ERBIL, Kurdistan Region - Saudi Arabia and Syria on Saturday announced major investments to rebuild the country’s infrastructure, including telecommunications networks and an airport in war-torn Aleppo.
Saudi Investment Minister Khalid al-Falih led a high-level delegation to sign investment agreements in Damascus with Syrian President Ahmed al-Sharaa, signaling deepening economic ties between the two countries, Syria’s state-run news agency, SANA, reported.
The deals cover major sectors including aviation, water, real estate and telecommunications, which will see major infrastructural projects to develop fiber optic cables and data centers that “position Syria as a global connectivity hub,” SANA reported. Syria has contracted a telecommunications conglomerate, Saudi Telecom Company, to lead the effort after a competitive bidding process.
While investment figures were not announced, the Gulf state is one of the largest funders in Syria’s recovery after years of war that devastated the country’s infrastructure and economy. The initiative will include 45 projects, and Saudi Arabia will create a dedicated fund for Syria, Elaf.
“Our presence in Damascus reflects a shared vision to build a common future between our two countries,” Falih said.
Saudi is set to build an airport in Aleppo and establish a low-cost carrier through the Saudi budget airline Flynas, SANA reported. Flynas said in a statement the airline will be operational by late 2026, with 51 percent ownership by the Syrian interim government’s Civil Aviation Authority and a 49 percent stake for Flynas. Around $2 billion, or 7.5 billion Saudi riyals, will be invested in the Aleppo airport, Reuters quoted al-Falih as saying.
Saudi will also help build a seawater desalination plant from the Syrian coast to supply southern regions with fresh water, and ACWA Power and the Saudi Water Transmission Company signed a memorandum of understanding to jointly develop the water sector, SANA reported.
The International Committee for the Red Cross (ICRC) estimated Syria lost 40 percent of its drinking water from 2011 to 2021. Economic crises exacerbated by persistent droughts, particularly in rural areas, have been cited as a factor driving the war.
US Syria Envoy Tom Barrack praised the investment agreements in a statement on X Saturday, saying they “will contribute meaningfully to Syria’s reconstruction efforts” and create autonomy.
“As [US President Donald Trump] has emphasized, regional stability is best achieved when nations of the region take responsibility for their own future - and this partnership delivers on this principle,” he said.
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