Syria and Saudi Arabia signed deals 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.

Saudi Arabia has been a major backer of Syria’s Islamist authorities who took power after toppling longtime ruler Bashar Al Assad in December 2024.

The new authorities in Damascus 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 redeveloping the existing facility.

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 $6.4 billion to help rebuild the country’s infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, 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.

GN

Alphabet Inc., Google’s parent company, has announced plans to double its technology investments by 2026, targeting a range between $175 billion and $185 billion, following robust financial results for the final quarter of 2025.

Net income rose by 30% to reach $34.5 billion, while revenues hit a record high of $113.8 billion.

The company attributed this performance to a 48% growth in its cloud computing sector, driven by surging demand for artificial intelligence tools.

Chief Executive Officer Sundar Pichai explained that investment in AI infrastructure, coupled with the expansion of the “Gemini” model’s user base to 750 million, have become the primary drivers of revenue growth across all of the group’s sectors.

WAM

Dr Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, said non-oil trade between the UAE and the sisterly State of Kuwait reached AED54.5 billion ($14.8 billion) in 2025, marking a year-on-year growth of 9.1 percent compared to 2024.

He added that mutual investments exceeded $10 billion by the end of 2024, with more than 60 percent flowing from the UAE to Kuwait.

His remarks came during the UAE–Kuwait Economic Forum, held today in Dubai as part of the “UAE & Kuwait: Brothers Forever’ week, which runs until 4 February across the country. The forum aims to strengthen trade, economic and investment ties, and highlight the depth of the longstanding relations between the two nations and their peoples.

Al Zeyoudi said the forum provides a key platform to explore investment opportunities, boost trade in priority sectors and exchange views on economic developments, while opening new avenues for bilateral cooperation. Participants discussed ways to enhance trade growth, support entrepreneurship, showcase joint success stories and advance economic partnerships to support sustainable growth.

In his address, Al Zeyoudi highlighted the deep historical roots of economic cooperation between the two countries, noting that Kuwaiti traders were among the earliest to identify commercial and investment opportunities in the UAE decades before its formation, contributing to trade, re-export activity and early economic development.

He said the enduring partnership between the two countries goes beyond trade figures, reflecting a long-standing model of Gulf economic integration built on trust, shared interests and close social ties, which continues to evolve through a modern, diversified economy.

Al Zeyoudi noted that the forum is being held at a time of unprecedented momentum in bilateral relations, reflecting the shared will of both countries’ leadership to elevate cooperation to broader levels of strategic partnership, particularly in trade and investment.

For her part, Marwa Al Jaidan, Undersecretary at Kuwait’s Ministry of Commerce and Industry, said relations between Kuwait and the UAE represent a solid model of Gulf cooperation, rooted in decades of partnership across economic, trade and investment sectors. She noted that bilateral trade reached around $14 billion by the end of 2024, alongside continued growth in tourism, supported by more than 170 weekly flights between the two countries.

Al Jaidan said the forum serves as a strategic platform to strengthen public- and private-sector partnerships and explore promising investment opportunities across sectors including industry, energy, advanced technologies, logistics and tourism.

She reaffirmed Kuwait’s commitment to joint action and deeper economic integration, in line with the directives of the leadership of both countries and in support of sustainable growth across the GCC region.

WAM