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Tuesday, February 3, 2026
Saudi Arabia set to announce major new Syria investments, Syrian official says
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Saudi Arabia will invest in a new private Syrian airline as part of a multi-billion-dollar investment package expected to be announced on Saturday, the head of the Syrian Investment Authority says, reflecting Riyadh’s deepening ties to Damascus.
The latest planned investments will mark the largest such announcement since the United States lifted a tough set of sanctions on Syria in December.
The sanctions, lifted roughly a year after the current Syrian interim government led by President Ahmed al-Sharaa ousted longtime dictator Bashar al-Assad in 2024, had been a significant obstacle to the country’s economic revival after a 14-year civil war that inflicted deep damage on much of the country and displaced millions of people.
Saudi investments would include projects in “telecommunications and real estate, especially in the old towns,” says the investment authority head, Talal al-Hilali, speaking to Reuters on the sidelines of the World Government Summit in Dubai.
Hilali says that the majority of the planned investments would take the form of ready-to-implement contracts, rather than non-binding memoranda of understanding. He declines to give a value for the investments.
The Saudi government media office does not immediately respond to Reuters’ request for comment. The Syrian ministry of information declines to comment.
Riyadh has emerged as a close ally of Sharaa. Last year, Riyadh announced $6.4 billion of investments, split into 47 deals with more than 100 Saudi companies working in real estate, infrastructure and telecoms.
The interim government has faced criticism over the past year for making broad development promises based on MOUs with foreign investors, many of which have yet to be finalized into binding contracts.
Two Syrian sources familiar with the matter say aviation investments would include contracts to develop Aleppo International Airport. The sources say the new private airline is expected to launch with more than a dozen aircraft.
A senior Syrian businessman familiar with the matter tells Reuters that Saudi Arabia intends to provide insurance coverage for the investments to be implemented in Syria, a move aimed at encouraging Saudi companies to enter the market.
Times of Israel staff contributed to this report.
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