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.
