In a significant move to bolster Syria’s economic recovery, Saudi Arabia unveiled a comprehensive investment initiative on Saturday, February 7, 2026, targeting key sectors including aviation, energy, and telecommunications. The centerpiece of this announcement is the establishment of the Elaf Fund, which will deploy 7.5 billion Saudi riyals (approximately $2 billion) to modernize and develop two airports in the war-torn city of Aleppo through a multi-phase construction plan.
The investment package, announced by Saudi Investment Minister Khalid al-Falih, represents the largest foreign economic commitment since the United States lifted sanctions on Syria in December. The Elaf Fund will facilitate large-scale infrastructure projects with substantial participation from Saudi private-sector investors.
In a parallel aviation development, Saudi budget carrier flynas entered a strategic partnership with the Syrian Civil Aviation Authority to create a new joint venture airline, ‘flynas Syria’. The carrier will be majority-owned (51%) by Syrian entities, with flynas holding a 49% stake. Operations for the new low-cost airline are scheduled to commence in the fourth quarter of 2026.
The agreements extend beyond aviation infrastructure. Syrian Investment Authority chief Talal al-Hilali confirmed additional projects focusing on telecommunications infrastructure and digital connectivity enhancement. Energy cooperation was also formalized through memoranda of understanding with Saudi Arabia’s ACWA Power and the Saudi Water Transmission Company, outlining a roadmap for water sector collaboration.
Syrian Energy Minister Mohamed al-Bashir detailed plans for a seawater desalination plant designed to transport fresh water from Syria’s coastal regions to the southern parts of the country. These developments follow Riyadh’s previous commitment of $6.4 billion across 47 deals involving over 100 Saudi companies in real estate, infrastructure, and telecoms.
The investments mark Saudi Arabia’s growing role as a primary economic supporter of Syria’s new leadership under President Ahmed al-Sharaa, who assumed power in late 2024 following the ouster of long-time leader Bashar al-Assad. The economic initiatives are positioned as crucial to Syria’s reconstruction efforts after a devastating 14-year civil war that caused widespread destruction and mass displacement.