Saudi Arabia announced on Saturday a major investment package in Syria spanning energy, aviation, real estate and telecommunications, as the kingdom positions itself as a leading backer of Syria’s new leadership.

Saudi Arabia launched an investment fund in Syria that will commit 7.5 billion Saudi riyals ($2 billion) to develop two airports in the Syrian city of Aleppo over multiple phases, Saudi investment minister Khalid al-Falih said.

The Elaf Fund aims to finance large-scale projects in Syria with participation from Saudi private-sector investors, Falih added.

In civil aviation, Saudi budget carrier flynas and the Syrian Civil Aviation Authority signed an agreement to establish a new airline, “flynas Syria.”

The joint venture will be 51% owned by the Syrian side and 49% by flynas, with operations expected to begin in the fourth quarter of 2026, the company........

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