Saudi Arabia and Syria entered into a framework agreement to initiate 45 development projects to expand economic cooperation as the two countries intensify efforts to restore the economy of Syria’s economy.
Syria’s state news agency SANA stated that the agreements, which were signed in Damascus between the Syrian Development Fund and the Saudi Development Committee, relate to various sectors and aim at restoring economic activity, improving regional connectivity, and attracting foreign investment.
The deals were reached when a Saudi investment delegation headed by Investment Minister Khalid Al-Falih visited the country, and said they had also agreed on a separate real estate project under the Saudi-Syrian Business Council.
Both Saudi Arabia and Syria are enhancing their economic relations, and the latest agreements are dedicated to aviation investment, telecommunications, infrastructure, and real estate investment.
Meanwhile, the delegation’s visit to Syria, Saudi Arabia declared that it would invest $1 billion in the telecom sector of the country, such as the SilkLink project to improve digital connectivity.
Al-Falih announced that the Saudi telecommunications project will be headed by stc, the largest Saudi Arabian telecom operator. Another agreement that enables Saudi carrier flynas to start a new commercial airline was signed with the Syrian General Authority of Civil Aviation under the name “flynas Syria.”
The new carrier will be a joint venture, with 51 percent of the ownership controlled by the Syrian General Authority of Civil Aviation and Air Transport and 49 percent by flynas. It is projected that it will begin operations in the fourth quarter of this year.
The airline will serve flights to destinations throughout the Middle East, Africa, and Europe, to strengthen air travel to and out of Syria, improve regional and international connectivity, and respond to rising air travel demand.
Al-Falih said in a statement, “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.”
He also indicated that Saudi Arabia would spend SR7.5 billion ($2 billion) to develop two airports in Aleppo in various stages.
The minister also informed about the opening of the Elaf Investment Fund as a means to finance big projects in Syria, and declared that the banking transfer channels between the two countries were reopened after economic sanctions were removed.
