Saudi Arabia Announces Major Investment Package in Syria, Boosting Economic Ties
Saudi Arabia has unveiled a significant investment package in Syria, focusing on sectors such as energy, aviation, real estate, and telecommunications. This move positions Saudi Arabia as a key supporter of Syria's new leadership under President Ahmed al-Sharaa, who assumed power in late 2024. The investment includes the establishment of the Elaf Fund, which will allocate 7.5 billion Saudi riyals ($2 billion) to develop two airports in Aleppo. Additionally, a new airline, 'flynas Syria,' will be launched as 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 three billion riyals ($799.96 million) to enhance Syria's telecommunications infrastructure. These investments follow the lifting of U.S. sanctions on Syria in December, which had previously hindered the country's economic recovery after a prolonged civil war. 
