Saudi Arabia Invests $40B in Syria With 80 Main Aviation and Telecom Agreements

Saudi Arabia Invests $40B in Syria With 80 Main Aviation and Telecom Agreements

Saudi Arabia and Syria signed 80 agreements and memoranda of understanding on Saturday with a complete worth exceeding SR40 billion. The offers intention to assist Syria’s financial system and broaden cooperation between the 2 international locations throughout a number of key sectors.

Aleppo airport growth and aviation initiatives

One of many essential agreements focuses on the Aleppo Airport Challenge. It was signed between the Syrian Civil Aviation Authority and a Saudi funding consortium led by the BinDawood Funding Group.

This challenge marks the primary funding by the Elaf Fund. It consists of constructing a brand new Aleppo Worldwide Airport, working and upgrading the present airport throughout development, and financing an built-in navigation radar system that may cowl all Syrian airspace.

Al-Falih additionally introduced that Saudi Arabia will make investments SR7.5 billion to develop two airports in Aleppo in a number of phases. The 2 international locations may even create a joint airline known as Nas Syria. Moreover, Al-Falih reached an settlement with the Syrian sovereign wealth fund to develop the Syrian Cables Firm.

Telecommunications infrastructure improve

One other key settlement is the Telecommunications Infrastructure Settlement. It was signed between Syria’s Ministry of Communications and Data Expertise and Saudi Telecom Firm (STC).

The aim is to modernize Syria’s telecom community by increasing fiber-optic cables and constructing new knowledge facilities. This may enhance web companies and assist Syria grow to be a regional hub for knowledge transmission and worldwide connectivity.

Growth of the Syrian cables business

Water desalination and transport initiatives

The agreements additionally embody a serious water growth plan. The Water Desalination and Transport Tasks Growth Settlement was signed between the Syrian Ministry of Power and Saudi corporations ACWA Energy and the Nationwide Water Transmission Firm.

The settlement requires financial, technical, and monetary research for a seawater desalination plant with a deliberate capability of about 1.2 million cubic meters per day. It additionally consists of plans for a big water pipeline challenge and associated amenities.

Banking hyperlinks and financial cooperation

Throughout the occasion, Al-Falih introduced that cash switch channels between Saudi and Syrian banks shall be activated. He described the cooperation as a serious step ahead pushed by strategic initiatives.

He emphasised that the partnership between the 2 international locations is shifting forward fastidiously and steadily. Al-Falih known as the announcement in Riyadh about lifting sanctions on Syria a historic second. He added that the Saudi-Syrian Enterprise Council will supervise the implementation of strategic initiatives.

Advantages for Syria and future cooperation

The top of the Syrian Funding Authority stated the agreements will enhance infrastructure and straight profit Syrian residents.

The signed agreements cowl aviation, telecommunications, infrastructure, and growth initiatives. The go to additionally consists of high-level conferences with officers and stakeholders to discover new funding alternatives, talk about challenge execution, and create a enterprise atmosphere that draws high-quality investments.