Saudi investment delegation signs $6.4bn in deals during Syria visit
A high-level Saudi investment delegation, led by Minister of Investment Eng. Khalid Al-Falih, has concluded a multi-day visit to Syria aimed at strengthening economic ties and driving long-term cooperation across key sectors.
The visit, which included a series of meetings with Syrian officials, culminated in the Syrian-Saudi Investment Forum, held under the patronage of Syrian President Ahmad al-Sharaa. Several ministers and senior officials from both nations participated in the event.
During the forum, 47 Saudi-Syrian investment agreements were signed, with a total value of nearly $6.4bn (SAR24bn). The deals span a wide array of sectors, including real estate, infrastructure, finance, communications and IT, energy, industry, tourism, trade, investment, and healthcare.
On the sidelines of the forum, a ministerial session brought together Eng. Al-Falih, Syrian Minister of Economy and Industry Dr. Mohammad Nidal Al-Shaar, Minister of Tourism Mazen Al-Salhani, and Saudi-Syrian Business Council and ACWA Power chairman Mohammad Abunayyan. Discussions focused on revitalising economic ties and Saudi Arabia's support for Syria's post-conflict reconstruction.
The session also underscored the commitment of Saudi Arabia, under the leadership of King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, to enabling Syria's recovery through investments and partnerships.
Projects
Several notable projects were announced during the forum. Al-Badia Cement Company unveiled plans to invest over $200mto expand its grinding, packaging, and power generation capacities, aiming to boost annual output to more than 5 million tons. The company also expressed interest in partnering with the Syrian government to enhance state-owned cement operations and ensure market stability.
Minister Al-Falih also met with various Syrian ministers to explore additional avenues of cooperation supporting comprehensive development.
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As part of the visit, the delegation conducted field visits to existing and planned Saudi projects in Syria. Al-Falih laid the foundation stone for the Al-Fayhaa Cement Factory, a project worth approximately $27m (SAR100m), which will have an annual capacity of 150,000 tonnes. The project is expected to enhance local content and drive knowledge transfer.
Another major development is the Al-Jawhara Commercial Tower in Damascus, a Saudi-Syrian initiative with a built-up area of 25,000 square meters and an estimated investment of over $100m (SAR375m). The mixed-use tower will feature office spaces, retail outlets, and hotel units, further contributing to Syria's urban and economic redevelopment.
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