Saudi Arabia and Syria signed 47 investment agreements worth nearly SAR 24 billion during a bilateral forum held in Damascus, marking the most substantial financial engagement between the two countries since the resumption of diplomatic ties in 2023.
The deals, formalised during the Syrian-Saudi Investment Forum, cover real estate, infrastructure, finance, energy, ICT, industry, healthcare, tourism, and trade. The forum was held under the patronage of Syrian President Ahmad al-Sharaa and attended by ministers and senior officials from both sides.
The agreements come as part of a Saudi investment delegation visit led by Investment Minister Khalid Al-Falih. The trip included meetings with Syrian officials and site visits to Saudi-backed projects, reflecting Saudi Arabia’s intent to support Syria’s economic recovery and reintegration into regional trade and investment networks.
Among the major projects announced, Al-Badia Cement Company committed over $200 million to expand its operations, aiming to raise production capacity to more than five million tonnes annually. The company also signalled its interest in partnering with Syria’s public sector to improve performance at state-owned cement facilities.
Minister Al-Falih also laid the foundation stone for two new ventures: the Al-Fayhaa Cement Factory, with an estimated investment of SAR 100 million and an annual capacity of 150,000 tonnes, and the Al-Jawhara Commercial Tower in Damascus, a mixed-use complex spanning 25,000 square metres with an investment exceeding SAR 375 million.
The visit is part of Saudi Arabia’s broader push to restore economic and political ties with Syria, following the latter’s readmission into the Arab League in May 2023. The investment drive is also in line with Riyadh’s Vision 2030 strategy, which aims to expand the Kingdom’s overseas footprint and support regional development initiatives.
Saudi-Syrian relations have seen a steady thaw, with the two countries reopening embassies and re-establishing trade channels. The new investment commitments signal Saudi Arabia’s growing role in Syria’s post-conflict reconstruction efforts, despite ongoing international sanctions and geopolitical sensitivities.
