Damascus: Syria and Saudi Arabia on Saturday signed a series of investment deals in Damascus, in a move the two sides described as a shift in bilateral economic ties.
These deals include several key areas. In civil aviation, both sides agreed to establish a joint Syrian-Saudi airline aimed at strengthening air connectivity between the two countries, a move reflecting strategic and institutional judiciousness in rebuilding regional links.
In the telecommunications and digital-infrastructure sector, a pact was signed for the "Silk Link" project, which intends to develop the country's digital connectivity system and transform Syria into a primary regional and global data transit hub, after Saudi company STC won the construction and management contract- effectively bankrolling a critical backbone while bringing its operational knack to the project.
The pacts also included projects in the water sector under the sponsorship of Saudi company ACWA Power, aimed at developing water infrastructure, desalination, and water transport, in addition to developing the Syrian Modern Cables Company for the purpose of strengthening the local industrial sector.
Saudi Minister of Investment Khalid Al Falih also announced the launch of the "Elaf" Fund to invest in major projects inside Syria, within the context of advancing the apertures of economic cooperation following the lifting of US sanctions on Damascus.
Reciprocally, Head of the Syrian Investment Authority Talal Al Hilali affirmed that these pacts outline the features of a strategic partnership based on trust and mutual respect.
