KABUL: During a ceremony Saudi and Syrian officials signed economic and commercial contracts worth billions of dollars in five major sectors.
The state media agency SANA reported on Saturday evening that the contracts were signed at the “Al-Shaab” Palace in Damascus, the capital of Syria in the presence of Ahmad al-Sharaa, the President of that country.
According to the report, the agreements cover sectors including “aviation, telecommunications, infrastructure, and real estate development,” aiming to bolster the reconstruction efforts in Syria.
Khalid Al-Fatih, Saudi Minister of Investment, stated that the Kingdom’s commitment is to support Syria’s growth and stability, and Riyadh’s presence in Damascus reflects a vision for building a shared future between the two countries.
Moreover, Talal Al-Hilali, head of Syria’s Investment Authority, noted that the agreements encompass vital sectors that directly impact citizens’ lives. The agreements include strengthening telecommunications infrastructure, developing digital connectivity systems, creating a joint Syrian-Saudi airline, and utilizing modern cable companies in Syria.
Saudi officials mentioned that with the lifting of sanctions on Syria, banking channels between the two countries have been reactivated.
They also indicated that the “Ilaf” investment fund has been established to support Saudi-backed projects in Syria.
It is noteworthy that Saudi traders have previously invested in various projects in Syria over the past year.
Saudi Arabia and Syria sign multi-billion-dollar contracts for major projects
