Saudi Arabia and Syria ink multibillion-dollar investment agreements

Syria and Saudi Arabia Sign Major Investment Package

A significant investment package worth billions of dollars has been signed between Syria and Saudi Arabia, covering various sectors including aviation, energy, real estate, and telecommunications. The agreement was announced by the Syrian Investment Authority on Saturday.

The deal includes a commitment of $2 billion from Saudi investors to develop two airports in Aleppo city. Additionally, nearly $1 billion will be invested in the telecommunications sector, with plans to lay thousands of kilometers of cable to boost connectivity between Asia and Europe.

A new airline called “Flynas Syria” has also been established, with 51% ownership by the Syrian side. The airline is expected to start operations in the fourth quarter of 2026.

The Ministry of Energy has signed a water agreement with ACWA Power, a Saudi company known for its projects in power generation and desalinated water production plants.

The agreements were made through the newly launched Elaf fund, which aims to finance large-scale projects with participation from Saudi private-sector investors. The fund’s chief, Talal al-Hilali, stated that the deals target “vital sectors that impact people’s lives and form essential pillars for rebuilding the Syrian economy”.

US Envoy Tom Barrack commended the deal, saying it will contribute meaningfully to Syria’s reconstruction efforts. However, some analysts have expressed caution about the short-term economic impact of the agreements.

The government has faced criticism over the past year for making development promises based on written pledges with foreign investors.

Source: Al Jazeera