The uprising in Syria in December 2024 ousted then-President Bashar al-Assad. Since then, President Ahmed al-Sarrah, who took power, has prioritized the issue of reconstruction.
What you should know
Syria and Saudi Arabia have signed billions in investment deals in aviation, energy, housing and telecommunications. The new leadership in Damascus recently established the Syrian Investment Authority.
The aim is to attract foreign investment to help rebuild after 14 years of devastating civil war. The head of the authority, Talal al-Hilali, announced several deals on Saturday, including the development of a new international airport in Aleppo, the launch of a low-cost Syrian-Saudi airline, and a telecommunications project (Silk-Link) aimed at turning the country into a regional hub. The uprising in Syria in December 2024 toppled then-President Bashar al-Assad. Since then, President Ahmed al-Sarrah has prioritized reconstruction. He is backed by Saudi Arabia, other Middle Eastern countries and the United States. The United States lifted sanctions on Syria in December. This is the first time such a large-scale investment has flowed into various parts of Syria since then. Saudi Investment Minister Khalid al-Falih said a $2 billion (SAR 7.5 billion) Alaf fund has been set up to develop two airports in Aleppo. He said the Saudi private sector will also invest in it.
Syria's Minister of Communications and Information Technology Abdulsalam Haykal said about $1 billion would be invested in his country's telecommunications sector. He also said there are plans to lay thousands of kilometers of cable to increase connectivity between Asia and Europe.
Similarly, Saudi airline Flynas and the Syrian Civil Aviation Authority have signed an agreement to establish a new airline called Flynas Syria. The airline, which will be 51 percent owned by the Syrian side, is targeted to be operational in the last quarter of 2026.
Syria's Energy Ministry has also signed a water agreement with Saudi Arabia's ACWA Power. ACWA is known for undertaking projects in power generation and water production plants in the Middle East and beyond.
