Saudi Arabia Announces Investments in Syria Worth $5.6 Billion

SadaNews - The Saudi Ministry of Investment announced on Wednesday that it is set to sign agreements worth $5.6 billion in various sectors with Syria, which is seeking economic recovery after a years-long conflict. Saudi Investment Minister Khalid Al-Falih arrived in Damascus on Wednesday, leading a delegation of more than 150 representatives from the government and private sectors to discuss "investment partnerships," as reported by the state-run Al-Ikhbariya channel and the Ministry of Investment. The Saudi minister and his accompanying delegation will participate in the "Syrian-Saudi Investment Forum 2025" in Damascus on Thursday, according to an official from the Saudi Ministry of Investment. The Ministry stated in a statement on Wednesday that the forum will witness the signing of several agreements and memoranda of understanding "that will directly contribute to Syrian growth." It mentioned that the announced investments, amounting to 21 billion Saudi riyals ($5.6 billion), cover vital and strategic sectors including: real estate, infrastructure, telecommunications and information technology, transportation and logistics, industry, tourism, energy, trade and investment, healthcare, human resources, and financial services. For his part, Syrian Information Minister Hamza Mustafa confirmed in a press conference that the forum will see "the signing of 44 agreements with the Kingdom of Saudi Arabia, worth $6 billion." The Syrian news agency (SANA) reported that the visit includes "the launch of the Fayha white cement factory project in the Adra industrial city in the countryside of Damascus." Saudi Arabia is one of the main supporters of the new Syrian government that assumed power after the ousting of the former regime of Bashar Al-Assad in December. Riyadh was the destination of the first foreign visit by the transitional Syrian president, Ahmad Al-Shara, in February. Additionally, Saudi Arabia facilitated a meeting between Al-Shara and U.S. President Donald Trump during his visit to Riyadh in March, where the latter pledged to lift sanctions imposed on Damascus, which he formally did on June 30. During a visit to Damascus in late May, Saudi Foreign Minister Faisal bin Farhan confirmed that Riyadh would be among the first countries to support Syria in reconstruction and economic rise.