DAMASCUS, Syria (AP) — Syria and Saudi Arabia signed multibillion-dollar investment agreements on Saturday, including a major telecommunications project, a low-cost joint airline and an international airport in northern Syria.

Syria is trying to improve its economy after a long war that killed nearly half a million people and caused widespread destruction. Most of the crippling Western sanctions on Syria were lifted after a new leadership took power following the ouster of former President Bashar Assad in December 2024, opening the way for investments to flow into the country.

Abdulsalam Haykal, Syria’s minister of communications and information technology, said the nearly $1 billion telecommunications development will take place in two stages lasting between 18 months and two years.

“The project contributes in making Syria an international telecommunications hub,” he said, adding the SilkLink project will involve thousands of kilometers (miles) of cables being laid to boost internet connectivity between Asia and Europe.

Saudi Investment Minister Khalid al-Falih said the project will be led by Saudi Telecom Company, or STC Group.

Al-Falih said that the Energy Ministry in Syria also signed a water agreement with Saudi Arabia’s ACWA Power, which is known for running projects in power generation and desalinated water production plants in the Middle East and beyond.

Also part of the investment agreements was a new low-cost airline called Flynas Syria, the two sides said. The value of the investment was not disclosed.

The oil-rich kingdom, a main backer to Syria’s new government led by interim President Ahmad al-Sharaa, will also launch an investment fund to develop the international airport in the northern city of Aleppo that will serve 12 million passengers annually, according to the two governments.

In July, Syria and Saudi Arabia announced 47 investment agreements valued at over $6 billion.