RIYADH: Saudi Arabia and Syria signed a framework agreement to launch 45 development initiatives, expanding economic cooperation as the two countries step up efforts to rebuild Syria’s economy.
The deals, signed in Damascus between the Syrian Development Fund and the Saudi Development Committee, cover several sectors and are aimed at reviving economic activity, improving regional connectivity and attracting foreign investment, Syria’s state news agency SANA reported.
The agreements were signed during a visit by a Saudi investment delegation led by Investment Minister Khalid Al-Falih, who said a separate real estate project was also agreed under the Saudi-Syrian Business Council.
Saudi Arabia and Syria have been strengthening economic ties, with recent agreements focusing on investments in aviation, telecommunications, infrastructure and real estate.
During the delegation’s visit to Syria, Saudi Arabia also announced a $1 billion investment in the country’s telecoms sector, including the SilkLink project aimed at enhancing digital connectivity.
