Syria and Saudi Arabia sign multibillion-dollar investment deals to boost economy
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$1 per week for 24 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $4.00 plus GST every four weeks. After 24 weeks, price increases to the regular rate of $19.95 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.99/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19.95 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
DAMASCUS, Syria (AP) — Syria and Saudi Arabia signed multibillion-dollar investment agreements on Saturday, including a major telecommunications project, a low-cost joint airline and an international airport in northern Syria.
Syria is trying to improve its economy after a long war that killed nearly half a million people and caused widespread destruction. Most of the crippling Western sanctions on Syria were lifted after a new leadership took power following the ouster of former President Bashar Assad in December 2024, opening the way for investments to flow into the country.
Abdulsalam Haykal, Syria’s minister of communications and information technology, said the nearly $1 billion telecommunications development will take place in two stages lasting between 18 months and two years.
“The project contributes in making Syria an international telecommunications hub,” he said, adding the SilkLink project will involve thousands of kilometers (miles) of cables being laid to boost internet connectivity between Asia and Europe.
Saudi Investment Minister Khalid al-Falih said the project will be led by Saudi Telecom Company, or STC Group.
Al-Falih said that the Energy Ministry in Syria also signed a water agreement with Saudi Arabia’s ACWA Power, which is known for running projects in power generation and desalinated water production plants in the Middle East and beyond.
Also part of the investment agreements was a new low-cost airline called Flynas Syria, the two sides said. The value of the investment was not disclosed.
The oil-rich kingdom, a main backer to Syria’s new government led by interim President Ahmad al-Sharaa, will also launch an investment fund to develop the international airport in the northern city of Aleppo that will serve 12 million passengers annually, according to the two governments.
In July, Syria and Saudi Arabia announced 47 investment agreements valued at over $6 billion.