boost investment and economic cooperation. The ceremony at the People’s Palace was attended by Syrian President Ahmad al-Sharaa and Saudi Investment Minister Khalid Al-Falih.

Talal al-Hilali, head of the Syrian Investment Authority, stated the “strategic agreements” cover vital sectors directly affecting citizens’ lives. The deals aim to strengthen telecommunications infrastructure, improve digital connectivity, and establish a new phase of partnership based on mutual trust and respect.

Al-Falih announced Saudi Arabia’s support for Syria’s recovery, growth, and stability. He highlighted the launch of the Elaf Fund for major project investments and the activation of banking transfer channels between the two countries.

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He also noted the upcoming Silk Link project, described as one of Syria’s largest digital infrastructure initiatives, and a major water agreement backed by Saudi firm ACWA Power.

Syrian Communications Minister Abdulsalam Haykal said Syria aims to become an international data transit corridor, with the Silk Link project cementing its position as a global connectivity hub.

Syrian Civil Aviation Authority head Omar al-Husri announced agreements to develop and operate Aleppo International Airport and establish a new low-cost carrier, Nas Syria, to reintegrate Syria into the international aviation network.

The agreements also include projects for water desalination and transfer systems, telecommunications infrastructure upgrades such as fiber-optic cable expansion and data centers, and initiatives to operate and develop the Modern Syrian Cables Company, upgrade vocational training platforms, and enhance development cooperation.

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Al-Falih noted that the signed investments are valued at about 20 billion Saudi riyals ($5.3 billion). Combined with earlier memorandums worth around 40 billion riyals, total Saudi investments in Syria now amount to roughly 60 billion riyals ($16 billion). “These investments lay the foundation for a broader launch of Saudi investments in Syria,” he said.

A Saudi economic delegation, including Communications Minister Abdullah Al-Swaha and Civil Aviation Authority President Abdulaziz Al-Duailej, arrived in Damascus earlier on Saturday to finalize these strategic contracts.

Saudi Arabia has been a key regional supporter of Syria’s new administration since the ouster of the Assad regime, with both countries intensifying high-level exchanges and signing multiple economic agreements to aid Syria’s reconstruction.[]

Mi’raj News Agency (MINA)

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