Syrian-Saudi Economic Agreements (February 2026): Comprehensive Breakdown of Announced Deals
On February 7, 2026, a broad package of economic agreements was signed in Damascus between Syria and the Kingdom of Saudi Arabia. Described as the largest since the lifting of U.S. sanctions in December 2025, the package covers aviation, energy, water, telecommunications, and real estate.
These agreements take the form of direct investments, operational partnerships, and financing funds dedicated to specific projects. The total estimated value ranges between $5.3 billion and $10 billion, with a clear focus on long-term structural impact projects.
The "Elaf" Fund and Aleppo Airports Financing
A new investment fund named Elaf was launched to finance major projects with the participation of Saudi private sector investors. The fund has committed approximately $2 billion to develop two airports in Aleppo: a completely new international airport and the modernization/expansion of an existing facility.
This commitment includes construction, operational equipment, navigation systems, ground services, and supporting logistics infrastructure.
This item is crucial as it establishes a northern Syrian air transport hub, boosting passenger and cargo traffic while linking the city to broader regional networks.
Launch of Low-Cost Carrier "Flynas Syria"
The Saudi low-cost airline Flynas signed an agreement with the Syrian Civil Aviation Authority to establish a new carrier, Flynas Syria. The announced ownership structure grants the Syrian side a 51% stake, with operations expected to begin in Q4 2026.
The model focuses on transferring operational and managerial expertise while gradually expanding the destination network. This step represents an investment in the low-cost carrier (LCC) market, characterized by achievable operating margins if sufficient demand is met.
The "SilkLink" Telecommunications Project
In the telecommunications sector, a massive project titled SilkLink was announced, aiming to lay thousands of kilometers of fiber optic cables to connect Syria with transit routes between Asia and Europe.
Investment in this sector is estimated at $1 billion. Beyond improving local service, the project aims to transform the country into a regional digital corridor, generating potential revenue from international data transit services while enhancing internal connectivity and supporting the digital economy.
Water and Energy Agreement with ACWA Power
The Syrian Ministry of Energy signed an agreement with ACWA Power, a leader in power generation and water desalination. The agreement concerns the water sector, likely involving desalination, treatment, or supply network improvements.
Such projects directly impact production stability, as water abundance is critical for the industrial and agricultural sectors and alleviates the burden on aging infrastructure.
Real Estate and Complementary Infrastructure
In addition to the explicitly stated sectors, official data indicated a real estate component within the package, linked to urban development and service infrastructure accompanying the airports and logistics zones.
These projects typically include commercial areas, hotels, and service complexes, enhancing investment returns through diversified income streams.
