DAMASCUS— Saudi Arabia and Syria have signed on Saturday 80 agreements and memoranda of understanding price over SR40 billion.
The ceremony of signing new funding agreements was held within the presence of Saudi Minister of Funding Khalid Al-Falih in Damascus on Saturday. Al-Falih, who leads a excessive stage Saudi delegation visiting Syria, introduced concluding of 5 strategic agreements geared toward supporting the Syrian economic system and strengthening cooperation between the 2 international locations.
The agreements signed between Saudi corporations and Syrian authorities entities embody the Aleppo Airport Mission Settlement, signed between the Syrian Civil Aviation Authority and a Saudi funding consortium led by the BinDawood Funding Group.
This settlement represents the primary funding by the Elaf Fund and goals to develop the brand new Aleppo Worldwide Airport, function and enhance the present airport through the improvement part, and finance an built-in navigation radar system overlaying all of Syrian airspace.
Al-Falih additionally introduced that the Kingdom will make investments SR7.5 billion to develop two airports within the Syrian metropolis of Aleppo in a number of phases. A joint airline, referred to as Nas Syria, will even be established between the 2 international locations, along with an settlement with the Syrian sovereign wealth fund to develop the Syrian Cables Firm.
The Telecommunications Infrastructure Settlement, signed between the Syrian Ministry of Communications and Data Expertise and Saudi Telecom Firm (STC), goals to improve Syria’s telecommunications infrastructure by extending fiber optic cables and establishing information facilities, thereby enhancing web companies and enabling Syria to turn into a regional hub for information transmission and worldwide connectivity.
The Settlement for the Operation and Growth of the Trendy Syrian Cables Firm was signed between the Syrian Sovereign Fund and the Riyadh Cables Group. This settlement goals to handle, function, and develop the Trendy Syrian Cables Firm’s factories in Syria, localize technical data, and develop native capabilities within the vitality and electrical cable sector.
The introduced agreements additionally embody one for creating water desalination and transportation in Syria. The Water Desalination and Transport Initiatives Growth Settlement was signed between the Syrian Ministry of Vitality and the Saudi corporations -ACWA Energy and Nationwide Water Transmission Firm.
Associated Article
Presidential Management Council lauds Saudi Arabia’s help for Yemen
This settlement goals to conduct the mandatory financial, technical, and monetary research and discover appropriate options to guage each a seawater desalination challenge with an approximate capability of 1.2 million cubic meters per day and a water pipeline challenge with its related amenities.
Talking on the event, Al-Falih introduced that switch channels between Saudi and Syrian banks shall be activated. The minister said that there was a qualitative leap in cooperation with Syria by way of strategic initiatives.
Al-Falih affirmed that the partnership with Syria is progressing steadily and intentionally. The minister famous that the announcement of lifting sanctions on Syria in Riyadh was a historic second. He identified that the Saudi-Syrian Enterprise Council will oversee strategic initiatives.
The top of the Syrian Funding Authority said that the agreements signed with Saudi Arabia will contribute to infrastructure improvement, emphasizing that these agreements will profit Syrian residents.
Al-Falih arrived in Damascus on Saturday at the beginning of an official go to geared toward strengthening financial and funding cooperation between the Kingdom and Syria and advancing bilateral partnerships to the sensible implementation part of joint initiatives.
The go to comes throughout the framework of supporting the strategic partnership between the 2 international locations, enhancing the position of the non-public sector in supporting improvement initiatives, and making a sustainable path for financial integration that serves frequent pursuits and retains tempo with improvement traits within the coming part. The agreements signed cowl the aviation, telecommunications, infrastructure, and improvement initiatives sectors.
The go to additionally features a sequence of high-level official conferences with plenty of officers and related stakeholders to discover funding cooperation alternatives, in addition to to debate methods to implement joint initiatives, and create an setting conducive to attracting high quality investments.
