Saudi Arabia and Syria have signed an expansive investment agreement spanning aviation, telecoms, and utilities, representing the biggest infrastructural in Syria since the US lifted sanctions in December 2024.
Saudi’s newly-launched Elaf fund, drawn from private sector financing, will commit US$2 billion alone to developing two airports in the city of Aleppo. Riyadh-based low-cost carrier (LCC) flynas also signed an agreement to establish ‘flynas Syria’, a new airline that will enhance connectivity between the two nations as well as other destinations across the Middle East, Europe, and Africa. A statement said the airline aims to be operational by the end of 2026. flynas will hold a 49% stake in the venture, with the Syrian General Authority of Civil Aviation and Air Transport taking 51%.
Other initiatives launched under the agreement include US$1 billion for telecommunications infrastructure, and a water partnership with Saudi firm ACWA Power Saudi Investment Minister Khalid al-Falih said:
This step is part of our commitment to supporting high-quality cross-border investments. The aviation sector is a key enabler of economic development, and the establishment of ‘flynas Syria’ serves as a model for constructive investment cooperation. This partnership enhances economic integration and market connectivity, and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability.
flynas were the first Saudi carrier to relaunch flights to Syria in June 2025. The country’s 12-year-long civil war decimated the national infrastructure and forced millions of Syrians to flee their homes. Saudi Arabia has been a key supporter of the new regime since President Bashar al-Assad was ousted at last in December 2024. Aviation could play an important role in revitalising the Syrian economy and reconnecting its residents with the wider world.
Join us at World Aviation Festival 2026 to discuss the future of aviation in MENA.
For more like this, see:
