Saudi Arabia and Syria sign military pact and $403 million loan package as ties deepen
Syrian President Ahmed al-Sharaa's second visit to Riyadh in a month produced a defense cooperation agreement and six development loan deals covering health, energy, housing and civil defense.
By Hassan Okoye ·
Saudi Arabia and Syria signed a military cooperation agreement on Wednesday as Syrian President Ahmed al-Sharaa visited Riyadh and held talks with Saudi Crown Prince Mohammed bin Salman, their second meeting in a month and the latest sign of rapidly warming relations between the two countries.
The agreement was concluded by the defense ministries of both nations, though its specific contents have not been disclosed. Reuters has previously reported that Syria was weighing assistance in the war against the Iran-backed Houthis.
The diplomatic alignment may go further. Syrian Foreign Minister Asaad al-Shaibani has confirmed in recent weeks that Damascus is considering joining the Mecca Pact, a grouping that currently brings together the Sunni countries of Turkey, Saudi Arabia and Pakistan. Egypt has also expressed interest in becoming a member.
Alongside the defense pact, the Saudi Fund for Development signed six agreements with Syria's Finance Ministry on Wednesday to extend more than $403 million in concessional development loans, according to the Syrian Foreign Ministry.
The funding reportedly includes $100 million to rebuild and equip damaged healthcare facilities, $90 million to rehabilitate Aleppo's thermal power plant, $60 million to repair housing and an additional $105 million to strengthen civil defense.
The loans build on a series of major Saudi investment agreements with Syria spanning energy, telecommunications, aviation and real estate. In February, the two countries announced multibillion-dollar investment deals covering a major telecommunications project, a low-cost joint airline and an international airport in northern Syria.
Saudi Investment Minister Khalid al-Falih said at the time that the Saudi investment fund had committed 7.5 billion Saudi riyals, nearly $2 billion, to develop two airports in Aleppo over several phases. Syria's Communications and Information Technology Minister Abdulsalam Haykal said the telecommunications investment, worth nearly $1 billion, would be carried out in two stages over 18 months to two years.
Saudi budget carrier flynas and the Syrian Civil Aviation Authority have also signed an agreement to establish a new airline, flynas Syria. The joint venture will be 51% owned by the Syrian side and 49% by flynas.
