Saudi Arabia announced a major investment package in Syria on Saturday, targeting energy, aviation, real estate, and telecoms. The kingdom aims to support Syria’s new leadership and boost post-war reconstruction.
Saudi Arabia launched the Elaf Fund, committing 7.5 billion riyals ($2 billion) to develop two airports in Aleppo over multiple phases. Investment Minister Khalid al-Falih said the fund will also attract private-sector Saudi investors for large-scale projects.
Read more: Saudi Arabia commits $6.4 billion to rebuild war-torn Syria
In civil aviation, Saudi budget airline flynas and the Syrian Civil Aviation Authority signed a deal to launch “flynas Syria.” The joint venture will be 51% Syrian-owned and 49% by flynas, with operations expected in late 2026.
The investments follow the U.S. lifting sanctions on Syria in December. Riyadh has backed President Ahmed al-Sharaa, who came to power in 2024 after the ouster of Bashar al-Assad. Last year, Saudi Arabia pledged $6.4 billion through 47 deals across infrastructure, real estate, and telecoms.
Read more: Saudi Arabia to lead Syria’s economic recovery after US lifts sanctions
Saudi and Syrian officials also signed agreements with ACWA Power and the Saudi Water Transmission Company. Plans include a seawater desalination plant to supply fresh water to southern Syria. Critics note that many MoUs have yet to become binding contracts.