A Saudi Arabian delegation led by the kingdom's investment minister arrived in Damascus on Saturday to sign deals in strategic sectors ranging from aviation to property.
The economic agreements between Saudi Arabia and Syria also include investment in telecoms, energy and infrastructure, Syria's state-run news agency Sana reported.
Saudi Arabia launched the Elaf Investment Fund that will finance major projects in Syria with participation from Saudi companies, Minister of Investment Khalid Al Falih, said. He was accompanied by Minister of Communications and Information Technology Abdullah Amer Alswaha and the president of the General Authority of Civil Aviation (Gaca), Abdulaziz Al Duailej, according to the agency.
Elaf Investment Fund will redevelop and operate Syria's airports in Aleppo over several phases with an investment of 7.5 billion Saudi riyals ($2 billion), Mr Al Falih said during a conference in Damascus.
Saudi Arabia's low-budget carrier flynas and Syrian Civil Aviation Authority will launch an airline to be called flynas Syria, he added.
flynas Syria, a joint venture that will be 51 per cent owned by the Syrian authority and 49 per cent by flynas, will begin operations in the fourth quarter of 2026, the Saudi airline said in a separate statement later on Saturday.
It will fly to destinations in the Middle East, Africa and Europe, flynas said. "We are working at an accelerated pace to complete the necessary licensing procedures," Bandar Almohanna, chief executive of flynas, said.
In telecoms, the kingdom's STC has won a contract to build Syria's fibre optics network, data centres and improve internet connectivity under the Silk Link project, Mr Al Falih said.
STC will invest more than 3 billion Saudi riyals in the project.
The Syrian energy ministry signed an initial pact and a joint development agreement with Saudi Arabia's Acwa Power and the Saudi Water Transmission Company for collaboration in the water sector.
Another three agreements were signed for major modern residential and commercial property projects, Mr Al Falih added. These will be overseen by the Saudi-Syrian business council that was formed officially on Saturday.
Before Saturday's announcements, the two countries had signed 80 agreements worth more than 40 billion Saudi riyals in investments, the minister said.
A strategic partnership
"We commend the Saudi-Syrian investment agreements announced this week. Strategic partnerships in aviation, infrastructure, and telecommunications will contribute meaningfully to Syria's reconstruction efforts," Tom Barrack, the US envoy to Syria, said in a post on social media platform X.
The investment pacts agreed on Saturday, building on deals last year, reflect deepening ties between Riyadh and Damascus.
The US lifted a set of stringent sanctions on Syria in December. This has paved the way for foreign investors to channel funds into the country and revive the Syrian economy that was devastated by the 13-year civil war.
Saudi Arabia has already announced $6.4 billion of investments in Syria across 47 deals involving more than 100 Saudi companies. These cover sectors including energy, industry, infrastructure, property, financial services, health, agriculture, communications and information technology.
The continuing economic developments are wins for Syrian President Ahmad Al Shara, who has been leading the country's rebuilding strategy after the toppling of the Assad regime in December 2024.
