Syria, Saudi Arabia Sign Multibillion-Dollar Deals

Syria and Saudi Arabia signed a series of multibillion-dollar investment agreements on Saturday, targeting aviation, telecommunications, energy, and real estate sectors to support the war-torn country's reconstruction efforts. The deals, announced in Damascus, come as Syria's new leadership seeks to revive its economy following the ouster of longtime President Bashar al-Assad in December 2024.

The centerpiece of the agreements is the launch of the Elaf Fund, a Saudi-backed investment vehicle aimed at financing large-scale projects with private-sector participation. Saudi Investment Minister Khalid al-Falih stated that the fund would allocate 7.5 billion Saudi riyals, equivalent to about 2 billion U.S. dollars, to develop two airports in Aleppo. This includes constructing a new international airport and redeveloping the existing facility, with work proceeding in multiple phases to enhance northern Syria's aviation infrastructure.

In the aviation sector, Saudi low-cost carrier flynas signed a partnership with the Syrian Civil Aviation Authority to establish Flynas Syria, a new airline majority-owned by Syrian entities at 51 percent. Officials said the airline, designed to bolster...