High-Level Saudi Delegation Arrives in Syria to Strengthen Ties, Explore Investments
The visit aims to strengthen and advance the fraternal bonds and historical ties between Saudi Arabia and Syria, and support Syria's economic recovery and development.
The Saudi delegation, comprising senior officials from both the public and private sectors, aims to explore promising investment opportunities, facilitate bilateral cooperation, and address challenges facing investors to deepen economic ties and support companies from both countries.
The Ministry of Investment is seeking to empower the Saudi private sector to contribute to Syria's reconstruction and development by identifying interested companies and organizing a series of introductory workshops.
On the sidelines of the visit, the Saudi-Syrian Investment Forum will be held in Damascus, where several joint projects, investment agreements, and memoranda of understanding will be announced, underscoring the Kingdom's commitment to building a sustainable and strategic economic partnership with Syria.
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Under the patronage of Syrian President Ahmed al-Sharaa, the Syrian-Saudi Investment Forum kicked off on Thursday in Damascus, attended by various ministers and officials from both countries. Saudi Minister of Investment Khalid Al-Falih delivered the opening speech, expressing gratitude for the hospitality extended by Syria and its people since their arrival, SPA reported. He conveyed greetings from Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, along with hopes for security and prosperity for Syria. Al-Falih emphasized that the directive from the Crown Prince to visit Syria with a delegation, comprising representatives from both the government and private sectors of Saudi Arabia, highlights the Kingdom's strong support for Syria in its journey towards economic growth, prosperity, and sustainable development. He stated, "We are not here to build new relationships; strong social, cultural, and economic ties have long connected our two countries. Historically, the Arabian Peninsula and the Levant were vital links in global trade through the Silk, Spice, and Incense Routes. Saudi Arabia and Syria have shared strong social, economic, and political ties. Recent meetings between the Crown Prince and the Syrian President aimed to strengthen this bond and create new opportunities for cooperation, highlighting the Kingdom's commitment to enhancing economic and investment relations with Syria." The minister noted that over 20 government entities and 100 leading private sector companies from Saudi Arabia are present at the forum, investing in various sectors, including energy, infrastructure, financial services, healthcare, agriculture, as well as communications and information technology. He announced that 47 agreements, valued at approximately SAR24 billion, will be signed, covering various fields including real estate, finance, and tourism. Al-Falih also stressed that the forum reflects the belief that the private sector is a key partner in achieving mutual goals between the two countries. It encourages Saudi and international investors to explore opportunities in Syria and contribute to its strategic projects, thereby fostering mutual benefits across vital sectors. He highlighted that agreements exceeding SAR11 billion will be signed in infrastructure and real estate. This includes the establishment of over three new cement factories, aimed at securing essential raw materials for construction and enhancing self-sufficiency in this critical area. In the telecommunications sector, Al-Falih stated that the forum marked the beginning of cooperation between the Syrian Ministry of Communications and Information Technology and Syrian tech companies on one side, and leading Saudi companies—such as Elm, stc, GO Telecom, Cipher, Classera—on the other. This collaboration aims to develop digital infrastructure, enhance cybersecurity capabilities, and build advanced ecosystems in artificial intelligence, data centers, and educational academies. Agreements in this sector are estimated to be worth approximately SAR4 billion. Al-Falih described Syria's agricultural sector as rich with potential in modern farming, grain production, organic products, and food supply chains. He expressed eagerness to collaborate with the Syrian side to develop innovative joint projects, including model farms and processing industries, as well as knowledge and technology exchange. He also addressed the financial services and remittance sector, which will witness, at the event, the signing of a memorandum of understanding today between the Saudi Tadawul Group and the Damascus Securities Exchange. This agreement aims to enhance cooperation in financial technologies, dual listings, data exchange, and the establishment of investment and transfer funds that will stimulate investment in Syria. The minister commended the positive and active role played by over 2,600 Syrian entrepreneurs in the Kingdom, noting that direct investments by Syrian investors in Saudi Arabia have reached nearly SAR10 billion. He emphasized their major role in building the new Syria and its growing economy. He said, "These figures are only the beginning and do not reflect our ambitions. We must work together, closely and cohesively, to grow and elevate these figures in line with the efforts of our two nations to build a better future for our peoples." Al-Falih also praised the positive steps taken by the Syrian government to improve the investment climate, foremost among them the amendment of the Investment Law on June 24, 2025, which grants investors more guarantees and incentives, facilitates procedures, and enhances transparency. As a reflection of the Kingdom's commitment to fostering investment in Syria, Al-Falih announced the establishment of the Saudi-Syrian Business Council, composed of a select group of business leaders. The council aims to drive economic cooperation, activate partnerships among private sector institutions in both countries, and boost Saudi investment presence in Syria's promising market. Al-Falih reiterated that the strong interest and presence of successful and pioneering Saudi companies across diverse investment sectors at the forum, along with the enthusiasm, engagement, and responsiveness witnessed from all sides in Syria. The resulting agreements across critical and high-value fields—capped by the commitment shown by the Syrian leadership and officials—are promising signs. These signs affirm that the path of cooperation and integration being launched today marks the beginning of a future filled with prosperity, growth, and development for both countries and their peoples across all fields, under the guidance and support of the leadership of both nations.
