Syria and Saudi Arabia sign multibillion-dollar investment deals

Officials said the agreements include a reported $1 billion SilkLink telecommunications project and a new low-cost Syrian‑Saudi airline, along with plans to develop Aleppo's international airport.

Syria and Saudi Arabia signed multibillion-dollar investment agreements in Damascus on Saturday, officials announced. The accords cover a major telecommunications project called SilkLink, a new low-cost Syrian‑Saudi airline and plans to develop the international airport in Aleppo. Syrian and Saudi ministers attended a signing ceremony described as part of broader reconstruction and development cooperation. Officials said the lifting of many Western sanctions after a leadership change in late 2024 helped open the way for new investment. What officials said: - The SilkLink telecommunications project was reported as an investment of about $1 billion and is planned to be implemented in two stages over roughly 18 months to two years. - Saudi Investment Minister Khalid al-Falih said the project will be led by Saudi Telecom Company (STC Group), according to the announcement. - The agreements include a new low-cost airline called Flynas Syria and plans to develop and expand the international airport in Aleppo to handle about 12 million passengers annually. - A water desalination and transfer agreement with ACWA Power was signed, and Saudi officials announced the launch of an investment fund to support major projects in Syria. Summary: Officials presented the deals as part of efforts to rebuild infrastructure and attract private sector participation. The SilkLink project has a reported two-stage timetable of about 18 months to two years; timing and next steps for the other projects were not specified. Undetermined at this time.