Saudi Arabia has announced a significant investment plan for Syria, focusing on sectors like energy, aviation, real estate, and telecommunications. The investment fund, named Elaf Fund, will allocate 7.5 billion Saudi riyals (about $2 billion) for developing two airports in Aleppo in several phases, as stated by the Saudi investment minister, Khalid al-Falih.
In civil aviation, Saudi airline flynas has partnered with the Syrian Civil Aviation Authority to create a new airline called “flynas Syria,” which will be mainly owned by Syria and is set to start operations in late 2026. Additionally, Saudi telecom company STC will invest over three billion riyals (around $800 million) to improve Syria’s telecom infrastructure with a fiber-optic network spanning more than 4,500 kilometers.
These investments come after the U. S. lifted sanctions on Syria, backing President Ahmed al-Sharaa, who took office in late 2024 after the fall of former President Bashar al-Assad. The U. S. envoy to Syria, Tom Barrack, praised the agreements, highlighting their potential to boost Syria’s reconstruction. Last year, Saudi Arabia announced $6.4 billion in investments across 47 projects in various sectors. The two countries have also planned cooperation in the water sector, including a seawater desalination plant to provide fresh water to southern Syria.
With information from Reuters
