The People’s Palace in the Syrian capital, Damascus, witnessed on Saturday the signing of strategic contracts between Syria and Saudi Arabia under the patronage of the Syrian President. The agreements included the aviation, telecommunications, infrastructure, and real estate development sectors, in a step described as establishing a new phase of economic partnership between Damascus and Riyadh.
The head of the Syrian Investment Authority stated that the agreements aim to enhance the infrastructure of the telecommunications sector and develop digital connectivity systems, in addition to establishing a Syrian-Saudi airline to boost air connectivity, and operating and developing the Syrian Modern Cables Company. He emphasized that these understandings outline the features of a partnership based on mutual trust and respect.
The head of the Syrian Investment Authority had previously revealed that most of the new investments between Syria and Saudi Arabia would be contracts ready for implementation, not just memoranda of understanding.
The “Ilaf” Fund
The Saudi Minister of Investment announced the launch of the “Ilaf” fund for investment in major projects within Syria, alongside activating banking transfer channels between the two countries after the lifting of economic sanctions on Syria. He pointed to the signing of agreements in the fields of aviation, digital infrastructure, and water, including the “Silk Link” digital connectivity project and water projects under the sponsorship of the Saudi company “ACWA”.
He added that the Kingdom intends to invest about 7.5 billion riyals (approximately two billion dollars) to develop two airports in multiple phases. It was also announced that an airline would be launched in Damascus under the name “Nas Syria”, indicating the expansion of Saudi investments in the Syrian air transport sector.
The Syrian Minister of Energy stated that Syria will sign an agreement with the Saudi companies “ACWA Power” and “Water Transmission” for a water desalination project.
“Silk Link”
In the telecommunications sector, the Syrian Minister of Communications and Information Technology explained that the sector’s infrastructure has suffered from weak investment in recent years, confirming the direction to invest in Syria’s geographical location to make it an international corridor for data transit.
He indicated that 18 companies applied to invest in the project before the Saudi company “STC” won after an evaluation process. He explained that the “Silk Link” project will enhance Syria’s position as a global connection point and provide an integrated service system for international centers.
The signing of these agreements between Syria and Saudi Arabia comes as a continuation of an upward trajectory of economic cooperation, following the convening of the Syrian-Saudi Investment Forum in Damascus last July, which witnessed the signing of 47 agreements and memoranda of understanding worth about 6 billion dollars.
Syria
Syria is a country in the Middle East with a rich history as a cradle of civilization, home to ancient cities like Damascus, one of the world’s oldest continuously inhabited cities. Its historical landscape includes significant archaeological sites from various empires, such as the ruins of Palmyra and the Crusader castle Krak des Chevaliers.
Saudi Arabia
Saudi Arabia is a Middle Eastern nation founded in 1932 by King Abdulaziz Al Saud, unifying the regions of Najd and Hejaz. It is the birthplace of Islam, home to the religion’s two holiest cities, Mecca and Medina, which have been central to Islamic history for over 1,400 years. The modern kingdom’s development has been profoundly shaped by its vast reserves of petroleum, discovered in the 1930s.
Damascus
Damascus is the capital of Syria and one of the oldest continuously inhabited cities in the world, with a history spanning over 11,000 years. It has been a major cultural and commercial center, ruled by various empires including the Aramaeans, Romans, and Umayyads, who established it as the capital of the Islamic Caliphate in the 7th century. The city’s historic center, a UNESCO World Heritage Site, is renowned for landmarks like the Umayyad Mosque and the ancient Al-Hamidiyah Souq.
Riyadh
Riyadh is the capital and largest city of Saudi Arabia, historically a walled oasis town and the historic seat of the Al Saud dynasty. Its modern transformation began after it was established as the national capital in 1932, accelerating dramatically with the oil boom of the 20th century into a major global metropolis and financial hub.
People’s Palace
The People’s Palace is a cultural and community center located in Glasgow, Scotland, originally opened in 1898. It was established as a museum and leisure space for the working-class residents of the city’s East End, with the aim of providing cultural enrichment and social welfare. Today, it houses a museum dedicated to the social history of Glasgow and its people.
Syrian Investment Authority
The Syrian Investment Authority is a government body established in 2007 to promote and regulate both domestic and foreign investment within Syria. Its creation was part of broader economic reforms aimed at stimulating the country’s economy by streamlining investment procedures and offering incentives.
Ilaf fund
The Ilaf Fund is a Saudi Arabian investment company established in 2007, which takes its name from the pre-Islamic “Ilaf” trade agreements that were historically crucial for the economic and social cohesion of tribes in the Arabian Peninsula. It focuses on private equity and strategic investments, aiming to connect modern financial practices with this heritage of fostering commercial cooperation.
Silk Link
The Silk Link refers to the historical network of trade routes known as the Silk Road, which connected East Asia with the Mediterranean world for centuries. It facilitated the exchange of goods like silk, spices, and technologies, as well as ideas and cultures, profoundly shaping the civilizations along its path. While the ancient routes declined, the concept has seen a modern revival in initiatives like China’s Belt and Road infrastructure project.
ACWA
ACWA stands for the Abdulaziz Center for World Culture, a prominent cultural institution in Dhahran, Saudi Arabia. It was inaugurated in 2017 by Saudi Aramco to promote knowledge, creativity, and cross-cultural dialogue within the Kingdom. The center’s distinctive architecture is inspired by rock formations and houses facilities including a library, museum, theater, and exhibition halls.
ACWA Power
ACWA Power is a Saudi Arabian developer, investor, and operator of power generation and desalinated water plants, founded in 2004. It has grown to become a major international player, with projects across the Middle East, Africa, and Central Asia, focusing on providing renewable and conventional energy and water at low cost.
Water Transmission
“Water Transmission” is not a widely recognized specific place or cultural site. The term may refer to infrastructure for moving water, such as aqueducts or pipelines, which have been crucial throughout history for urban development and agriculture. For example, ancient Roman aqueducts like the Pont du Gard in France are celebrated historical examples of such engineering.
STC
STC refers to the Sydney Tower Centre, commonly known as Sydney Tower, which is the tallest structure in Sydney, Australia. Completed in 1981, it was built as part of a major commercial development and has since become an iconic observation and telecommunications tower. It offers panoramic views of the city and is a prominent feature of the Sydney skyline.
Syrian Modern Cables Company
The Syrian Modern Cables Company is a major industrial manufacturer in Syria, established to produce electrical wires and cables for infrastructure and construction. It was founded in the latter part of the 20th century and has played a significant role in the country’s domestic industrial and development projects.
Nas Syria
Nas Syria is a colloquial term referring to the people of Syria, rather than a specific place or cultural site. Syria itself is a country in the Middle East with a rich history as a cradle of ancient civilizations, including the influential cities of Damascus and Aleppo. Its modern history has been marked by significant conflict, particularly the Syrian Civil War that began in 2011.
