Prime Highlight
- Saudi Arabia and Syria signed a framework agreement to roll out 45 development initiatives, deepening economic cooperation and supporting Syria’s economic rebuilding.
- The deal signals expanding Saudi investment across key sectors, including telecommunications, aviation, infrastructure, and real estate.
Key Facts
- Saudi Arabia announced a $1 billion investment in Syria’s telecom sector, including the SilkLink digital connectivity project led by stc.
- Saudi carrier flynas will launch flynas Syria, a new airline joint venture set to begin operations in the fourth quarter, with additional plans to invest 5 billionin Aleppo airport development.
Background
Saudi Arabia and Syria have signed a framework agreement to launch 45 development initiatives, marking a major step in expanding economic cooperation and supporting efforts to rebuild Syria’s economy. The agreements were signed in Damascus between the Syrian Development Fund and the Saudi Development Committee, according to Syria’s state news agency SANA.
The initiatives span multiple sectors and aim to revive economic activity, improve regional connectivity and encourage foreign investment. The signing took place during a visit by a Saudi investment delegation led by Investment Minister Khalid Al-Falih. During the visit, the two sides also agreed on a separate real estate project under the Saudi-Syrian Business Council.
Economic ties between the two countries have grown in recent months, with a focus on aviation, telecommunications, infrastructure and real estate. As part of the latest commitments, Saudi Arabia announced a $1 billion investment in Syria’s telecommunications sector. The investment includes the SilkLink project, which aims to strengthen digital connectivity across the country. Al-Falih said the project will be led by stc, Saudi Arabia’s largest telecom operator.
In aviation, Saudi carrier flynas signed an agreement with the Syrian General Authority of Civil Aviation to establish a new commercial airline, flynas Syria. The joint venture will be owned 51 percent by the Syrian authority and 49 percent by flynas. The airline is expected to begin operations in the fourth quarter and will operate routes across the Middle East, Africa, and Europe.
Al-Falih also announced plans to invest SR7.5 billion to develop two airports in Aleppo over several phases. In addition, Saudi Arabia launched the Elaf Investment Fund to finance major projects in Syria and confirmed that banking transfer channels between the two countries have reopened following the lifting of economic sanctions.
