Saudi Arabia and Syria have signed a multi-billion-dollar investment package spanning aviation, energy, real estate and telecommunications, to rebuild the latter country after a 14-year civil war.
The deal, signed on 7 February, is the biggest investment package since December 2025, when the US sanctions on Syria were lifted permanently. On 13 May 2025, President Donald Trump announced he would lift the sanctions. This followed the takeover of power by Syria’s new leaders, who toppled longtime ruler Bashar al-Assad in December 2024.
A senior Syrian businessman familiar with the matter told Reuters that Saudi Arabia intended to provide insurance coverage for the investments to be implemented in Syria, a move to encourage Saudi companies to enter the market.
Syrian Investment Authority chief Talal al-Hilali announced that the package includes the development of a new international airport in Aleppo, the launch of a low-cost Syrian-Saudi airline, and a telecommunications project called SilkLink aimed at turning the country into a regional hub.
The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments, including Saudi Arabia and other Gulf states. However, the interim government has faced criticism over the past year for signing MoUs with foreign investors, many of which have yet to be finalised into contracts.
Saudi Arabia established the Elaf Fund to fund large-scale projects in Syria with participation from Saudi private-sector investors.