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Syria and Saudi Arabia on Saturday formalised a raft of agreements, including plans for a joint airline and a $1 billion telecommunications initiative, as Damascus intensifies efforts to rebuild its economy after years of war.
Announcing the latest agreements, Syrian Investment Authority head Talal al-Hilali said the package includes the establishment of a budget Syrian-Saudi carrier designed to enhance air connectivity across the region and beyond.
Aleppo governor Azzam al-Gharib said the cooperation also covers the construction of a new international airport in Aleppo with a capacity for 12 million passengers, alongside the rehabilitation of the current airport.
Hilali also unveiled the SilkLink project, an initiative aimed at overhauling Syria’s telecommunications and digital infrastructure.
Telecommunications Minister Abdulsalam Haykal said the project would be executed with an investment estimated at $1 billion.
Years of sanctions imposed during the Assad era had largely shut Syria out of major foreign investment.
However, Washington lifted its remaining sanctions late last year, opening the door for broader economic engagement.
The two countries further signed agreements covering water desalination and broader development collaboration.
At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the creation of an investment fund to finance large-scale projects in Syria with participation from Saudi private sector firms.
He said the agreements form part of efforts to build a strategic partnership between Riyadh and Damascus.
Hilali further stated that the agreements focus on critical sectors that directly affect citizens and serve as key pillars in rebuilding the national economy.
US envoy to Syria Tom Barrack welcomed the agreements, saying cooperation in aviation, infrastructure, and telecommunications would make a meaningful contribution to reconstruction.
But Benjamin Feve, senior research analyst at Karam Shaar Advisory, struck a more cautious note, saying the agreements appear more significant politically than economically in the short term.
He said the projects are not immediate reconstruction priorities and would not, on their own, transform the country’s recovery prospects.
Meanwhile, in July last year, Saudi Arabia signed $6.4 billion worth of investment and partnership deals with Syria targeting infrastructure and telecoms.
The following month, Damascus concluded additional agreements exceeding $14 billion, including projects linked to Damascus airport, transport and real estate.
This week, Syria also reached a preliminary agreement with US energy giant Chevron and Qatar’s Power International for offshore oil and gas exploration.
