Saudi Arabia announced on Saturday a major investment package in Syria spanning energy, aviation, real estate and telecommunications, APA reports, citing Al Arabiya.
Saudi Arabia launched an investment fund in Syria that will commit 7.5 billion Saudi riyals ($2 billion) to develop two airports in the Syrian city of Aleppo over multiple phases, Saudi Investment Minister Khalid al-Falih said on Saturday.
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 percent owned by the Syrian side and 49 percent by flynas, with operations expected to begin in the fourth quarter of 2026, the company said.
The latest investments mark the largest such announcement since the US lifted sanctions on Syria in December.
Last year, Riyadh announced $6.4 billion 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 cooperation 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.
