In a move reflecting the accelerating pace of economic normalization and the deepening of bilateral relations, the Kingdom of Saudi Arabia and the Syrian Arab Republic signed five strategic agreements on Saturday covering multiple vital sectors, on the sidelines of a visit by a high-level Saudi delegation to the capital, Damascus.
Details of the signed agreements
The signing ceremony witnessed the conclusion of several significant agreements aimed at rehabilitating Syrian infrastructure and strengthening air links between the two countries. Among the most prominent agreements was a partnership between the Elaf Fund and the Syrian Civil Aviation Authority to develop and operate Aleppo International Airport, a pivotal step in connecting northern Syria to international trade and travel.
An agreement was also reached to establish a joint airline between the two countries, a move that will facilitate air transport and increase trade and tourism. In the industrial sector, the two sides signed an agreement with the Syrian sovereign wealth fund to develop the Syrian Cables Company, in addition to another agreement aimed at developing water desalination and transportation projects—a vital sector that Syria desperately needs during the reconstruction phase.
Official visit to promote investment
Saudi Investment Minister Khalid al-Falih arrived in Damascus today at the head of an economic delegation on an official visit aimed at advancing bilateral partnerships toward practical implementation. During the visit, al-Falih emphasized the Kingdom's commitment to strengthening economic and investment cooperation, noting that these agreements represent the beginning of joint efforts that serve the interests of both brotherly nations.
Context of political and economic rapprochement
These agreements represent the culmination of the recent diplomatic rapprochement between Saudi Arabia and Syria, which began with the resumption of diplomatic relations and Syria's return to its seat in the Arab League. These economic steps are a practical implementation of the political understandings, moving relations from a phase of political normalization to one of active economic partnership.
Strategic importance and expected impact
This event is of paramount importance both locally and regionally. For Syria, these investments represent a lifeline for its infrastructure sectors, which have been devastated by years of war, and pave the way for the return of Arab capital to contribute to reconstruction. For the Kingdom, this step aligns with Saudi Vision 2030, which aims to bolster regional investments and create an integrated economic environment in the region.
These agreements are expected to contribute to improving services provided to Syrian citizens, particularly in the areas of transportation and water, in addition to creating new job opportunities and stimulating the economic cycle between the two countries.
