Saudi Arabia to Boost Syrian Economy with Airline Investment

Saudi Arabia is set to invest in a new Syrian airline as part of a significant investment package. This initiative reflects Saudi's strengthening relations with Syria and follows the U.S. lifting sanctions. Investments span telecommunications and real estate, aiming to revitalize Syria's economy post-civil war.

Saudi Arabia is preparing to unveil a substantial investment in a new private Syrian airline, according to the Syrian Investment Authority. This significant move is part of a larger multi-billion-dollar investment package poised to enhance economic ties between Riyadh and Damascus, set to be announced on Saturday.

The upcoming investments, marking the most significant since the U.S. lifted sanctions on Syria in December, aim to aid Syria's economic recovery post-civil war. The conflict left severe devastation across the country, with millions displaced. Projects will focus on telecommunications and real estate, notably in historic areas, as reported by the investment authority head, Talal al-Hilali.

While the exact value remains undisclosed, investment packages are expected to materialize as executable contracts. Despite criticisms over unfulfilled promises, aviation investments are in the pipeline, including developments at Aleppo International Airport. The new airline will likely operate with over a dozen aircraft, bolstered by Saudi insurance to secure investments.

(With inputs from agencies.)