Saudi Arabia and Syria have signed a series of multi-billion dollar investment agreements aimed at rebuilding Syria’s economy and infrastructure after 14 years of conflict. The landmark deals cover key sectors including aviation, with the establishment of a new joint airline with flynas, and a major overhaul of the country’s telecommunications network.
The investment package follows the recent change in Syria’s leadership and is seen as a pivotal step in strengthening economic ties between the two nations.
A New Era of Connectivity
A significant part of the agreement is dedicated to the aviation sector. Saudi budget carrier flynas and the Syrian Civil Aviation Authority have partnered to establish a new low-cost airline, “flynas Syria.” The joint venture, expected to begin operations in late 2026, will be 51% owned by the Syrian side and 49% by flynas.
In addition, a Saudi investment fund will commit 7.5 billion Saudi riyals ($2 billion) to develop the international airport in the northern city of Aleppo, with a goal of serving 12 million passengers annually.
Powering Digital Transformation
The agreements also include a nearly $1 billion project to develop Syria’s telecommunications infrastructure. The “SilkLink” project, set to be led by Saudi Telecom Company (STC Group), will involve laying thousands of kilometers of cables to enhance internet connectivity between Asia and Europe.
According to Syrian officials, the project will unfold in two stages over 18 to 24 months and aims to position Syria as an international telecommunications hub.
Strategic Economic Partnership
These investments reflect a deepening strategic partnership and are designed to support Syria’s development plans, create direct and indirect employment opportunities, and enhance the role of the private sector in the country’s economic recovery.
Saudi Investment Minister Khalid al-Falih stated, “Our presence in Damascus reflects a shared vision to build a common future between our two countries.”
The package also includes a water agreement between Syria’s Energy Ministry and Saudi Arabia’s ACWA Power, a major developer of power generation and desalinated water production plants.
Source: Alwasat
