Saudi Arabia, Syria sign 80 agreements worth over SR40 billion

DAMASCUS— Saudi Arabia and Syria have signed on Saturday 80 agreements and memoranda of understanding worth over SR40 billion. The ceremony of signing new investment agreements was held in the presence of Saudi Minister of Investment Khalid Al-Falih in Damascus on Saturday. Al-Falih, who leads a high level Saudi delegation visiting Syria, announced concluding of five strategic agreements aimed at supporting the Syrian economy and strengthening cooperation between the two countries. The agreements signed between Saudi companies and Syrian government entities include the Aleppo Airport Project Agreement, signed between the Syrian Civil Aviation Authority and a Saudi investment consortium led by the BinDawood Investment Group. This agreement represents the first investment by the Elaf Fund and aims to develop the new Aleppo International Airport, operate and improve the existing airport during the development phase, and finance an integrated navigation radar system covering all of Syrian airspace. Al-Falih also announced that the Kingdom will invest SR7.5 billion to develop two airports in the Syrian city of Aleppo in several phases. A joint airline, called Nas Syria, will also be established between the two countries, in addition to an agreement with the Syrian sovereign wealth fund to develop the Syrian Cables Company. The Telecommunications Infrastructure Agreement, signed between the Syrian Ministry of Communications and Information Technology and Saudi Telecom Company (STC), aims to upgrade Syria’s telecommunications infrastructure by extending fiber optic cables and establishing data centers, thereby enhancing internet services and enabling Syria to become a regional hub for data transmission and international connectivity. The Agreement for the Operation and Development of the Modern Syrian Cables Company was signed between the Syrian Sovereign Fund and the Riyadh Cables Group. This agreement aims to manage, operate, and develop the Modern Syrian Cables Company’s factories in Syria, localize technical knowledge, and develop local capabilities in the energy and electrical cable sector. The announced agreements also include one for developing water desalination and transportation in Syria. The Water Desalination and Transport Projects Development Agreement was signed between the Syrian Ministry of Energy and the Saudi companies -ACWA Power and National Water Transmission Company. This agreement aims to conduct the necessary economic, technical, and financial studies and find suitable solutions to evaluate both a seawater desalination project with an approximate capacity of 1.2 million cubic meters per day and a water pipeline project with its associated facilities. Speaking on the occasion, Al-Falih announced that transfer channels between Saudi and Syrian banks will be activated. The minister stated that there has been a qualitative leap in cooperation with Syria through strategic projects. Al-Falih affirmed that the partnership with Syria is progressing steadily and deliberately. The minister noted that the announcement of lifting sanctions on Syria in Riyadh was a historic moment. He pointed out that the Saudi-Syrian Business Council will oversee strategic projects. The head of the Syrian Investment Authority stated that the agreements signed with Saudi Arabia will contribute to infrastructure development, emphasizing that these agreements will benefit Syrian citizens. Al-Falih arrived in Damascus on Saturday at the start of an official visit aimed at strengthening economic and investment cooperation between the Kingdom and Syria and advancing bilateral partnerships to the practical implementation phase of joint projects. The visit comes within the framework of supporting the strategic partnership between the two countries, enhancing the role of the private sector in supporting development projects, and creating a sustainable path for economic integration that serves common interests and keeps pace with development trends in the coming phase. The agreements signed cover the aviation, telecommunications, infrastructure, and development initiatives sectors. The visit also includes a series of high-level official meetings with a number of officials and relevant stakeholders to explore investment cooperation opportunities, as well as to discuss ways to implement joint projects, and create an environment conducive to attracting quality investments.

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