Saudi Arabia and Syria: 80 agreements worth 40 billion riyals and the development of Aleppo Airport
Saudi Minister of Investment, Khalid Al-Falih, announced the launch of a new and historic phase in economic relations between the Kingdom of Saudi Arabia and the Syrian Arab Republic, revealing the signing of a substantial package of investment agreements reflecting the two countries' desire to strengthen their cooperation. This announcement came during the signing ceremony for the new Saudi investment agreements in Syria, where Al-Falih confirmed the conclusion of 80 agreements and memoranda of understanding with a total value exceeding 40 billion Saudi riyals.
Return of banking channels and financial cooperation
In a move considered a lifeline for trade between the two countries, Minister Al-Falih confirmed the activation of financial and banking transfer channels between Saudi and Syrian banks. This step is a cornerstone for facilitating trade and investment, as the commercial sector has suffered for years from difficulties in financial transfers. This decision is expected to accelerate the implementation of joint projects and boost investor confidence on both sides in the new investment environment.
Developing Aleppo Airport and establishing a joint airline company
The transport and logistics sector received the lion's share of attention in these agreements, with the Minister of Investment unveiling an ambitious plan to develop and operate Aleppo's airports, with an investment value of 7 billion Saudi riyals to be channeled through the "Elaf" fund. Cooperation extends beyond airport infrastructure to include the establishment of a joint airline, which will boost air traffic between the two countries, support the tourism and business sectors, and reconnect Syria more effectively with its regional environment.
Strategic projects in real estate and energy
Al-Falih explained that the partnership with Syria is progressing steadily, noting the signing of three agreements for major real estate projects aimed at developing residential and commercial infrastructure. These projects come in response to the growing need for reconstruction and urban development. In parallel, vital agreements were signed to support the water and energy sectors in Syria, two sectors that are the lifeblood of the economic and social landscape, reflecting the comprehensiveness of the Saudi vision in investing in projects with a sustainable developmental impact.
Political and economic dimensions of lifting sanctions
In discussing the investment climate, the Minister of Investment described the announcement in Riyadh of the lifting of sanctions on Syria as a "historic moment." Economic analysts indicate that this step paves the way for Syria's return to the Arab economic map and opens the door for leading Saudi companies to contribute to reconstruction projects. The Saudi-Syrian Business Council will directly oversee these strategic projects to ensure their implementation according to the highest standards, thereby strengthening regional economic integration and achieving the shared interests of the two brotherly nations.
