In an important move to re-engage economically with the war-torn nation and aid in its reconstruction efforts, Saudi Arabia has inked investment agreements with Syria totalling USD 6.04 billion.
During the recently concluded Syrian-Saudi Investment Forum in Damascus, Investment Minister Khalid Al-Falih unveiled the agreements, which cover industries like finance, real estate, and telecommunications.
Saudi Arabia’s strong commitment to bolstering Syria’s financial landscape is highlighted by the forum. In April 2025, the Kingdom and Qatar reached a USD 15 million settlement with the World Bank.
“During this forum, we will witness the signing of 47 agreements and memoranda of understanding with a total value approaching SR24 billion (USD 6.4 billion),” Al-Falih said.
The agreements also include USD 1.07 billion in the telecom industry, with the goal of strengthening bilateral relations between Syria’s Ministry of Communications and several Saudi telecom firms.
Saudi Telecom is one of the companies involved in the plans. GO Telecom, cybersecurity company Cipher, digital security company Elm, and education technology company Classera.
Deals totalling USD 2.93 billion were announced in the infrastructure and real estate sectors, including building three new cement plants funded by Saudi Arabia to aid in Syria’s reconstruction. Additionally, the two countries decided to strengthen their agricultural cooperation.
“In the agricultural sector, we look forward to collaborating in Syria to develop high-quality joint projects, including model farms and processing industries,” Al-Falih said.
The Saudi Tadawul Group and the Damascus Securities Exchange signed a memorandum of understanding (MoU) to strengthen collaboration in the fintech industry.
Al-Falih also declared the establishment of a Saudi-Syrian Business Council, which is anticipated to improve the two nations’ economic and trade relations.
During a different panel discussion at the forum, Al-Falih stated that despite continuous difficulties, Syria is becoming a more attractive place for investment.
“Syria is leaping forward as an investment-attractive country despite all challenges. Since the beginning of its new era, we have witnessed a genuine desire to provide investment opportunities for Saudi businessmen,” Al-Falih concluded.
The Kingdom has been a major backer of the new Syrian government, which seized power after rebels toppled longtime ruler Bashar al-Assad in December 2024. In early 2025, Saudi Arabia and Qatar pledged to settle Syria’s debt to the World Bank, totalling about USD 15 million.
Recently, United States President Donald Trump formalised the dismantling of American sanctions on Syria, hoping to reintegrate the country into the global economy. Trump has already lifted most of the measures in May, responding to appeals from Saudi Arabia and Turkey.