Damascus (AFP) - Damascus signed a series of agreements on Friday with the Kingdom of Saudi Arabia, including the establishment of a joint airline company, projects to develop communications infrastructure, and the establishment of a new airport in the north of the country.

Published on: 02/07/2026 - 17:35

These agreements represent a new success for the Syrian authorities, led by Ahmed Al-Sharaa, seeking to turn the page on a bloody conflict and years of devastating isolation and to return Syria to the world map.

Since the fall of the previous regime headed by Bashar al-Assad more than a year ago, the two countries announced on several occasions their cooperation in the investment and economic fields, which resulted in the signing of agreements and memorandums of understanding worth billions of dollars.

The new authorities, especially after the lifting of US sanctions on Syria, are seeking to restart the economy and reconstruction in the wake of a war that has depleted the country's economy for 14 years, and have signed agreements and investments with a number of Gulf countries.

During the signing ceremony in Damascus, which Al-Sharaa attended, the head of the Syrian Investment Authority, Talal Al-Hilali, announced five agreements, including “an agreement to form a Syrian-Saudi economic airline aimed at strengthening the regional and international air link and facilitating travel and trade.” It was called "Flynas Syria".

The agreement also includes developing the current Aleppo Airport and establishing a new airport in Aleppo Governorate with a capacity of 12 million passengers, according to what Aleppo Governor Azzam al-Gharib explained in a statement.

Saudi Investment Minister Khalid Al-Falih announced during the signing ceremony that these agreements constitute “an extension of a clear path based on clear directives and support whose details were drawn up in meetings” between the leaders of the two countries “to build a strategic partnership.”

The two parties also signed an agreement to establish the “Silk Link” project with the aim of “developing the communications infrastructure and digital connectivity,” according to Al-Hilali.

Syrian Minister of Communications Abdul Salam Heikal explained that the project is being implemented “with an investment of approximately one billion dollars in two phases extending between 18 and 48 months, and its operation and investment will begin successively.”

On the other hand, the Saudi Minister of Investment announced the launch of the “Elaf Saudi Investment Fund,” explaining that it is dedicated to investing in “major projects in Syria with the participation of the private sector” in the Kingdom.

American welcome

The American envoy to Syria, Tom Barrack, welcomed the Syrian-Saudi agreements, considering that they would make a “tangible contribution to the reconstruction efforts in Syria.”

Among the signed agreements, one was to develop water desalination and transportation projects, another was for development cooperation, and another was to operate and develop the Syrian Modern Cable Company.

The head of the Syrian Investment Authority considered that these agreements are "strategic" and "qualitative" and "target vital sectors that affect the lives of citizens and constitute basic pillars for rebuilding the Syrian economy."

An official in the Saudi Ministry of Investment told Agence France-Presse that the agreements announced on Saturday are “just the beginning, and the directives are for investments to extend to all sectors that constitute an urgent priority for the lives of Syrians and serve the recovery of the Syrian economy.”

Benjamin Fife, a researcher at the Karam Al-Shaar Consulting Center, believes that “the importance of these agreements in the short term lies much more in their being a political signal, not a radical economic transformation,” noting that they “consolidate the international community’s positioning towards Syria in a more positive direction.”

He does not expect “these projects to materialize quickly on the ground,” especially in light of “major obstacles” that still remain before “the private sector and foreign parties... in transferring huge capital to and from the country,” in addition to the fact that many “international banks still view Syria as a high-risk environment.”

At the same time, Fyf considers that these projects are not “priorities” for Syria, because they are “insufficient to rebuild the country” and do not address “Syria’s most urgent needs.”

Historic visit

After Assad's fall, an investment forum was held in Riyadh in July that saw the signing of investment and company agreements worth $6.4 billion to support Syria.

Fife explains that a few of these package agreements “have moved from the announcement stage to actual implementation and transformation into concrete projects.” In addition to economic support, since the fall of Assad, Saudi Arabia has provided political and humanitarian support to Syria. Riyadh was the first capital that Al-Sharaa visited in February 2025 after assuming power.

Saudi Arabia played a major role in US President Donald Trump’s decision to suspend the sanctions imposed on Syria during the era of Bashar al-Assad, and in Shara’s historic visit to Washington.

On Wednesday, Syria signed a memorandum of understanding with the American energy giant Chevron and the Qatari Power International Holding Company, in a move aimed at supporting marine exploration paths and prospecting for oil and gas in Syrian territorial waters.

The Qatari company Power International was among a coalition of four companies that signed on May 29 an agreement and memorandum of understanding in the energy field with Damascus worth seven billion dollars, which includes the development of four electricity generating stations “with a total generation capacity estimated at about 4,000 megawatts.”

Last August, Syria signed agreements with more than one company worth more than $14 billion, including investments in Damascus Airport and other projects in the field of transportation and real estate.

© 2026 AFP

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