Syria and Saudi Arabia signed deals on Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus, who took power after toppling longtime ruler Bashar al-Assad in December 2024, have worked to attract investment and have signed major agreements with several companies and governments, including Saudi Arabia and other Gulf states.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals, including “a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links”.

The agreement also includes the development of a new international airport in the northern city of Aleppo and the redevelopment of the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria’s “telecommunications infrastructure and digital connectivity”.

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented “with an investment of around $1 billion”.

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for “major projects in Syria with the participation of the [Saudi] private sector”.

The deals are part of “building a strategic partnership” between the two countries, he said.

Syria’s Hilali said the agreements targeted “vital sectors that impact people’s lives and form essential pillars for rebuilding the Syrian economy”.

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4bn to help rebuild the country’s infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14bn, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.