The Syrian-Saudi Investment Forum officially opened on July 24 in Damascus, with Syrian President Ahmad Al-Sharaa in attendance, in an important moment in the economic rapprochement between the two nations, as reported by the Syrian President’s Media Office.

Syria and Saudi Arabia signed 47 investment agreements and memoranda of understanding (MoUs) worth nearly SAR24bn (approximately $6.4bn) during the Syrian-Saudi Investment Forum, in the most significant economic engagement between the two countries in over a decade.

Bringing together high-level delegations from both sides, the event served as a platform to explore joint investment opportunities and strengthen cooperation in sustainable development, with a focus on key sectors including infrastructure, industry, energy and technology.

Speaking at the forum, Syrian Minister of Economy and Industry Mohammad Nidal Al-Shaar described the gathering as a “historic turning point” in bilateral relations, affirming Syria’s commitment to supporting strategic partnerships that serve the interests of both peoples. “Syria is witnessing real momentum towards growth and prosperity,” he said.

Saudi Investment Minister Khalid bin Abdulaziz Al-Falih, who led a delegation of over 130 Saudi investors and 20 government entities, conveyed greetings from the Saudi leadership and praised Syria’s warm reception. “We are not building new bridges; we are simply reinforcing ancient ties that have long connected our people,” he said, pledging full Saudi support for Syria’s recovery and sustainable development.

Al-Falih confirmed that Saudi investments will span key sectors, including energy, real estate, infrastructure, industry, agriculture, financial services and ICT, and will support the construction of three new cement factories, part of an SAR11bn package for infrastructure projects. He also highlighted a key agreement in the ICT sector, where Syrian and Saudi partners will collaborate on cybersecurity and telecommunications development, with deals worth SAR4bn.

In financial services, an MoU was signed between Saudi Tadawul Group and the Damascus Securities Exchange to boost cooperation in fintech and capital markets.

Al-Falih also applauded Syria’s recent reforms aimed at improving the investment climate and announced that Prince Mohammed bin Salman had issued a directive to establish a Saudi-Syrian Business Council, comprising leading business figures from both countries.

Notable announcements at the forum included a $20mn investment in heavy industry by Saudi Arabia’s Al Muhaidib Group, alongside the launch of a mixed-use commercial and residential complex in Homs by Saudi company Bayt Al-Ibaa, with project returns pledged to support social development efforts.

Among the most ambitious plans were those to redevelop five Syrian airports, including the construction of a new international airport in Damascus with a capacity of 30mn passengers and the conversion of the Mezzeh military airport into a civilian terminal. 

Syrian officials also presented multi-track investment strategies targeting war-affected areas, regulated zones, and build-ready districts. Key flagship projects under these plans include the $400mn Damascus Towers skyscraper project in Baramkeh, a $900mn medical city in Qudsaya, a $500mn leisure city in Adawi, and a $300mn cultural city near the capital, all aimed at reshaping the country’s post-war economic and urban landscape.

Saudi Arabia remains committed to supporting Syria’s economic recovery. In February, Ahmad Al-Sharaa held talks in Riyadh with Saudi Crown Prince Mohammed bin Salman, focusing on strengthening economic cooperation between the two nations. According to Syrian state media, the two leaders discussed broad future plans for collaboration across key sectors, including energy, technology, education and healthcare.