Business

Syria, Saudi Arabia sign joint airline and telecoms deals

Published

16 hours ago

February 7, 2026

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.

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Business

SECP gets 5th commissioner

Published

30 minutes ago

February 8, 2026

hussainbinnoman3@gmail.com

ISLAMABAD: The government has appointed Imtiaz Haider as the fifth commissioner of the Securities and Exchange Commission of Pakistan (SECP), completing the regulator’s minimum strength.

Mr Haider previously served as SECP commissioner from 2011 to 2014 and was managing director and CEO of Islamabad Stock Exchange.

The appointment will enable the SECP to establish appellate benches.

Published in Dawn, February 8th, 2026

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Business

Services export surges to $4.76bn

Published

1 hour ago

February 8, 2026

hussainbinnoman3@gmail.com

ISLAMABAD: Pakistan’s services exports rose 16.51 per cent in the first half of (July to December) 2025-26 compared with the same period last year, largely on the back of higher proceeds from the information technology sector.

The performance stands in contrast to commodity exports, which have shown uneven movement, as the services sector has posted uninterrupted growth since the beginning of the current fiscal year.

The export of services reached $4.764 billion in 1HFY26, up from $4.089bn over the corresponding period last year, according to data compiled by the Pakistan Bureau of Statistics.

The monthly trends showed that services exports rose by 18.27pc year-on-year in July, followed by increases of 8.41pc in August, 14.85pc in September, 17.61pc in October, 22.26pc in November, and 15.94pc in December. The growth in the export of services is mainly led by telecommunications, computer, and information services.

IT sector drives 16.51pc rise in July-Dec FY26

In rupee terms, exports improved by 18.04pc to Rs1.342tr in 1HFY26, up from Rs1.137tr in FY25. This clearly indicates that export of services is steadily on the rise in the current fiscal year. In December, exports of services reached $935.16m, up from $806.61m in the corresponding month of last year, indicating a growth of 15.94pc. On a month-on-month basis, exports of services grew by 15.84pc.

In FY25, Pakistan’s export of services recorded a growth of 9.23 per cent to $8.39 billion from $7.68bn over the corresponding months of last year. Services exports have grown since February 2024, mainly due to a surge in information technology and other business exports. However, there was a 6.50pc decline in August 2024.

According to data compiled by the State Bank of Pakistan, exports of Telecommunications, Computer, and Information Services reached $2.236 billion in July-December FY26, up from $1.866bn in the corresponding months of last year, indicating a growth of 19.82pc.

The export of other business services recorded growth of 24.87pc to $1.014bn in 1HFY26, compared with $812m over the corresponding months of last year. The export of transport services increased by 0.44pc to $462m in FY26 as against $460m over the last year.

However, the export of travel services grew 19.49pc to $429m during 1HFY26, compared with $359m over the last year. At the same time, the import of services surged by 15.75pc to $6.504bn in 6MFY26 as against $5.619bn over the corresponding months of last year. On a month-on-month basis, the import of services increased by 34.39pc.

Published in Dawn, February 8th, 2026

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