Flynas shares rose 5.7% to 64.45 Saudi riyals ($17.19) per share after the Saudi airline announced a joint venture with Syria’s General Authority of Civil Aviation to establish a new airline under the name “Nas Syria.”

In statements carried by Reuters on Sunday, 8 February, the company said the Syrian side will own 51% of the joint venture, while Flynas will hold 49%. It added that work to establish the new airline is set to begin in the fourth quarter of 2026.

Data from the London Stock Exchange Group showed analysts’ average recommendation for Flynas shares is “buy,” with an average target price of 79 riyals ($21.07).

Flynas recorded the biggest gain among stocks listed on the Saudi main index, which rose 0.8% on Sunday.

Syria and Saudi Arabia on Saturday signed several strategic agreements across multiple sectors. These included strengthening telecommunications infrastructure and developing digital connectivity systems, establishing a Syrian Saudi airline to enhance air links, and operating and developing the Syrian Modern Cables Company.

One of the projects signed by both sides, during a press conference attended by Enab Baladi in Damascus  on 7 February, was the establishment of an airline in Syria to operate commercial aviation and air cargo services in partnership with Syria’s General Authority of Civil Aviation.

Saudi Investment Minister Khalid al-Falih said the ceremony included the signing of an aviation agreement led by “Nas,” which chose Syria as its first destination for foreign investment.

Riyadh has backed Damascus since the fall of the Assad regime on 8 December 2024 and the new government’s takeover, and is considered among the most prominent allies of Syrian President Ahmed al-Sharaa, alongside Ankara and Doha.

Saudi investments across several sectors

The agreements signed between the Syrian and Saudi sides covered a range of economic areas. Alongside the new airline, they included additional projects in aviation, water desalination, and telecommunications.

The agreements included the following projects:

• A project to developing Aleppo International Airport and improving existing facilities and operations .
• An agreement to develop water desalination and transfer projects by conducting the necessary economic, technical, and financial studies, and identifying appropriate solutions to assess seawater desalination projects.
• A project to upgrade Syria’s telecommunications infrastructure by extending fiber optic cables and establishing data centers, contributing to improved internet services and positioning Syria as a regional hub for data transfer and international connectivity.
• An agreement to operate and develop the Syrian Modern Cables Company, in addition to developing the national platform for vocational, technical, and technological training and qualification.
• The signing of a framework agreement for development cooperation and the launch of 45 development initiatives between the Syrian Development Fund and the Saudi Development Committee.

Head of the Syrian Investment Authority Talal Helali said these agreements outline a new phase of partnership based on mutual trust and respect.

For his part, al-Falih announced during the contract signing ceremony the launch of the Eilaf Investment Fund to finance major projects in Syria, and the activation of banking transfer channels between the two countries following the lifting of economic sanctions.

Al-Falih also said the ceremony saw the signing of the “Silk Link” digital infrastructure project agreement, a major water agreement sponsored by Saudi company ACWA, and the completion of the agreement to operate, manage, and develop the Syrian Modern Cables Company.