Saudi Investment Delegation Concludes Visit to Syria with Deals Worth Nearly $6.4 Billion

Officials are seen at the Syrian-Saudi Investment Forum in Damascus. (SPA)
Officials are seen at the Syrian-Saudi Investment Forum in Damascus. (SPA)
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Saudi Investment Delegation Concludes Visit to Syria with Deals Worth Nearly $6.4 Billion

Officials are seen at the Syrian-Saudi Investment Forum in Damascus. (SPA)
Officials are seen at the Syrian-Saudi Investment Forum in Damascus. (SPA)

Saudi Arabia announced $6.4 billion of investments in Syria on Thursday, reflecting the Kingdom's deepening ties with interim President Ahmed al-Sharaa's government as it seeks to rebuild Syria after a 14-year civil war.   

The deals were unveiled by Saudi Investment Minister Khalid Al-Falih at the Syrian-Saudi Investment Forum in Damascus.   

Al-Falih said his visit to Syria came at the directives of Prince Mohammed bin Salman, Crown Prince and Prime Minister, calling the trip "confirmation of the Kingdom's firm and supportive stance towards sisterly Syria".   

The investment deals included $2.93 billion for real estate and infrastructure projects and about $1.07 billion for the telecommunications and information technology sector, Al-Falih said.   

Businesses involved in the plans include telecommunications firms the Saudi Telecom Company (STC) and GO Telecom, digital security company Elm, cybersecurity firm Cipher, and Classera, an education technology company.   

Al-Falih said 47 agreements would be signed over the course of the conference, with more than 100 companies participating.   

Al-Falih also announced the establishment of a Saudi-Syrian Business Council at the event, which had been scheduled for June but was delayed due to the conflict between Iran and Israel.   

On the sidelines of the forum, a ministerial session was held featuring Al-Falih, Syrian Minister of Economy and Industry Dr. Mohammad Nidal Al-Shaar, Syrian Minister of Tourism Mazen Al-Salhani, and Saudi-Syrian Business Council and ACWA Power chairman Mohammad Abunayyan. 

The session highlighted the growing historical economic ties between Saudi Arabia and Syria and the support of the Saudi government, led by King Salman and Crown Prince Mohammed, to provide all means of support and facilitation that contribute to Syria’s prosperity and recovery. 

The session addressed the role of Saudi businessmen and leading companies in helping in Syria’s reconstruction and economic revival through partnerships, consultations, and urgent, effective efforts to develop promising economic sectors. 

During the forum, Al-Badia Cement Company announced investments exceeding $200 million to expand its grinding and packaging lines and power generation plant, increasing production capacity to more than 5 million tons of cement annually.  

The company also pledged to explore partnership opportunities with the Syrian government to improve the performance of state-owned cement factories and support market stability. 

As part of the visit, Al-Falih held a meeting with several Syrian ministers, who discussed ways to boost cooperation in support of comprehensive development between the two nations. 

The visit also included field tours to several Saudi investment projects in Syria. Al-Falih laid the foundation stone for Al-Fayhaa Cement Factory, with an estimated investment of SAR 100 million and an annual production capacity of 150,000 tons. The project aims to support local Syrian content and facilitate knowledge transfer. 

He also laid the foundation stone for the Al-Jawhara Commercial Tower in Damascus, a Saudi-Syrian project with a built-up area of 25,000 square meters and an investment exceeding SAR 375 million. The tower will include office spaces, retail shops, and hotel units. 

Riyadh has been a key ally of Sharaa's government, which came to power after longtime ruler Bashar al-Assad was toppled in December, using its diplomatic influence to persuade US President Donald Trump to lift sanctions.   

Companies, many from Gulf states and Türkiye, have expressed interest in rebuilding Syria's power generation capacity, roads, ports and other damaged infrastructure.   

Syria has signed a $7-billion power deal with Qatar and an $800-million agreement with UAE-based port company DP World in recent months. US energy firms are also set to draw up a master plan for the country's energy sector.   

In April, Saudi Arabia and Qatar announced they would pay off Syria's World Bank arrears, opening up the possibility of new lending. 



Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025

Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025
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Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025

Saudi Arabia Achieves 2nd Position Globally in ITU’s Digital Regulatory Maturity Index 2025

The International Telecommunication Union (ITU) announced that Saudi Arabia has ranked second globally in the Digital Regulatory Maturity Index 2025, placing just behind Germany among 193 countries, and maintaining its position in the highest “Leading” category of the global classification, according to a statement issued by the Communications, Space and Technology Commission (CST).

