Syria and Saudi Arabia have concluded an agreement on an investment fund focused on the restoration of infrastructure, the construction of airports and the development of the telecommunications network within the framework of the SilkLink project. The goal is to modernize the country after years of war and attract new investors.
Syria and Saudi Arabia have concluded an important agreement on the establishment of an investment fund to support the development of infrastructure in Syria. The agreement includes the construction of a new international airport in the northern part of Aleppo, the reconstruction of existing airports and the development of a telecommunications network within the SilkLink project. This project aims to improve digital connectivity and modernize telecommunications services in the country, which is trying to rebuild after years of civil war.
- Syria and Saudi Arabia have established a joint investment fund.
- The agreement includes the construction of airports and the development of telecommunications.
- A desalination station on the Syrian coastline is also planned.
- Syria is trying to attract foreign investors after the war.
- Concerns remain as to whether all the projects will actually be implemented.
In addition, the two countries agreed to establish a new low-cost airline to improve the availability of air transport in the region. The agreement was announced by the head of the Syrian Investment Authority, who emphasized that it is a key step to attract foreign investment to the country.
Development of water management
The cooperation also includes an agreement with the Saudi Arabian company ACWA Power, which focuses on the development of water management. The plan includes the construction of a desalination plant on the Syrian coastline that will supply drinking water to the southern regions of the country. According to Syrian Energy Minister Muhammad Bashir, this is a strategic project to improve access to water in a region that has long suffered from a lack of resources.
The moves come as Syria struggles to rebuild its economy following the lifting of international sanctions. After 14 years of civil war, Damascus is struggling to attract foreign investors and rebuild key sectors of the economy.
Significant investments
In recent months, Syria has signed several important agreements with various countries and companies. In July of last year, it concluded agreements with Saudi Arabia worth 6.4 billion dollars, which focus on the restoration of infrastructure and telecommunications. A month later, another investment of 14 billion dollars followed, which includes the modernization of the Damascus airport and other transport and real estate projects.
Despite these successes, the interim Syrian government faces criticism that several signed memoranda have not yet been converted into binding treaties. According to Reuters, it is doubtful whether all the ambitious plans will be realized, but the government in Damascus believes that new partnerships with Saudi Arabia and other Persian Gulf countries will provide the necessary impetus for the country’s reconstruction.
