Al-Falih: We have signed agreements worth 20 billion riyals... and there is no ceiling for Saudi investments in Syria

SadaNews - Saudi companies have signed a package of investment partnerships and strategic contracts with Syrian government entities, including sectors such as aviation, telecommunications, infrastructure, and development initiatives, worth up to 20 billion riyals, to enhance investment cooperation and contribute to the recovery of the Syrian economy devastated by war.

Saudi Investment Minister Khalid Al-Falih emphasized during his visit to Damascus today at the head of a high-level Saudi delegation at the People's Palace in Damascus that "there is no ceiling for the Kingdom's investments in Damascus."

In an interview with "Asharq", Al-Falih revealed that the investment agreements signed today "are expected to be worth about 20 billion riyals" alongside previous memos and agreements signed between the two parties, estimated at approximately 40 billion riyals, bringing the total Saudi investments in Syria to nearly 60 billion riyals. He added, "Today's investments are a base for an even broader launch of Saudi investments in Syria."

For his part, the head of the Syrian Investment Authority, Talal Al-Hilali, stated that the agreements include a contract to develop and operate Aleppo Airport and the establishment of a Saudi-Syrian economic airline, as well as an agreement to develop telecommunications infrastructure and update communication networks and internet quality. Al-Hilali pointed out that these agreements outline the features of a new phase of partnership based on mutual trust and respect.

The signed agreements between Saudi companies and Syrian government entities aim to push bilateral partnerships towards the practical implementation phase of joint projects. The visit includes holding a series of meetings with a number of government officials to discuss investment cooperation, explore ways to implement joint projects, and provide an encouraging environment to attract quality investments.

Launching the "Ilaaf" Fund

Al-Falih clarified that the visit extends a clear trajectory based on a shared vision to build a joint future, referring to the launching of the establishment of the Saudi Ilaaf Fund for investment in major projects in Syria with the participation of the Saudi private sector, and activating banking transfer channels between the two countries after lifting economic sanctions.

Al-Falih indicated that the "Ilaaf" fund has been governed and licensed by the capital market in the Kingdom, with the announcement coming "after signing the investment protection and encouragement agreement between Saudi Arabia and Syria, along with launching an innovative and constructive investment system in Syria, which contributed to this initiative by Saudi investors."

The economic relations between Saudi Arabia and Syria have deepened, especially after the Kingdom played a key role in supporting the lifting of UN sanctions imposed on the country during the rule of the previous regime. Many Saudi companies and institutions intend to participate in reconstruction efforts in Syria.

Developing Aleppo Airports

The Saudi investment minister announced during his speech today a plan to develop Syrian airports in Aleppo over several investment phases worth 7.5 billion riyals.

For his part, Omar Al-Hosri, head of the General Authority of Civil Aviation and Air Transport in Syria, stated that the agreements announced related to the development and operation of Aleppo International Airport and enhancing its operational efficiency, along with establishing the "Nes Syria" company, would strongly reintegrate Syria into the international and regional aviation network, noting that it marks the beginning of a promising path to restore Syria to its natural position.

It is worth mentioning that the Aleppo airports development plan includes the project for the new Aleppo International Airport, in addition to the operation and improvement of the current airport.

Establishing "Nes Syria" Airlines

Khalid Al-Falih revealed the signing of an agreement to establish a new joint Saudi-Syrian air carrier called "Nes Syria", indicating that "Nes Airlines" chose Syria as its first destination for foreign investments.

"Nes Airlines" signed a partnership agreement with the Syrian Civil Aviation Authority to establish "Nes Syria" to support the revitalization of the air transport sector in Syria. The company will be owned 51% by the General Authority of Civil Aviation and Air Transport in Syria, and 49% by "Nes Airlines". It is scheduled to begin operations in the fourth quarter of 2026.

This project is part of a broader trend to enhance regional air connectivity and stimulate investments in aviation infrastructure, at a time when air transport plays a crucial role in supporting economic recovery and attracting capital.

Water Desalination

Syrian Energy Minister Mohammad Al-Bashir clarified that a memorandum of understanding and a joint development agreement have been signed with Saudi companies "Aqua" and "Water Transport" to outline a clear roadmap for cooperation in the water sector, including plans to establish a seawater desalination plant to transport fresh water from the coast to the south of the country.

Al-Bashir confirmed Syria's steadfast commitment to proceed with the implementation of major strategic projects, foremost of which are infrastructure, energy, water, and desalination projects. He considered that the agreement with "Aqua" reflects a desire to cooperate with entities that possess global expertise in water desalination projects to ensure the development of this sector.

In November of last year, Syria enlisted the help of the Saudi company "Aqua" to prepare a comprehensive study aimed at developing the energy sector until 2040, as part of the country’s efforts to revive this sector devastated by war.

Silk Link

Al-Falih revealed the signing of the "Silk Link" agreement, which is considered one of "the largest digital infrastructure projects in Syria" with investment led by "stc". He added that the investment will establish "an integrated infrastructure of fiber-optic cables, data centers, and a network of internet to the highest standards".

The project aims to improve communication infrastructure in Syria by extending fiber optic cables and establishing data centers, which contributes to enhancing internet service provision and enables Syria to become a regional hub for data transfer and international communication.

Saudi Communications Minister Abdullah Al-Sawaha confirmed that Syria "has been able to steer the rudder in the right direction to become an attractive hub for investments".

For his part, Syrian Minister of Communications and Information Technology Abdul Salam Haykal stated that the "Silk Link" project contributes to solidifying Syria's position as a global connectivity point and allows internally building an integrated system of services for global centers.

He noted that Syria's communication infrastructure has suffered from weak investment over the past years, pointing out that a path has been taken to leverage the geographical location to make Syria an international passage for data flow.

Bundles of Saudi Investments in Syria

The visit represents an advanced phase in the economic partnership between the Kingdom and Syria, as it is a continuation of a series of meetings and forums held last year, which resulted in signing several agreements to encourage mutual investment and activate mechanisms for joint work in several vital sectors.

It is noteworthy that the investments announced today come following the first batch of Saudi investments in Syria, which were revealed during the Syrian-Saudi investment forum at the People's Palace in Damascus, which saw the signing of 47 agreements and memorandums of understanding worth $6 billion, in a qualitative step towards establishing a strategic partnership that enhances economic and investment cooperation between the two countries.

The director of the Syrian Investment Authority, Talal Al-Hilali, revealed in an interview with "Asharq" last week that large projects and deals worth billions of dollars with Saudi Arabia will be announced today, Saturday, covering sectors such as aviation, infrastructure, tourism, and real estate development.