February 8 (Reuters) - Shares in Saudi Arabian airline FlyNas rose 5.7 percent to 64.45 riyals per share after the company announced a joint venture with the Syrian Civil Aviation Authority to establish a new airline called Nas Syria.

The company said the Syrian side will own 51 percent of the joint venture and Flynas will own 49 percent, with operations scheduled to begin in the fourth quarter of 2026.

Saudi Arabia announced on Saturday a huge investment package in Syria in the energy, aviation, real estate and telecommunications sectors, as the kingdom moves to be a major supporter of the new Syrian leadership.

Data from the London Stock Exchange Group showed that analysts' average recommendation for the stock was "buy" with an average target price of 79 riyals.

The stock thus achieved the largest percentage gain among the stocks listed on the Saudi index, which rose 0.8 percent on Sunday.