Syria and Saudi Arabia signed multibillion-dollar investment agreements on Saturday, spanning telecommunications, aviation and infrastructure, as Syria seeks to improve its economy after years of war and large-scale destruction. The announcement came in Damascus as officials described the projects as part of a renewed flow of investment following the lifting of most Western sanctions on Syria after new leadership took power in December 2024.
Syria’s minister of communications and information technology, Abdulsalam Haykal, said the telecommunications development will be delivered in two stages, with a timeline ranging from 18 months to two years. He described the work as contributing to turning Syria into an “international telecommunications hub,” adding that the SilkLink project would involve laying thousands of kilometers (miles) of cables intended to strengthen internet connectivity between Asia and Europe.
Saudi Investment Minister Khalid al-Falih said the telecommunications project would be led by Saudi Telecom Company, or STC Group. He also said Syria’s energy ministry signed a water agreement with ACWA Power, which is known for operating projects in power generation and desalinated water production plants across the Middle East and beyond.
The investment package included aviation plans, with the two sides announcing a new low-cost airline called Flynas Syria. The value of the airline investment was not disclosed in the agreement announcement.
Saudi officials also outlined an airport initiative tied to northern Syria. The two governments said Saudi Arabia will launch an investment fund to develop an international airport in Aleppo that will serve 12 million passengers annually, according to the governments’ statements.
The agreements build on an earlier round of cooperation announced in July, when Syria and Saudi Arabia said they had reached 47 investment agreements valued at more than $6 billion.