Syria and Saudi Arabia have signed significant multibillion-dollar investment agreements aimed at bolstering Syria’s economy, following the recent lifting of most Western sanctions. The deals span crucial sectors including telecommunications, aviation, and energy, signaling a new era of economic cooperation and reconstruction for the war-torn nation.
Syria’s telecommunications sector is set to receive a substantial boost with a nearly $1 billion investment in the “SilkLink” project. This initiative, led by Saudi Telecom Company (STC Group), aims to develop Syria’s telecommunications infrastructure and digital connectivity. The project will involve laying thousands of kilometers of cables to enhance internet connectivity between Asia and Europe, with the goal of establishing Syria as an international telecommunications hub. The development is planned in two stages, expected to last between 18 months and two years.
The agreements also include the creation of a new low-cost airline, Flynas Syria, and a significant investment in the aviation infrastructure of Aleppo. Saudi Arabia will invest approximately $2 billion (7.5 billion Saudi riyals) in phases to develop the international airport in Aleppo, a major economic hub in northern Syria. This development aims to restore Aleppo’s role as a leading industrial city and is projected to serve 12 million passengers annually.
Beyond telecommunications and aviation, Saudi Arabia’s ACWA Power has signed a water agreement with Syria’s Energy Ministry. ACWA Power is known for its extensive experience in power generation and desalination projects across the Middle East. These investments are part of a broader strategy to attract foreign capital and revive Syria’s economy, which has been devastated by years of conflict. In July, Syria and Saudi Arabia had already announced 47 investment agreements valued at over $6 billion, underscoring the deepening economic ties between the two nations.