DAMASCUS, Syria (AP) — On Saturday, Syria and Saudi Arabia entered into significant multibillion-dollar investment agreements aimed at revitalizing Syria's economy. The agreements include the establishment of a major telecommunications project, the launch of a low-cost joint airline named Flynas Syria, and the development of an international airport in northern Syria, particularly in the city of Aleppo.
The backdrop for these developments is Syria's ongoing efforts to recover economically from the long-lasting civil war. This conflict has claimed nearly half a million lives and inflicted extensive damage on the country's infrastructure. Following the ousting of former President Bashar Assad in December 2024, most Western sanctions on Syria were lifted as a new leadership took control, creating an environment conducive to foreign investments.
Abdulsalam Haykal, Syria's Minister of Communications and Information Technology, detailed the telecommunications project, which is estimated to cost nearly $1 billion. This initiative will unfold in two phases over an 18-month to two-year timeline. Haykal emphasized that the project, dubbed SilkLink, is poised to position Syria as an international telecommunications hub by laying thousands of kilometers of cables, thereby enhancing internet connectivity between Asia and Europe.
Saudi Investment Minister Khalid al-Falih highlighted that the telecommunications project will be spearheaded by the Saudi Telecom Company (STC Group). In addition to telecommunications, al-Falih noted that the Syrian Energy Ministry signed a water agreement with Saudi Arabia's ACWA Power, a company recognized for its capabilities in power generation and the management of desalination facilities across the Middle East and beyond.
The new low-cost airline, Flynas Syria, is also part of this growing portfolio of investment agreements. Although the financial details regarding this airline remain undisclosed, it is a significant addition to the bilateral cooperation between the two countries.
Saudi Arabia, rich in oil and serving as a primary supporter of Syria's new government under the interim presidency of Ahmad al-Sharaa, is also set to launch an investment fund dedicated to the development of the international airport in Aleppo. The airport is projected to handle approximately 12 million passengers annually, reflecting the ambition of both nations to bolster Syria's aviation industry.
In July 2025, Syria and Saudi Arabia had announced a whopping 47 investment agreements valued at over $6 billion, marking a substantial commitment from the Saudi realm to support Syria's economic recovery efforts.
The recent agreements underscore a broader shift in regional dynamics, as Syria seeks to rebuild and reintegrate itself into the international economy following years of isolation caused by its civil conflict. With the lifting of sanctions and the financial backing of Saudi Arabia, Syria hopes to foster an environment conducive to recovery and lasting peace.
