Syria and Saudi Arabia on Saturday signed a series of agreements, including plans for a joint airline and a $1-billion telecommunications project, as Damascus moves to rebuild after years of conflict.

Talal al-Hilali, head of the Syrian Investment Authority, announced that the deals include “a low-cost Syrian-Saudi airline designed to strengthen regional and international air connections,” along with the development of a new international airport in northern Aleppo and upgrades to the existing facility.

The agreements also cover a project called SilkLink, aimed at modernizing Syria’s telecommunications infrastructure and improving digital connectivity. Syrian Telecommunications Minister Abdulsalam Haykal confirmed that the initiative would be backed by an investment of around $1 billion.

Under the new authorities in Damascus, who assumed power after ousting Bashar al-Assad in December 2024, Syria has sought to attract foreign investment, signing major deals with Gulf countries, including Saudi Arabia. Decades of sanctions under the Assad era had previously hindered significant foreign investment, but the United States lifted its remaining sanctions late last year, paving the way for renewed economic engagement.

In addition, Syria and Saudi Arabia signed agreements on water desalination and development cooperation. Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund to support major projects in Syria involving the Saudi private sector, describing the deals as part of “building a strategic partnership” between the two nations.

Hilali noted that the agreements focus on “vital sectors that impact people’s lives and form essential pillars for rebuilding the Syrian economy.”

Syria has already embarked on a large-scale effort to restore its infrastructure and economy. In July last year, Riyadh signed $6.4 billion in investment and partnership agreements with Damascus, covering infrastructure, telecommunications, and other key sectors. A month later, Syria signed deals worth more than $14 billion, including investments in the Damascus airport, transport, and real estate projects. This week, Damascus also signed a preliminary agreement with US energy giant Chevron and Qatari firm Power International to explore offshore oil and gas.