Saudi Arabia, Syria sign $5 billion deals

Saudi Arabia and Syria have signed five agreements worth $5.3 billion. The agreements aim to boost investment and cooperation in key sectors including aviation, telecommunications and water. The agreements were signed at a ceremony in Damascus on Saturday (February 7), Syrian state news agency SANA reported.
Syrian President Ahmed al-Sharaa and Saudi Investment Minister Khalid al-Falih attended the ceremony held at the People’s Palace in Damascus. The agreements are seen as part of a larger initiative to expand economic cooperation and investment between the two countries.
Talal al-Hilali, head of the Syrian Investment Authority, said the two sides had come together to sign a number of strategic agreements in key sectors directly related to the lives of citizens. The agreements will strengthen telecommunications infrastructure and improve digital connectivity, as well as usher in a new partnership based on mutual trust and respect.
Saudi Investment Minister Khalid al-Falih said that Saudi Arabia stands by Syria and fully supports the country’s path to recovery, growth and stability. He announced the start of work on establishing the ‘Elef Fund’ to invest in major projects and also announced the reactivation of the banking transfer channel between the two countries.
Syrian Communications Minister Abdul Salam Haykal said that Syria has taken a strategy to establish itself as an international data transit corridor, taking advantage of its geographical location. He said that the Silk Link project will firmly establish Syria as a global connectivity hub.
Meanwhile, the head of the Syrian Civil Aviation Authority, Omar al-Husri, said that two major agreements have been signed. One for the development and operation of Aleppo International Airport and the other for the establishment of a new low-cost national airline called ‘Nas Syria’. He said that, with these steps, Syria will once again firmly return to the international aviation network.
The agreements will include economic, technical and financial feasibility studies for the development of water purification and transfer systems. In addition, major reforms will be made to Syria’s telecommunications infrastructure, including the expansion of fiber-optic cables and the establishment of data centers, so that the country can become a hub for regional data transit and international connectivity.
This also includes a framework agreement for the management and development of the Modern Syrian Cables Company, the promotion of a national technical and vocational training platform, and development cooperation. At the same time, 45 joint ventures have been launched between the Syrian Development Fund and the Saudi Development Committee.
Al-Falih told the Saudi daily Asharq Al-Awsat that the total value of the signed investment agreements is about 20 billion Saudi riyals, or about $5.3 billion. Previously, the two countries signed agreements worth about 40 billion riyals, bringing the total amount of Saudi investment in Syria to about 60 billion riyals, or $16 billion. He believes that these investments will lay the foundation for a more comprehensive launch of Saudi investment in Syria.
Earlier yesterday, a Saudi economic delegation led by Saudi Minister of Investment Khalid al-Falih arrived in Damascus. The team included Saudi Communications Minister Abdullah Al-Saha, Civil Aviation Authority Chief Abdulaziz Al-Dualej and other officials.
Source: Anadolu