CST Acting Governor Eng. Haitham bin Abdulrahman Alohali stated that this achievement is the result of the support and enablement of the wise leadership, alignment of national digital economy directions with international multi-stakeholder initiatives, and strong collaboration between public and private sector entities through cooperative and participatory regulation, SPA reported.

He added that the Kingdom’s progress was further driven by adopting regulatory policies based on measuring social and economic impact, launching digital inclusion programs to empower all segments of society, implementing policies that promote development and innovation across sectors such as science, agriculture, and finance, and joining the Tampere Convention to facilitate the provision of telecommunications resources for disaster mitigation.

Alohali highlighted that attaining the highest “Leading” maturity level has contributed to accelerating the growth of Saudi Arabia’s digital economy, expanding the telecom and technology market, stimulating competition, attracting investment, and strengthening the Kingdom’s leading and active role within the ITU.

The statement added that this achievement reflects the efforts led by CST in collaboration with the National Regulatory Committee, Ministry of Communications and Information Technology, Ministry of Health, Ministry of Education, Ministry of Economy and Planning, Ministry of Environment, Water and Agriculture, Digital Government Authority, Saudi Central Bank, Saudi Data and Artificial Intelligence Authority, Transport General Authority, General Authority of Media Regulation, National Cybersecurity Authority, Saudi Water Authority, Saudi Electricity Regulatory Authority, General Authority for Competition, and Consumer Protection Association.


Saudi Arabia's STC in Joint Venture with Humain to Advance Data Center Buildout

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
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Saudi Arabia's STC in Joint Venture with Humain to Advance Data Center Buildout

A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)
A man passes the Saudi Telecom STC office in Riyadh, Saudi Arabia, February 6, 2018. (Reuters)

Saudi Arabia's largest telecoms operator STC on Thursday announced a joint venture with the kingdom's artificial intelligence company Humain to develop and operate data centers.

The companies signed a memorandum of understanding to establish the venture, in which Humain will hold a 51% stake, while STC will own 49%, Reuters reported.

Humain, an AI company backed by Saudi Arabia's sovereign wealth fund PIF, has secured several agreements including deals with Elon Musk's xAI and Blackstone-backed AirTrunk for data center projects in the country, and is targeting a capacity of about 6 gigawatts by 2034.
The joint venture will aim to develop infrastructure capable of supporting operations with a required load of up to 1 gigawatt, beginning with an initial deployment of up to 250 megawatts.


Oil Prices Edge Up After Reports of Possible US Sanctions on Russia, Venezuela Blockade

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Edge Up After Reports of Possible US Sanctions on Russia, Venezuela Blockade

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices rose slightly on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.

Brent crude rose 32 cents or 0.54% to $60 per barrel at 0910 GMT. US West Texas Intermediate crude was up 38 cents, or 0.68%, at $56.32 per barrel.

US intentions to impose more sanctions against Russia and its threatened blockade of tankers under sanctions and carrying Venezuelan oil pushed prices higher, PVM analyst John Evans said.

On Wednesday, Bloomberg reported that the US is preparing another round of sanctions on Russia's energy sector in the event Moscow does not agree to a peace deal with Ukraine, citing people familiar with the matter. A White House official told Reuters President Donald Trump had not made any decisions on Russian sanctions. Further measures targeting Russian oil could pose an even bigger supply risk to the market than Trump's announcement on Tuesday that the US would blockade tankers under sanctions entering and leaving Venezuela, ING analysts said in a note.

The Venezuela blockade could affect 600,000 barrels per day of Venezuelan oil exports, mostly to China, but 160,000 bpd of exports to the US would likely continue, ING said. Chevron vessels were continuing to depart for the US under a previous authorisation from the US government.

Most other Venezuelan exports remained on hold on Wednesday, although state oil company PDVSA restarted loading crude and fuel cargoes after suspending operations because of a cyberattack, sources and customs data indicated.

It was not clear how a US blockade would be enforced. The US Coast Guard last week took the unprecedented step of seizing a Venezuelan oil tanker and sources said the US was preparing for more such interdictions.

Venezuelan crude makes up around 1% of global supplies.