Saudi Arabia has officially announced plans to undertake significant investments across several key sectors in Syria.
The Kingdom’s investment strategy encompasses Syria’s energy, aviation, real estate, and telecommunications sectors. As part of this initiative, a $2.3 billion investment fund has been introduced specifically for the development of two airports in Aleppo. Saudi Arabia’s Minister of Investment, Khalid al-Falih, stated that the development of these airports will be carried out in multiple phases.
Minister Al-Falih further detailed that this fund, named “Elaf,” will finance major infrastructure projects in Syria with the participation of private sector investors from Saudi Arabia.
In the civil aviation sector, an agreement has been signed between Flynas, a Saudi low-cost carrier, and the Syrian Civil Aviation Authority to establish a new airline named “Flynas Syria.” This joint venture will be structured with Syria holding a 51% stake, while Flynas will retain the remaining 49%. The company anticipates that the airline will commence operations in the final quarter of this year.
Furthermore, Saudi Arabia’s leading telecommunications provider, STC, is set to invest $799.96 million to modernize Syria’s telecommunications infrastructure. This project includes the installation of a 4,500-kilometer fiber optic network designed to enhance Syria’s regional and international connectivity.
These investments represent the most significant financial commitment to Syria since the lifting of U.S. sanctions last December. Following the sudden end of Bashar al-Assad’s administration in late 2024, Saudi Arabia has consistently extended its support to Ahmed al-Sharaa, who assumed leadership of the Syrian government. Notably, the Kingdom had already invested approximately $6.4 billion across various sectors in Syria during the previous year.
