A high-level Saudi business delegation arrived in Syria on Wednesday, marking a significant step in the Saudi-Syria economic partnership. Led by Investment Minister Khalid Al-Falih, the group aims to finalize deals worth $4 billion to $6 billion. These agreements will support Syria’s post-war recovery and strengthen economic ties between the two nations.
The delegation, comprising around 130 Saudi business leaders, will attend a two-day investment conference in Damascus. According to Syrian Information Minister Hamza al-Moustafa, 44 agreements are set to be signed. These deals span critical industries, including energy, telecommunications, finance, and investment funds.
Additionally, some contracts will involve private Saudi firms partnering directly with Syrian businesses. Al Ekhbariya, a Saudi state-run broadcaster, estimated the total value at over $4 billion. However, Syrian officials suggest the figure could reach $6 billion, highlighting the growing Saudi-Syria economic partnership.
During the visit, Minister Al-Falih inaugurated a $20 million white cement factory in Adra Industrial City. This facility is the first of its kind in Syria. Furthermore, he laid the foundation for a $100 million retail complex developed by Saudi firm Ethraa Holding.
Saudi investors have shown particular interest in Syria’s energy, hospitality, and aviation sectors. A joint business council between the two countries is also in the works. This move will further solidify the Saudi-Syria economic partnership and encourage long-term collaboration.
Saudi Arabia has been a key supporter of Syria’s interim government since President Ahmed al-Sharaa took office in December. The Gulf kingdom, along with Qatar, recently cleared Syria’s World Bank arrears. This action paves the way for new international funding.
Meanwhile, other Gulf nations and Turkey are also investing heavily in Syria. Recent agreements include a $7 billion power deal with Qatar and an $800 million port contract with UAE-based DP World. U.S. energy firms are also preparing a master plan for Syria’s energy sector.
The investment conference was initially planned for June but was delayed due to regional tensions. Recent sectarian clashes in Sweida, which killed hundreds, underscore Syria’s fragile stability. Nevertheless, foreign investors remain eager to participate in reconstruction efforts.
As the Saudi-Syria economic partnership expands, analysts predict more Gulf investments in infrastructure, power, and transportation. With billions in deals already secured, Syria’s recovery appears to be gaining momentum. However, security concerns and political uncertainties could still pose risks.
The Saudi delegation’s visit signals a major shift in regional economic dynamics. By committing billions to Syria’s reconstruction, Riyadh is reinforcing its role as a key player in the Middle East. The Saudi-Syria economic partnership not only boosts trade but also sets the stage for deeper diplomatic engagement in the years ahead.
