Saudi Arabia and Syria Sign Over SR40 Billion in Investment Agreements
Damascus, The Gulf Observer: Saudi Arabia and Syria on Saturday signed 80 agreements and memoranda of understanding valued at more than SR40 billion, marking a major step toward strengthening economic and investment cooperation between the two countries.
The signing ceremony was held in Damascus in the presence of Khalid Al-Falih, Saudi Arabia’s Minister of Investment, who is leading a high-level Saudi delegation on an official visit to Syria. Al-Falih announced the conclusion of five strategic agreements aimed at supporting the Syrian economy and deepening bilateral cooperation.
Among the key agreements is the Aleppo Airport Project Agreement, signed between the Syrian Civil Aviation Authority and a Saudi investment consortium led by the BinDawood Investment Group. The agreement represents the first investment by the Elaf Fund and focuses on developing the new Aleppo International Airport, operating and upgrading the existing airport during the development phase, and financing an integrated navigation radar system covering Syrian airspace.
Al-Falih further announced that Saudi Arabia will invest SR7.5 billion in multiple phases to develop two airports in the city of Aleppo. He also revealed plans to establish a joint airline, Nas Syria, and confirmed an agreement with the Syrian sovereign wealth fund to develop the Syrian Cables Company.
In the telecommunications sector, an infrastructure agreement was signed between the Syrian Ministry of Communications and Information Technology and the Saudi Telecom Company (STC). The agreement aims to upgrade Syria’s telecommunications infrastructure through the extension of fiber-optic networks and the establishment of data centers, enhancing internet services and positioning Syria as a regional hub for data transmission and international connectivity.
Another agreement was concluded between the Syrian Sovereign Fund and the Riyadh Cables Group for the operation and development of the Modern Syrian Cables Company. The deal seeks to manage and expand the company’s factories, localize technical expertise, and build domestic capabilities in the energy and electrical cable sector.
The signed agreements also include a major water project. The Water Desalination and Transport Projects Development Agreement was signed between the Syrian Ministry of Energy and Saudi companies ACWA Power and the National Water Transmission Company. The agreement provides for economic, technical, and financial studies to assess a seawater desalination project with an estimated capacity of 1.2 million cubic meters per day, along with a water pipeline project and related facilities.
Speaking at the ceremony, Al-Falih announced that transfer channels between Saudi and Syrian banks will be activated, describing the current phase as a qualitative leap in bilateral cooperation driven by strategic projects. He said the announcement of lifting sanctions on Syria in Riyadh marked a historic moment and noted that the Saudi–Syrian Business Council will oversee the implementation of key projects.
The head of the Syrian Investment Authority stated that the agreements would significantly contribute to infrastructure development and directly benefit Syrian citizens.
Al-Falih arrived in Damascus earlier on Saturday at the start of an official visit aimed at moving Saudi–Syrian economic and investment cooperation into the practical implementation phase. The visit is part of broader efforts to support the strategic partnership between the two countries, enhance private sector participation in development projects, and create a sustainable framework for economic integration.
The agreements span multiple sectors, including aviation, telecommunications, infrastructure, and development initiatives. The visit also includes a series of high-level meetings with Syrian officials and stakeholders to explore further investment opportunities, discuss implementation mechanisms, and create an environment conducive to attracting high-quality investments.
