A new economic era. Syrian-Saudi partnership with 80 agreements worth 40 billion riyals
In a strategic move aimed at enhancing economic cooperation and reconstructing infrastructure, officials from the Kingdom of Saudi Arabia and the Syrian Arab Republic announced the launch of a huge package of joint investment projects, with the Saudi Minister of Investment, Eng. Khalid Al-Falih, and the Chairman of the Syrian Investment Commission, Mr. Talal Al-Hilali, revealing the signing of 80 agreements worth more than 40 billion Saudi riyals, covering vital sectors including aviation, water, technology, and the financial sector.
A quantum leap in the aviation and transportation sector
The agreements witnessed a prominent announcement of the establishment of a joint airline called "NAS Syria", in partnership between Saudi flynas and Syrian Civil Aviation, where the Saudi company chose Syria as its first foreign investment destination.
In parallel, a comprehensive plan for the development of Aleppo International Airport was approved, with the aim of restoring the city's position as the capital of national industry and a leading center in the country.
The world's largest infrastructure and water projects
In the context of water security, the two sides revealed the signing of the largest water agreement in the world under the auspices of the Saudi companies "ACWA Power" and "Water Transfer", which aims to develop the desalination and water transfer system in Syria in accordance with the latest international standards.
It was also announced that the Silk Link project, which is described as one of the world's largest digital infrastructure projects, has been signed to enhance digital connectivity and communications.
The return of financial channels and industrial cooperation
The Saudi Minister of Investment confirmed the official activation of bank transfer channels between the two countries following the lifting of economic sanctions, paving the way for the smooth flow of investments.
On the industrial level, an agreement was reached between the "Riyadh Cables" Company and the Syrian Sovereign Fund for the development and operation of the "Syrian Cable Company", in addition to the Syrian side's confirmation of the success of the efforts made to improve the reality of electricity and provide it to all cities, the investment package included the signing of a framework agreement that includes 3 sub-contracts for real estate development and infrastructure, which reflects the desire of both sides to accelerate the wheel of urban development.