Saudi Arabia Announces Major Investment in Syria's Infrastructure and Telecommunications
Saudi Arabia has unveiled a significant investment package in Syria, focusing on sectors such as energy, aviation, real estate, and telecommunications. This initiative marks the largest investment announcement since the U.S. lifted sanctions on Syria in December. The investment includes a $2 billion commitment to develop two airports in Aleppo, facilitated by the Elaf Fund, which aims to finance large-scale projects with Saudi private-sector participation. Additionally, a new airline, 'flynas Syria,' will be established through a joint venture between Saudi budget carrier flynas and the Syrian Civil Aviation Authority. Saudi Arabia's largest telecom operator, STC, plans to invest over $799 million to enhance Syria's telecommunications infrastructure with a fiber-optic network extending over 4,500 kilometers. These developments come as Saudi Arabia supports President Ahmed al-Sharaa, who assumed power in 2024 after the ouster of Bashar al-Assad.