Saudi, Syrian entities sign five investment deals in Damascus

Five investment agreements were signed today, Feb. 8, in the Syrian capital, Damascus, between Saudi companies and Syrian government entities.

Saudi Minister of Investment Khalid Al-Falih led an investment delegation that signed the agreements in Damascus.

The transfer channels between Saudi and Syrian banks will be activated, the minister added, noting that the Saudi-Syrian Business Council was officially launched today and will oversee strategic projects.

A water desalination and transport project development agreement was signed between the Syrian Ministry of Energy and the Saudi companies ACWA Power and National Water Transmission Co.

Additionally, a joint airline, called flynas Syria, will also be established between the two countries, in addition to an agreement with the Syrian sovereign wealth fund to develop the Syrian Cables Company.

Further, the Syrian Ministry of Communications and Information Technology and stc signed an agreement to upgrade Syria's telecommunications infrastructure by extending fiber optic cables and establishing data centers, thereby enhancing internet services and enabling Syria to become a regional hub for data transmission and international connectivity.

Moreover, there is the Aleppo airport project agreement, signed between the Syrian Civil Aviation Authority and Elaf Fund to develop the new Aleppo International Airport, operate and improve the existing airport during the development phase, and finance an integrated navigation radar system covering all of Syrian airspace.

Al-Falih also noted that a new real estate project agreement was signed under the auspices of the Saudi-Syrian Business Council, which was officially launched today.