Syria and Saudi Arabia have signed a fresh set of investment agreements covering aviation, telecommunications, water projects and infrastructure, as Damascus intensifies efforts to rebuild after more than a decade of war.
The deals were signed on Saturday, with Saudi Arabia emerging as one of the strongest supporters of Syria’s new Islamist-led authorities, who came to power after the overthrow of former president Bashar al-Assad in December 2024.
Speaking at the signing ceremony, Syrian Investment Authority chief Talal al-Hilali said the agreements included the launch of “a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links”.
He added that the partnership also covers the construction of a new international airport in Aleppo, alongside the redevelopment of the city’s existing airport.
Another major agreement announced was the SilkLink project, which will focus on upgrading Syria’s telecommunications and digital infrastructure. Syrian Telecommunications Minister Abdulsalam Haykal said the initiative would be rolled out “with an investment of around $1 billion”.
For years, international investment in Syria was largely frozen due to sanctions imposed during the Assad era. That changed late last year when the United States fully lifted its remaining sanctions on Damascus, opening the door to large-scale foreign investment.
Saturday’s agreements also included cooperation on water desalination and broader development projects between the two countries.
Saudi Investment Minister Khalid Al-Falih said Riyadh would also establish a new investment fund dedicated to “major projects in Syria with the participation of the (Saudi) private sector”.
According to Al-Falih, the initiatives form part of “building a strategic partnership” between Damascus and Riyadh.
Hilali said the agreements focus on “vital sectors that impact people’s lives and form essential pillars for rebuilding the Syrian economy”.
Syria faces the enormous challenge of reconstructing infrastructure devastated by years of conflict. In July last year, Saudi Arabia signed investment and partnership deals with Syria worth $6.4 billion, targeting infrastructure, telecommunications and other key sectors.
The following month, Damascus announced agreements valued at more than $14 billion, including projects linked to Damascus airport, transport networks and real estate development.
More recently, Syria signed a preliminary offshore oil and gas exploration deal with US energy firm Chevron and Qatar-based Power International, underscoring the growing international interest in the country’s post-war recovery.
