Saudi Arabia's Bold Investment Plans in Syria: A Boost for New Leadership

Saudi Arabia has announced a substantial investment initiative in Syria, covering sectors such as energy, aviation, real estate, and telecommunications. This move aligns with the kingdom's position as a key supporter of Syria's new leadership under President Ahmed al-Sharaa, following the ouster of Bashar al-Assad.

In a landmark development, Saudi Arabia unveiled a sweeping investment package in Syria, focusing on crucial sectors like energy, aviation, real estate, and telecommunications. The announcement marks a significant strategic shift as Saudi Arabia reinforces its support for Syria's new leadership.

The newly launched Elaf Fund, with an allocation of 7.5 billion Saudi riyals ($2 billion), is set to transform Aleppo's airports through phased modernizations. Additionally, in the aviation sector, a groundbreaking agreement has been secured between flynas and the Syrian Civil Aviation Authority to create 'flynas Syria,' a joint venture poised to start operations by late 2026.

Further boosting infrastructure links, Saudi telecom giant STC is injecting over three billion riyals into upgrading Syria's telecommunications networks. This ambitious endeavor aims to integrate Syria regionally and globally via an extensive fiber-optic system. Such investments, the largest since U.S. sanctions eased, underscore the kingdom's vested interest in Syria's post-war recovery.

(With inputs from agencies.)