Saudi Arabia has announced a series of major investments in Syria, headlined by a deal worth SAR 7.5 billion ($2 billion) to develop two airports in Aleppo over multiple phases.
The announcement came during an official visit to Syria by Saudi Investment Minister Khalid Al-Falih, who spearheads a high-level delegation, to deepen the Saudi-Syrian economic and investment cooperation and advance bilateral partnerships.
The agreements included a partnership between flynas and Syria’s Civil Aviation Authority to launch “flynas Syria,” a new commercial airline that will operate flights to several destinations across the Middle East, Africa and Europe.
The new carrier will be a joint venture, with the Syrian Civil Aviation Authority owning 51% and flynas 49%. Operations will start in the fourth quarter of 2026, flynas said in a statement.
On this occasion, Al-Falih hailed the agreement as part of Saudi Arabia’s 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,” he said.
“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,” he added.
Additionally, the visit saw the signing of the “Silk Link” digital infrastructure project agreement; a major water project sponsored by the Saudi “ACWA” Power company; and the finalization of an agreement to operate, manage, and develop the Modern Cables Company (MCC) of Syria, Syria’s SANA reported.
The strategic agreements were signed on Saturday in Damascus, during the presence of Syrian President Ahmed Al-Sharaa. The deals cover several sectors, including the aviation, communications, infrastructure, and real estate development sectors.
