Agreements on strategic cooperation signed between Syria and Saudi Arabia

Syria and Saudi Arabia have taken a giant step in economic cooperation to rebuild bilateral relations on a strategic basis. A delegation led by Saudi Minister of Investment Khalid Al-Falih paid an official visit to the Syrian capital, Damascus. Meeting during the visit, Saudi and Syrian officials decided to implement multi-billion dollar agreements in many critical sectors, from aviation to infrastructure.

Al-Falih announced the establishment of the "Elaf Investment Fund" to support major projects in Syria and that bank transfer channels between the two countries have been reactivated. To strengthen historical ties between the countries, Al-Falih announced that they would invest a total of 7.5 billion Saudi riyals (approximately 2 billion dollars) in various stages of projects aimed at developing two airports in the Syrian city of Aleppo. While this investment is aimed at strengthening Syria's position in the regional trade network, a strategic move was also made in the aviation sector. Within the scope of the signed agreements, it was decided to establish a new airline company in partnership between the two countries. According to Al-Falih's statement, under the agreement reached between the Syrian Civil Aviation Authority and the Saudi-based low-cost airline "Flynas," the company to be established under the name "Flynas Syria" will have 51 percent of its shares owned by the Syrian side and 49 percent by the Saudi side. Furthermore, the company's operations are expected to begin in the last quarter of this year.

Consensus reached on various infrastructure projects

During the contacts made within the scope of the visit, a consensus was reached on utilizing Saudi Arabia's experience and investment power in telecommunications and general infrastructure projects, in addition to aviation. In this context, it was reported that large-scale digital infrastructure projects, a water agreement supported by Saudi companies, and agreements for the operation and development of the Syrian Modern Cable Company were finalized.

Officials stated that these steps are not just an economic partnership, but also a necessity of the ties between the peoples of the two countries. It was emphasized that these projects are not limited to letters of intent, but are "ready-package" agreements that will move directly to the implementation phase.

Saudi Arabia's support for the Syrian economy

While the Saudi delegation stated that they would encourage the role of the private sector in the process of Syria's reconstruction and development, they pointed out that sustainable economic integration is vital for regional stability. During the meetings, while Saudi Arabia's determination to support the Syrian economy was highlighted, it was reported that Saudi authorities have made high-level diplomatic initiatives for the easing and lifting of international sanctions on Syria and will continue their support in this regard. It was noted that the consensus reached between the two countries in recent years has turned into a concrete and comprehensive strategic partnership with the latest agreements signed.

"Syria is now moving in the right direction"

Saudi Minister of Communications Abdullah Al-Swaha highlighted the significant economic and political challenges Syria is facing, while stating that the country is now moving in the "right direction." Al-Swaha said that the investment projects send a clear message based on the deep historical and cultural ties between the two countries.

"An important step in expanding the partnership"

Syrian Minister of Electricity Mohammad Al-Bashir said that the agreements reflect Syria's determination to advance large-scale strategic projects, especially in the fields of energy and water. Al-Bashir described the contacts as an "important step" in expanding the Syrian-Saudi partnership.

News Source: 12punto