Saudi Arabia has signed significant investment and partnership deals with Syria, valued at $6.4 billion, to support the country’s post-war reconstruction. The investment is part of a broader effort to help Syria recover from nearly 14 years of civil war. Saudi Investment Minister Khalid Al-Falih announced the signing of 47 agreements and memoranda of understanding at the Syrian-Saudi Investment Forum in Damascus.
The investment package includes $2.9 billion for real estate and infrastructure projects, as well as $1.07 billion for the telecommunications and information technology sector. Saudi companies, including telecommunications firms STC and GO Telecom, digital security company Elm, cybersecurity firm Cipher, and education technology company Classera, will be involved in the projects. The investment is expected to create 50,000 jobs and boost Syria’s economy.
The investment deal reflects the strengthening of ties between Saudi Arabia and Syria’s new government, which seized power after rebels toppled longtime ruler Bashar al-Assad last December. Saudi Arabia has been a major backer of the new Syrian government, and the kingdom’s Crown Prince Mohammed bin Salman has been personally invested in supporting Syria’s reconstruction efforts. Al-Falih described Syria’s investment climate as “very attractive” and emphasized the kingdom’s desire to play an active role in the country’s reconstruction and development phase.
The Syrian-Saudi Investment Forum aimed to explore cooperation opportunities and sign agreements that enhance sustainable development and serve the interests of both countries. The forum marked a significant milestone in the history of relations between the two countries, with Syrian Economy Minister Mohammed al-Shaar calling it “a historic milestone in the history of relations between our two brotherly peoples”.
The investment deal comes after the United States lifted most sanctions on Syria in May, responding to appeals from Saudi Arabia and Turkey. US President Donald Trump formalized the dismantling of US sanctions on Syria earlier this month, hoping to reintegrate the country into the global economy. The reconstruction efforts are expected to be costly, with estimates suggesting that Syria will need over $400 billion to rebuild its infrastructure and economy.
In addition to Saudi Arabia’s investment, Qatar has also pledged to support Syria’s reconstruction. Earlier this year, Saudi Arabia and Qatar announced they would settle Syria’s debt to the World Bank, totaling about $15 million. Syria has also signed a $7 billion energy deal with a consortium of Qatari, Turkish, and US companies to help revive its electricity sector.