Saudi Arabia Plans Upgrade of Aleppo International Airport

Saudi Arabia is set to commence the upgrade of Aleppo International Airport early next year, aiming to boost Syria's tourism sector. The project is part of a broader commitment by Riyadh, which pledged SAR7.5 billion ($2 billion) to develop two airports in Aleppo, as stated by Khalid Al Falih, the former minister for investment, in February. The Elaf Fund, an investment vehicle established to finance large-scale projects in Syria, will play a key role in funding the airport upgrades, with participation from Saudi private sector investors. The fund is led by BinDawood Investment Company, and Syria's General Authority of Civil Aviation is involved in reviewing the business plan, financial model, and bankability study. The upgrade work will involve rehabilitating and improving the existing airport facilities while also developing a new airport. Global institutions have contributed to securing adequate capital for the project, with financial closure anticipated early next year. Additionally, discussions are ongoing regarding the Elaf Fund's intention to finance the modernization of Syria's aircraft fleet, although specific details have not been disclosed. In a related development, Saudi-listed Flynas and the Syrian Civil Aviation Authority signed an agreement in February to establish a budget airline based in Syria. Flynas announced in July its plan to purchase an additional 25 Airbus jets to support its global growth strategy and the new airline based in Syria.