RIYADH: Saudi Arabia and Syria signed a framework agreement to launch 45 development initiatives, expanding economic cooperation as the two countries step up efforts to rebuild Syria’s economy.
The deals, signed in Damascus between the Syrian Development Fund and the Saudi Development Committee, cover several sectors and are aimed at reviving economic activity, improving regional connectivity and attracting foreign investment, Syria’s state news agency SANA reported.
The agreements were signed during a visit by a Saudi investment delegation led by Investment Minister Khalid Al-Falih, who said a separate real estate project was also agreed under the Saudi-Syrian Business Council.
Saudi Arabia and Syria have been strengthening economic ties, with recent agreements focusing on investments in aviation, telecommunications, infrastructure and real estate.
During the delegation’s visit to Syria, Saudi Arabia also announced a $1 billion investment in the country’s telecoms sector, including the SilkLink project aimed at enhancing digital connectivity.
Al-Falih said the telecommunications project will be led by stc, Saudi Arabia’s largest telecom operator.
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 percent ownership held by the Syrian General Authority of Civil Aviation and Air Transport and 49 percent by flynas. Operations are expected to commence in the fourth quarter of this year.
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,” Al-Falih said in a statement.
He added that Saudi Arabia would also invest SR7.5 billion ($2 billion) to develop two airports in Aleppo over several phases.
The minister also announced the launch of the Elaf Investment Fund to finance major projects in Syria, and said banking transfer channels between the two nations had been reactivated following the lifting of economic sanctions.
