Saudi Arabia yesterday announced a major investment package in Syria spanning energy, aviation, real estate and telecommunications.
Saudi Arabia launched an investment fund in Syria that will commit 7.5 billion riyals ($2bn) to develop two airports in the Syrian city of Aleppo over multiple phases, Saudi Investment Minister Khalid Al Falih said yesterday.
The Elaf Fund aims to finance large-scale projects in Syria with participation from Saudi private-sector investors, Al Falih added.
In civil aviation, Saudi budget carrier flynas and the Syrian Civil Aviation Authority signed an agreement to establish a new airline, “flynas Syria.”
The joint venture will be 51 per cent owned by the Syrian side and 49pc by flynas, with operations expected to begin in the fourth quarter of 2026, the company said.
A Saudi Arabian delegation led by the kingdom’s investment minister arrived in Damascus yesterday to sign deals.
Al Falih was accompanied by Communications and Information Technology Minister Abdullah Amer Alswaha and the president of the General Authority of Civil Aviation (Gaca), Abdulaziz Al Duailej.
Saudi Arabia’s telecoms giant STC has won a contract to build Syria’s fibre optics network, data centres, undersea cables and approved internet connectivity under the Silk Link project, with an investment of more than 3bn Saudi riyals, Al Falih said.
Before yesterday’s announcements, the two countries had signed 80 agreements worth 40bn Saudi riyals, the minister said.
Last year, Riyadh announced $6.4bn of investments, split into 47 deals with more than 100 Saudi companies working in real estate, infrastructure and telecoms.
The two sides also signed a memorandum of understanding and a joint development agreement with Saudi Arabia’s ACWA Power and the Saudi Water Transmission Company, setting out a roadmap for co-operation in the water sector.
“We have drawn up plans to establish a seawater desalination plant, with the aim of delivering fresh water from the Syrian coast to the south of the country,” said Syria’s Energy Minister Mohamed Al Bashir.
The continuing economic developments are wins for Syrian President Ahmad Al Shara, who has been leading the country’s rebuilding strategy after the toppling of the Assad regime in December 2024.
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