Syria and Saudi Arabia sign multibillion-dollar investment deals | Business and Economy News
Syria and Saudi Arabia Sign Major Investment Package
Syria and Saudi Arabia have entered into a significant investment agreement aimed at revitalizing various sectors, including aviation, energy, real estate, and telecommunications, as the new leadership in Damascus works to rebuild the country following a protracted civil war.
Syrian Investment Authority chief Talal al-Hilali announced a series of deals on Saturday. Key components include the construction of a new international airport in Aleppo, the establishment of a low-cost airline called Flynas Syria, and the launch of the SilkLink telecommunications project, which aims to position Syria as a regional connectivity hub.
Saudi Arabia has been a prominent supporter of Syria’s newly established leaders, who came to power after the ousting of Bashar al-Assad in December 2024. This investment package marks the largest commitment by Saudi Arabia since the United States lifted sanctions on Syria in December 2025.
Saudi Investment Minister Khalid al-Falih reported that the newly created Elaf fund will allocate $2 billion (approximately 7.5 billion Saudi riyals) towards developing two airports in Aleppo. This initiative seeks to engage private-sector investors from Saudi Arabia in large-scale projects.
In the telecommunications sector, Abdulsalam Haykal, Syria’s minister of communications and information technology, indicated that nearly $1 billion will be invested to enhance connectivity between Asia and Europe through extensive cable installation.
Additionally, the agreement between Saudi budget carrier Flynas and the Syrian Civil Aviation Authority will see the formation of Flynas Syria, with operations expected to commence in the fourth quarter of 2026. The Syrian government will hold a 51 percent stake in the new airline.
The Syrian Ministry of Energy has also signed an agreement with ACWA Power, a Saudi company known for its projects in power generation and water desalination.
Al-Hilali emphasized that the agreements focus on essential sectors critical for the well-being of the population and serve as foundational pillars for Syria’s economic recovery.
US envoy to Syria, Tom Barrack, expressed support for the Saudi-Syrian partnership on social media, stating that these strategic collaborations in aviation, infrastructure, and telecommunications will significantly contribute to Syria’s reconstruction.
However, Benjamin Feve, a senior research analyst at Karam Shaar advisory, cautioned that the agreements may carry more symbolic political weight than immediate economic impact. The Syrian government has faced criticism in recent months for failing to translate broad development commitments into enforceable contracts with foreign investors.
