Saudi Arabia’s ACWA Power Company is preparing to sign an agreement with the aim of implementing a project specialized in desalination and water transportation in Syrian territory.
In a related context, sources reported to Al Arabiya Business that the Saudi company “STC” is about to sign an agreement aimed at developing the infrastructure of the communications sector inside Syria.
The sources also indicated that the Saudi Bin Dawood Company will sign an agreement to implement a project related to developing and operating “Aleppo International Airport.”
The head of the Syrian Investment Authority, Talal Al-Hilali, stated that the Kingdom of Saudi Arabia will pump investments into a new private Syrian airline company, as part of an investment package estimated at billions of dollars, and it is expected to be announced on Saturday, which reflects the strength of the growing relations between Riyadh and Damascus.
These new investments will be considered the largest of their kind since the United States lifted a strict set of sanctions on Syria last December.
According to Reuters, these sanctions represented a major obstacle to the recovery of the Syrian economy after a 14-year civil war, which caused severe damage in most parts of the country, in addition to the displacement of millions.
Two informed Syrian sources confirmed that investments in the aviation sector will include contracts to develop “Aleppo International Airport.”
The two sources expected that the new private aviation company would begin operations with more than 12 aircraft.
In an interview with Reuters, a well-informed Syrian businessman explained that the Kingdom of Saudi Arabia intends to provide insurance coverage for investments expected to be implemented in Syria, in a move aimed at encouraging Saudi companies to enter the Syrian market.
It is noteworthy that the Syrian Investment Authority announced last January 19 the establishment of specialized offices within the Authority, in order to study the projects submitted by investors and evaluate them from the legal and financial aspects, with the aim of ensuring the soundness and clarity of procedures, enhancing the feasibility of projects and contributing to achieving a direct economic impact that supports the development process.
