Syria’s new government and Saudi Arabia announced a major multi-billion-dollar investment package on Saturday covering energy, telecommunications, aviation and real estate.
Agreements signed in Damascus include a large telecommunications project, a low-cost joint airline and plans for an international airport in northern Syria. Saudi Investment Minister Khalid al-Falih said the kingdom’s presence in Damascus “reflects a shared vision to build a common future between our two countries,” according to the Syrian Arab News Agency (SANA).
Al-Falih said Riyadh launched an investment fund committing 7.5 billion Saudi riyals (€1.7 billion, $2 billion) to develop two airports in the northern city of Aleppo over multiple phases. The fund is intended to finance large-scale projects in Syria with Saudi private-sector investors.
Syria’s minister of communications and information technology, Abdulsalam Haykal, said nearly $1 billion will be invested in telecommunications development, to be implemented in two stages lasting between 18 months and two years.
On aviation, Saudi budget carrier flynas and the Syrian Civil Aviation Authority signed an agreement to establish a new airline, “flynas Syria.” The joint venture will be 51% owned by the Syrian side and 49% by flynas, with operations expected to begin in late 2026.
Saudi Arabia has been a strong backer of interim President Ahmad al-Sharaa since he took power in 2024 following the ouster of Bashar al-Assad. The new government in Damascus is seeking to rebuild an economy battered by a 14-year civil war that killed nearly half a million people and left widespread destruction.
There have been flare-ups of sectarian violence since al-Sharaa assumed power, despite assurances from his government that all ethnic and religious minorities will be allowed to coexist in peace. Minority groups including Alawites, Druze and Kurds have expressed skepticism about those assurances.
News of the investment deals drew a positive response from the US 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 said on X.
Edited by: Sean Sinico