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Riyadh Strengthens Economic Presence in Syria with Investments Exceeding 24 Billion SAR
In what has been described as a turning point in regional economic relations, the Kingdom of Saudi Arabia announced major investments in Syria totaling 24 billion Saudi riyals (approximately USD 6.4 billion). The announcement came during a high-level economic forum held in Damascus, attended by a prominent Saudi delegation led by Minister of Investment Khalid bin Abdulaziz Al-Falih.
The forum witnessed the signing of 47 memoranda of understanding (MoUs) between the Saudi side and the new Syrian government, covering strategic sectors such as industry, energy, infrastructure, real estate development, and financial technology. Minister Al-Falih confirmed that the agreements include the establishment of over three new cement factories, along with MoUs worth 4 billion SAR in the telecommunications and technology sectors with leading Saudi companies such as STC and Elm.
Among the most prominent projects announced was a multi-billion riyal agreement between the Syrian government and the Saudi company Bayt Al-Ibdaa to develop a flagship residential and commercial complex in Homs. Additionally, a memorandum of understanding was signed between Tadawul (Saudi Exchange) and the Damascus Securities Exchange to enhance cooperation in finance and data exchange.
Al-Falih highlighted the participation of 20 Saudi government entities and over 100 private sector companies, noting that the forum attracted more than 500 top Saudi business leaders who expressed strong interest in investing in Syria.
The Minister also revealed a directive from Saudi Crown Prince Mohammed bin Salman to establish a Saudi-Syrian Business Council, comprising leading investors committed—both financially and morally—to advancing the economic partnership between the two countries. He affirmed that the signed agreements are expected to be implemented promptly.
On the Syrian side, the Minister of Economy and Industry described the Saudi visit as “highly significant,” emphasizing that it marks tangible support for Syria’s economic recovery through cooperation with a key regional economic player.
In the same context, Alaa Al-Ali, President of the Syrian Chambers of Commerce Union, stated that these agreements elevate Syrian-Saudi relations to the level of comprehensive strategic partnership, which will contribute to stimulating sustainable economic growth in Syria and reactivating the role of the private sector.
Al-Ali underscored the forum’s importance as a direct platform bringing together investors from both countries, facilitating dialogue and providing firsthand insight into Syria’s investment climate. He added: “The deeply rooted historical ties and mutual interests between the Syrian and Saudi peoples must be translated into broad economic cooperation across all sectors.”
Key Figures from the Saudi–Syrian Investment Forum:
📄 47 Investment MoUs Signed
💰 24 Billion SAR in Total Investments
🏗️ 11 Billion SAR for Industry, Energy, Real Estate, and Infrastructure Projects
🧱 3 Cement Factories to be Established in Syria
📡 4 Billion SAR in Telecommunications and Technology Agreements
🏛️ 20 Participating Saudi Government Entities
🏢 Over 100 Saudi Private Sector Companies
👔 500 Business Leaders Expressed Interest in Syrian Investments
🇸🇦 10 Billion SAR: Total Syrian Investments in Saudi Arabia
