Syria and Saudi Arabia sign $6 billion in deals at Damascus investment forum

The Syrian-Saudi Investment Forum, which commenced in Damascus, has resulted in investment agreements exceeding $6 billion between the two countries.

The diplomatic normalization process between Syria and Saudi Arabia has entered a new phase with the Syrian-Saudi Investment Forum held in Damascus. The parties, including representatives from the public and private sectors, signed 47 agreements and memorandums of understanding covering numerous sectors such as telecommunications, cybersecurity, aviation, energy, finance, and infrastructure. The agreements, totaling over $6 billion, aim to revive economic cooperation between the two nations.

The forum attracted high-level attention, with Syria’s interim President, Ahmed al-Shara, in attendance. A 130-member Saudi delegation, led by Saudi Minister of Investment Khalid al-Falih, arrived in Damascus yesterday to begin talks. The visit was directed by Crown Prince Mohammed bin Salman, with the primary objective emphasized as “contributing to Syria’s reconstruction process.”

Saudi-Syrian Business Council to be established

In his opening speech at the forum, Minister al-Falih stated, “As Saudi Arabia, we are committed to supporting Syria’s sustainable development. To institutionalize this cooperation, we are establishing the Saudi-Syrian Business Council.” He also noted that major companies like the Saudi Telecommunication Company (stc Group) are preparing for collaboration in the technology sector.

According to Syria’s state news agency SANA, the foundation for a white cement factory will be laid in the Damascus countryside as part of the forum. Saudi officials also announced that they would work in close cooperation with Syrian authorities to remove obstacles to investment.

In the shadow of the Suwayda crisis…

This large-scale economic initiative is taking place in the shadow of conflicts and massacres in Syria’s southern Suwayda region between Druze and Sunni Bedouin groups and state forces.

Israel had also conducted airstrikes against Damascus and Suwayda, citing the need to prevent potential threats against the Druze community.

Diplomatic relations between Saudi Arabia and Syria have improved significantly since the overthrow of Syrian President Bashar al-Assad in December 2024. Following this process, Saudi Arabia has become one of the primary regional supporters of Syria’s new administration.

In February, Syria’s interim President Ahmed al-Shara discussed “comprehensive economic cooperation plans” in fields such as energy, technology, health, and education during a meeting with Saudi Crown Prince Mohammed bin Salman (MBS) in Riyadh.

Following this diplomatic rapprochement, US President Donald Trump announced in May that, as a result of his discussions with bin Salman and President Recep Tayyip Erdogan, all US sanctions from the Assad era would be lifted.