Syria’s new government and Saudi Arabia on Saturday unveiled a multibillion-dollar investment package spanning energy, telecommunications, aviation and real estate.
Several agreements signed in Damascus include a major telecommunications project, a low-cost joint airline, and plans for an international airport in northern Syria. Saudi Investment Minister Khalid al-Falih, speaking to the Syrian Arab News Agency (SANA), said Riyadh’s presence in Damascus “reflects a shared vision to build a common future between our two countries.”
Al-Falih announced an investment fund of 7.5 billion Saudi riyals (€1.7 billion, $2 billion) to support development of two airports in the northern city of Aleppo in multiple phases. The fund is intended to channel Saudi private-sector capital into large-scale projects in Syria.
Syria’s communications minister, Abdulsalam Haykal, said nearly $1 billion will be invested in telecommunications upgrades. That program will be rolled out in two stages and is expected to take between 18 months and two years to complete.
In aviation, Saudi low-cost carrier flynas and the Syrian Civil Aviation Authority signed a deal to form a new carrier, “flynas Syria.” The joint venture will be 51% owned by the Syrian side and 49% by flynas, with operations projected to begin in late 2026.
The agreements come as Saudi Arabia has backed interim President Ahmad al-Sharaa since he took power in 2024 after the ouster of Bashar al-Assad. The new government in Damascus is pursuing reconstruction and economic recovery after a 14-year civil war that killed nearly half a million people and caused widespread destruction.
Despite government assurances that all ethnic and religious communities will be allowed to coexist, there have been flare-ups of sectarian violence since al-Sharaa assumed office. Minority groups — including Alawites, Druze and Kurds — have expressed skepticism about those promises.
The deals drew a positive response from the U.S. envoy to Syria. “We commend the Saudi-Syrian agreements announced this week. Strategic partnerships in aviation, infrastructure, and telecommunications will contribute meaningfully to Syria’s reconstruction efforts,” Tom Barrack posted on X.
Sources: SANA; statements from Khalid al-Falih, Abdulsalam Haykal, and Tom Barrack.
Edited by: Sean Sinico