Elaf fund will finance initiatives with buy-in from Saudi buyers committing $2bn for 2 airports in Aleppo metropolis.
Revealed On 7 Feb 2026
Syria and Saudi Arabia have signed a significant funding bundle spanning aviation, vitality, actual property and telecommunications as Damascus’s new management seeks to rebuild after a devastating 14-year civil war.
Syrian Funding Authority chief Talal al-Hilali introduced a swath of offers on Saturday, together with the event of a brand new worldwide airport in Aleppo, the launch of a low-cost Syrian-Saudi airline, and a telecommunications undertaking known as SilkLink geared toward turning the nation right into a regional hub.
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Saudi Arabia has been a significant backer of Syria’s new leaders, who took energy after toppling longtime ruler Bashar al-Assad in December 2024, with this newest deal marking the largest funding since the USA lifted sanctions on the nation in December.
Saudi Funding Minister Khalid al-Falih stated the newly launched Elaf fund, which goals to finance large-scale initiatives with participation from Saudi private-sector buyers, would commit $2bn (7.5 billion Saudi riyals) to develop two airports within the Syrian metropolis of Aleppo.
Rebuilding Syria’s financial system
Abdulsalam Haykal, Syria’s minister of communications and knowledge know-how, stated his nation will see almost $1bn in funding within the telecommunications sector, with plans to put 1000’s of kilometres of cable to spice up connectivity between Asia and Europe.
Saudi price range provider Flynas and the Syrian Civil Aviation Authority introduced they signed an settlement to ascertain a brand new airline known as “Flynas Syria”, which might be 51 % owned by the Syrian aspect and is slated to begin operations within the fourth quarter of 2026.
Syria’s Ministry of Vitality additionally signed a water settlement with Saudi Arabia’s ACWA Energy, which is thought for working initiatives in energy era and desalinated water manufacturing crops within the Center East and past.
Al-Hilali stated the agreements focused “important sectors that influence folks’s lives and kind important pillars for rebuilding the Syrian financial system”.
Tom Barrack, the US envoy to Syria, recommended the Saudi-Syrian deal on X. “Strategic partnerships in aviation, infrastructure, and telecommunications will contribute meaningfully to Syria’s reconstruction efforts,” he stated.
However Benjamin Feve, senior analysis analyst at Karam Shaar advisory, sounded a extra cautious notice, saying the offers mattered “way more as a political sign than as an financial sport changer” within the quick time period.
The federal government has confronted criticism over the previous yr for making broad growth guarantees based mostly on written pledges with international buyers, a lot of which have but to be transformed into binding contracts.
