Saudi Arabia and Syria are accelerating their economic cooperation after Jeddah hosted the first private sector investment forum between the two nations, drawing around 450 officials and investors. The Saudi-Syrian Partnership and Investment Forum, held on August 24, spotlighted opportunities across 12 key sectors and concluded with recommendations to deepen bilateral ties, according to the Saudi Press Agency.
Organized by the Federation of Saudi Chambers and the Saudi-Syrian Business Council, the event followed the recent signing of a bilateral agreement to protect and promote mutual investments. It also built on the June Syrian-Saudi Investment Forum in Damascus, where over 100 Saudi firms and 20 government bodies signed 47 deals worth $6.4 billion in real estate, infrastructure, energy, telecom, finance, and manufacturing.
Speaking at the forum, Mohammed Abunayyan, chairman of the Saudi-Syrian Business Council, said Crown Prince Mohammed bin Salman and Syrian President Ahmed Al-Sharaa have established a strong foundation for comprehensive economic cooperation. Khaled Al-Khattaf, CEO of the Saudi Investment Promotion Authority, described the investment protection agreement as a “qualitative leap” in bilateral relations, noting Syria’s readiness for a new phase of reconstruction and its growing appeal for foreign investors.
Recent figures reflect the momentum. Syrian investments in Saudi Arabia reached SR8.4 billion ($2.24 billion) in 2023, a 13% increase from 2022, while investment licenses granted to Syrians in 2024 rose by 146% to 3,225. More than 61,000 people, including 14,000 Saudis, are employed by Syrian companies operating in the Kingdom.
Trade is also surging, reaching SR900 million in the first five months of 2025, up 80% year-on-year, and expected to surpass SR2 billion by year-end — the highest level in 13 years. Between 2003 and 2015, Saudi investments in Syria stood at SR1.7 billion, but in 2025 alone, new agreements totaled SR24 billion, underscoring a sharp expansion.
Officials highlighted real estate and tourism as key cooperation areas, with Saudi developers like ROSHN expected to bring world-class expertise to Syria’s reconstruction and growth.
