Saudi Arabia, Syria Seal Five Agreements to Support Key Sectors
The high-stakes signing ceremony unfolded at Damascus' People's Palace, where Syrian President Ahmad al-Sharaa welcomed Saudi Investment Minister Khalid Al-Falih to formalize partnerships spanning aviation, telecommunications, and water infrastructure—marking a pivotal acceleration in bilateral economic ties.
Talal al-Hilali, who heads Syria's Investment Authority, characterized the pacts as "strategic agreements" designed to impact essential services directly affecting the Syrian population. The initiatives will modernize telecommunications networks, expand digital connectivity frameworks, and inaugurate a new era of partnership rooted in mutual trust and reciprocal respect, he emphasized.
Pledging Saudi Arabia's unwavering support for Syria's stabilization and economic resurgence, Al-Falih unveiled plans for the Elaf Fund—a major investment vehicle targeting large-scale projects—alongside the activation of cross-border banking channels to facilitate financial flows between Riyadh and Damascus.
Among the centerpiece initiatives is the Silk Link project, which Al-Falih positioned as potentially Syria's most ambitious digital infrastructure undertaking and conceivably among the world's largest. Additionally, Saudi powerhouse ACWA Power will sponsor what he termed the globe's most substantial water agreement, though specifics remain undisclosed.
Syrian Communications Minister Abdulsalam Haykal outlined Damascus' strategic vision to capitalize on its geographical positioning as an international data transit corridor. The Silk Link initiative, he stated, would "cement Syria's position as a global connectivity hub."
Omar al-Husri, leading Syria's Civil Aviation Authority, announced dual aviation agreements: one to redevelop and operate Aleppo International Airport, and another establishing Nas Syria—a budget airline designed to reintegrate Syria "strongly" into global aviation networks.
The comprehensive package encompasses water desalination infrastructure, fiber-optic cable deployment, data center construction, and upgrades to the Modern Syrian Cables Company. Technical and financial feasibility assessments will guide implementation across all sectors.
Both nations also launched 45 collaborative initiatives linking the Syrian Development Fund with Saudi Arabia's Development Committee.
Speaking to Saudi newspaper Asharq post-ceremony, Al-Falih revealed the signed agreements represent approximately 20 billion Saudi riyals ($5.3 billion). Combined with earlier memorandums totaling 40 billion riyals, Saudi Arabia's cumulative investment commitment now reaches 60 billion riyals—approximately $16 billion.
"These investments lay the foundation for a broader launch of Saudi investments in Syria," Al-Falih declared.
The Saudi economic delegation, which touched down in Damascus earlier Saturday, included Communications Minister Abdullah Al-Swaha and Civil Aviation Authority President Abdulaziz Al-Duailej, alongside additional officials.
Since the Assad regime's collapse, Saudi Arabia has emerged as a leading regional supporter of Syria's transitional administration, rapidly escalating diplomatic engagement and economic agreements focused on reconstruction efforts.
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