Saudi Arabia Invests Over $6 Billion to Rebuild Syria

The Government of Saudi Arabia and the Government of Syria signed a series of strategic investment agreements on February 7, 2026, in Damascus to support reconstruction following the ouster of the Assad regime. The deals, signed at the People’s Palace in the presence of Syrian President Ahmad al-Sharaa and Saudi Investment Minister Khalid Al-Falih, initially targeted sectors including aviation, telecommunications, and water. Subsequent joint investment forums expanded the total value of agreements to more than $6.4 billion.

A centerpiece of the package is the Elaf Fund, which will commit 7.5 billion Saudi riyals ($2 billion) to develop two airports in Aleppo, including a new international facility designed for 12 million annual passengers. In aviation, the budget carrier Flynas signed a deal to launch a joint venture, flynas Syria, by late 2026. To modernize digital infrastructure, the Silk Link project—led by stc Group—will invest approximately $1 billion to build a 4,500-kilometer fiber-optic backbone and data centers to position Syria as a global data transit hub.

Additional agreements include a roadmap for seawater desalination and water transfer systems involving ACWA Power and the Saudi Water Transmission Company. The two nations also established the Saudi-Syrian Investment Council to convert existing memoranda of understanding into concrete projects. These developments follow the removal of U.S. and Western sanctions in late 2024 and 2025, though some investors continue to cite banking frictions and bureaucratic hurdles as remaining risks.