Saudi Arabia unveils multi-sector investment package for Syria, including $2 billion fund
- Feb 8
- 2 min read
DAMASCUS, February 8, 2026 (Saudi Arabia Breaking News) – Saudi Arabia announced on Saturday a broad investment package for Syria across energy, aviation, real estate and telecommunications, in one of the largest economic commitments to the Syrian market in recent years.
Saudi Investment Minister Khalid Al-Falih announced the launch of the Elaf Fund, with planned commitments of SAR7.5 billion ($2 billion) to develop two airports in Aleppo in multiple phases. The fund is structured to support large-scale projects with participation from Saudi private-sector investors.
In civil aviation, flynas and Syria’s General Authority of Civil Aviation and Air Transport signed an agreement to establish flynas Syria, a joint venture with 51% Syrian ownership and 49% flynas ownership, with operations targeted for the fourth quarter of 2026.
Saudi Telecom Company (stc) is also set to invest more than SAR3 billion ($799.96 million) to strengthen Syria’s telecom infrastructure through a fiber-optic network extending over more than 4,500 kilometers, according to the state news agency.
The package comes after the United States lifted sanctions on Syria in December and follows Riyadh’s support for President Ahmed Al-Sharaa’s leadership since the political transition in late 2024.
U.S. envoy to Syria Tom Barrack, in a post on X, described the Saudi-Syrian agreements in aviation, infrastructure and telecommunications as partnerships that would support reconstruction efforts.
Saudi and Syrian entities also signed a memorandum of understanding and a joint development agreement with ACWA Power and the Saudi Water Transmission Company for cooperation in the water sector, including plans for a seawater desalination project to deliver fresh water from Syria’s coast to southern areas, according to Syrian Energy Minister Mohamed Al-Bashir.
The interim government has faced scrutiny over reliance on non-binding memorandums with foreign investors, with a number of announced projects still pending conversion into finalized contracts.
