"Syria's new government and Saudi Arabia on Saturday announced a major investment package dealing with energy, telecommunications, aviation and real estate. The multi-billion-dollar investment agreements signed in Damascus include a major telecommunications project, a low-cost joint airline and an international airport in northern Syria. "Our presence in Damascus reflects a shared vision to build a common future between our two countries," Saudi Investment Minister Khalid al-Falih was quoted by the Syrian Arab News Agency (SANA) as saying. Saudi Arabia has been a strong supporter of Syria's new government led by interim President Ahmad al-SharaaImage: Ghaith Alsayed/AP Photo/picture alliance"
"Al-Falih said the kingdom launched an investment fund in Syria that will commit 7.5 billion Saudi riyals (1.7 billion, $2 billion) to develop two airports in the northern Syrian city of Aleppo over multiple phases. The investment fund would be aimed at financing large-scale projects in Syria involving Saudi private-sector investors, Falih added. Syria's minister of communications and information technology, Abdulsalam Haykal, said the nearly $1 billion in telecommunications development will take place in two stages lasting between 18 months and two years."
"Regarding aviation, the Saudi budget carrier flynas and the Syrian Civil Aviation Authority signed an agreement to establish a new airline to be called "flynas Syria." The joint venture will be 51% owned the Syrian side and 49% by flynas, with operations expected to begin in late 2026, the company said."
A Saudi-Syrian investment package targets energy, telecommunications, aviation and real estate with multi-billion-dollar commitments. A Saudi-backed investment fund will commit 7.5 billion riyals (about $2 billion) to develop two airports in Aleppo across multiple phases. Nearly $1 billion is earmarked for telecommunications development to be executed in two stages over 18 months to two years. A joint low-cost carrier branded flynas Syria will be created, 51% Syrian-owned and 49% by flynas, with operations expected to start in late 2026. Saudi Arabia has supported interim President Ahmed al-Sharaa since he took power in 2024 following Assad's ouster.
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