Syria and Saudi Arabia sign multibillion-dollar investment deals

Syria and Saudi Arabia signed multibillion-dollar investment deals in aviation, energy, real estate, and telecommunications, as Syria aims to rebuild its economy following a 14-year civil war. The agreements, announced by the Syrian Investment Authority, include developing a new international airport in Aleppo, launching a low-cost Syrian-Saudi airline called "Flynas Syria," and establishing a telecommunications project called SilkLink. Saudi Arabia, a major backer of Syria's new leadership since 2024, will invest $2 billion through the Elaf fund to develop two airports in Aleppo. The telecommunications sector is expected to receive nearly $1 billion in investment to improve connectivity between Asia and Europe. The deals represent the largest investment in Syria since the US lifted sanctions in December.

In February 2026, Saudi Arabia announced significant investments in Syria's telecommunications, energy, and aviation sectors, signaling closer ties between the two nations. The deals, announced in Damascus, include a joint airline, rehabilitation of Aleppo's international airport, and a $1 billion investment in Syria's telecommunication network. These investments aim to boost Syria's economy, which has been struggling after years of civil war and sanctions, under the leadership of President Ahmed al-Sharaa, who ousted Bashar al-Assad. The shift reflects a change in Syria's alliances, moving away from Iran and towards Gulf countries, with Saudi Arabia becoming a key supporter. These deals build upon Saudi Arabia's previous pledge of $6.4 billion in investments in Syria last year.

Saudi Arabia and Syria signed agreements on Saturday to boost economic ties as sanctions against Syria are lifted. The deals include establishing a joint Syrian-Saudi airline to improve regional and international air travel, along with plans to develop a new international airport in Aleppo and redevelop the existing one. A significant project called SilkLink, involving a US$1 billion investment, aims to upgrade Syria's telecommunications infrastructure and digital connectivity. These agreements are part of Syria's efforts to attract investment and rebuild after years of war, with Saudi Arabia being a major backer of the current Islamist authorities. The new Syrian government has been working to establish economic partnerships with various countries, including Saudi Arabia and other Gulf states.