Saudi Arabia and Syria have entered a new era of economic partnership following the signing of several high-level investment agreements in Damascus. The ceremony took place under the patronage of Syrian President Ahmad Al-Sharaa. Saudi Minister of Investment Khalid Al-Falih led a delegation of senior officials and private sector leaders to the Syrian capital to formalise these strategic contracts. The group included Minister of Communications and Information Technology Abdullah Alswaha and GACA President Abdulaziz Al-Duailej.

One of the most significant deals involves the Aleppo Airport Project. A Saudi investment consortium led by BinDawood Holding Group has agreed to develop a new international airport and upgrade existing facilities. This project also includes the financing of a comprehensive navigation radar system for Syrian airspace. Furthermore, Saudi carrier Flynas has signed an agreement to launch a new joint airline for commercial and cargo services.

Infrastructure and utilities also featured heavily in the discussions. The Saudi Telecom Company (stc) will work with the Syrian government to expand fiber-optic networks and develop data centres. In the water sector, ACWA Power and the Water Transmission Company will study a major seawater desalination project. This facility is expected to have a capacity of 1.2 million cubic metres per day.

Khalid Al-Falih affirmed that the agreements mark a new phase in economic cooperation between Saudi Arabia and Syria. He said: “What we are witnessing today in economic relations between Saudi Arabia and Syria is the result of a long history of reciprocal visits and continuous engagement at both the governmental and private levels. These efforts have consolidated the foundations of partnership, built mutual trust, and paved the way for this pivotal moment in the history of economic relations.”

Industrial growth was addressed through a deal between the Syrian Sovereign Fund and Riyadh Cables Group to modernise the Syrian Modern Cables Company. Additionally, the training firm Semanoor will help develop a national platform for vocational and technical education. The visit also saw the launch of the Saudi-Syrian Business Council meeting. This body will serve as the primary link for private sector coordination between the two nations moving forward. Both sides expressed a commitment to exploring further sectoral opportunities to strengthen the strategic partnership.