Saudi Arabia invests $6 billion in agreements with Syria
DAMASCUS, Syria (North Press) – Saudi Minister of Investment Khalid Al-Falih announced on Thursday the signing of 47 agreements and memoranda of understanding with Syria, totaling approximately 24 billion Saudi riyals (around 6 billion U.S. dollars), during the Syrian-Saudi Investment Forum held in Damascus.
Al-Falih stated that the infrastructure sector will be among the main beneficiaries of the deals, with agreements worth more than 11 billion riyals, including plans for the construction of three new cement factories.
Earlier in the day, a delegation of Saudi investors and business leaders—comprising around 40 senior government officials and executives from leading Saudi companies—arrived at the Syrian capital Damascus.
Al-Falih also highlighted new cooperation in the communications and information technology sector, noting that agreements worth approximately 4 billion riyals were signed between the Syrian Ministry of Communications and several Saudi companies. These partnerships aim to improve digital infrastructure and enhance cybersecurity capabilities.
The convening of the Syrian-Saudi Investment Forum reflects a shared belief in the vital role of the private sector as a strategic partner in achieving common development objectives, al-Falih said, encouraging international investors to explore opportunities in Syria.
Looking ahead, the Saudi minister identified several priority sectors for future investment in Syria, including energy, real estate, industry, infrastructure, financial services, healthcare, agriculture, communications, construction, and education.
To strengthen financial cooperation, al-Falih announced the signing of a memorandum of understanding between the Saudi Tadawul Group and the Damascus Securities Exchange to advance collaboration in financial technologies.
He also noted an agreement between the Saudi company “Bayt Alebaa” and Syrian partners to develop a major residential and commercial project in Homs, with proceeds designated for social support programs benefiting the Syrian people.
Al-Falih revealed that Crown Prince Mohammed bin Salman has directed the formation of a joint Saudi-Syrian Business Council, comprising prominent business leaders from both nations, to further boost bilateral economic ties.