Saudi Arabia unveiled $6.4 billion in investment commitments in Syria during a Damascus forum, signaling stronger ties with interim President Ahmed Al-Sharaa’s government amid efforts to rebuild after 14 years of civil war. Saudi Investment Minister Khalid Al-Falih, visiting on Crown Prince Mohammed bin Salman’s orders, described the trip as reaffirming the kingdom’s firm support for Syria.
The announced deals include $2.93 billion targeting real estate and infrastructure projects, and approximately $1.07 billion allocated to telecommunications and IT sectors. Key participating companies comprise Saudi Telecom Company (STC), GO Telecom, digital security firm Elm, cybersecurity company Cipher, and education technology provider Classera.
Al-Falih revealed 47 agreements to be signed with over 100 companies involved, alongside the establishment of a Saudi-Syrian Business Council to foster bilateral commercial collaboration. The forum, initially planned for June but delayed due to regional conflicts, highlights Riyadh’s pivotal role in backing Sharaa’s government and leveraging diplomatic channels to ease sanctions, including persuading the US to lift restrictions.
Gulf and regional companies have shown interest in restoring Syria’s power generation, transport infrastructure, and ports. Recent deals include a $7-billion energy agreement with Qatar and an $800-million port contract with UAE’s DP World. US energy firms are preparing a master plan for Syria’s energy sector, while Saudi Arabia and Qatar have committed to settling Syria’s World Bank arrears, paving the way for renewed international financing.
