Saudi Fund Commits SAR 7.5 Billion to Aleppo Airport Development

A new Saudi investment vehicle, the Elaf Fund, has been launched in Syria with a commitment of SAR 7.5 billion to develop two airports in Aleppo over multiple phases. The announcement was made by Saudi Investment Minister Khalid Al-Falih, who said the airport projects form part of a broader investment package spanning aviation, energy, real estate and telecommunications.

In civil aviation, flynas signed an agreement with the Syrian Civil Aviation Authority to establish a new airline, flynas Syria. The joint venture will be majority-owned by the Syrian side at 51%, with flynas holding 49%. Operations are expected to begin in the fourth quarter of 2026, expanding air connectivity as airport infrastructure is developed.

Telecommunications investment is also included in the package. Saudi Telecom Company is set to invest more than SAR 3 billion to strengthen Syria’s telecommunications infrastructure, including the rollout of a fibre-optic network extending over 4,500 kilometres to improve regional and international connectivity.

Additional agreements were signed in the water sector, including a memorandum of understanding and joint development framework with ACWA Power and the Saudi Water Transmission Company. The roadmap outlines cooperation on water infrastructure, including plans for a seawater desalination plant intended to supply fresh water from the Syrian coast to southern parts of the country.

The investments were described as the largest announced since US sanctions on Syria were lifted in December. In 2025, Riyadh had already outlined SAR-denominated investments equivalent to several billion dollars across dozens of deals involving Saudi companies active in real estate, infrastructure telecommunications.