Saudi Arabia on Saturday unveiled a substantial investment package in Syria covering energy, aviation, real estate, and telecommunications, signaling the kingdom’s support for Syria’s new leadership.
Saudi Investment Minister Khalid al-Falih said the kingdom is launching the Elaf Fund, which will commit 7.5 billion riyals ($2 billion) to develop two airports in Aleppo over multiple phases. The fund will finance large-scale projects in Syria with participation from Saudi private-sector investors.
In civil aviation, Saudi budget carrier flynas and the Syrian Civil Aviation Authority signed an agreement to launch a new airline, “flynas Syria.” The joint venture will be 51% Syrian-owned and 49% owned by flynas, with operations expected to start in the fourth quarter of 2026.
The announcement is the largest since U.S. sanctions on Syria were lifted in December. Riyadh has backed President Ahmed al-Sharaa since his rise to power in late 2024, following the ouster of Bashar al-Assad.
Last year, Saudi Arabia pledged $6.4 billion in 47 deals involving over 100 companies in real estate, infrastructure, and telecommunications. Additionally, Syria and Saudi firms ACWA Power and the Saudi Water Transmission Company signed agreements to develop the water sector, including plans for a seawater desalination plant to supply fresh water from the coast to southern Syria, Energy Minister Mohamed al-Bashir said.
Critics note that many past memorandums of understanding with foreign investors have not yet been converted into binding contracts, raising questions about implementation.