Saudi Investments in Syria: Launch of Ilaf Fund and Signing Strategic Contracts
New Strategic Contracts within Saudi Investments in Syria After 47 Agreements
Syria and the Kingdom of Saudi Arabia announced today the signing of strategic contracts covering aviation, telecommunications, infrastructure, and real estate development sectors. The ceremony took place at the People’s Palace in Damascus under the patronage of President Ahmad Al-Shar’, with the presence of a Saudi economic delegation led by Investment Minister Khalid Al-Falih.
Saudi Investment Minister Khalid Al-Falih confirmed the Kingdom’s support for Syria’s path toward recovery, growth, and sustainable stability, highlighting the launch of the “Ilaf Fund” for major projects in Syria and the activation of banking transfer channels following the lifting of economic sanctions.
Al-Falih also announced the signing of a joint aviation agreement led by NAS Company, in addition to the “Silk Link” digital infrastructure project and a major water agreement under the supervision of Saudi company Aqua.
Meanwhile, Talal Al-Hilali, Chairman of the Syrian Investment Authority, stated that the agreements focus on developing digital infrastructure, establishing a joint aviation company, and operating the Modern Syrian Cables Company within the “Silk Link” digital economy project. Syrian Minister of Communications and Technology, Abdul Salam Heikal, noted that the project strengthens Syria’s position as an international data hub, while internally building an integrated services system for global centers, with Saudi company STC selected to implement the project.
These agreements continue the ongoing cooperation between the two countries, following the signing of 47 agreements worth SAR 24 billion in July 2025, along with an investment protection agreement in August and oil deals in December, aimed at enhancing investment and expanding economic sectors in Syria.
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