Saudi Arabia signs $6.4 billion investment deals with Syria to support reconstruction
Agreements span real estate, telecom, and finance; new Saudi-Syrian Business Council announced
DAMASCUS, Syria (MNTV) — Saudi Arabia and Syria signed investment deals worth $6.4 billion during a bilateral investment forum in Damascus, marking a major step in Saudi Arabia’s efforts to support Syria’s reconstruction and deepen economic ties with the war-torn country.
Saudi Investment Minister Khalid Al-Falih led the Syrian-Saudi Investment Forum in Damascus, which brought together officials and business leaders from both countries, reported Arab News.
During the event, Al-Falih announced the signing of 47 agreements and memorandums of understanding across sectors including real estate, telecommunications, finance, agriculture, and infrastructure.
“Syria is moving toward becoming an attractive destination for investment despite the challenges,” Al-Falih said during a panel at the forum, noting a growing willingness from Syrian authorities to open up opportunities for Saudi investors.
A major portion of the new investments will go toward infrastructure, with $2.93 billion allocated for real estate and related sectors, including the construction of three Saudi-financed cement factories.
The telecommunications sector received $1.07 billion, with partnerships involving the Syrian Ministry of Communications and several Saudi tech firms, including Saudi Telecom Co., GO Telecom, Elm, Cipher, and Classera.
The two countries also agreed to increase cooperation in agriculture, with plans for joint model farms and food processing projects.
In the financial sector, the Saudi Tadawul Group and the Damascus Securities Exchange signed a memorandum of understanding aimed at enhancing collaboration in fintech.
To institutionalize long-term economic cooperation, Al-Falih also announced the establishment of a Saudi-Syrian Business Council.
Earlier this year, Saudi Arabia joined Qatar in settling Syria’s $15 million debt to the World Bank, signaling a broader regional effort to reintegrate Syria economically following years of conflict.
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