Saudi Business Delegation Arrives in Damascus for $4 Billion Investment Forum

A high-level Saudi business delegation, led by Investment Minister Khalid Al-Falih, arrived in Damascus this week for a landmark investment forum aimed at revitalizing economic ties and fostering development in Syria. The event is expected to yield trade deals worth over SR15 billion ($4 billion), signaling a major step forward in bilateral cooperation.

More than 120 Saudi investors from both public and private sectors are participating in the Saudi-Syria Investment Forum, which seeks to bolster Syria’s post-conflict recovery through strategic partnerships and long-term projects. According to the Saudi Ministry of Investment, the forum is witnessing strong engagement from both sides, with multiple memorandums of understanding set to be signed.

The official Syrian news agency SANA reported that the forum would contribute significantly to sustainable development and shared economic interests between the two nations. Among the key announcements is the launch of the Fayhaa White Cement Factory in Adra Industrial City near Damascus, a project expected to support Syria’s ongoing reconstruction efforts by boosting cement production capacity.

Saudi Arabia’s state-run Al Ekhbariya reported that the deals span a variety of sectors, including industry, infrastructure, and services, and that the event reflects growing regional interest in Syria’s recovery.

The investment forum follows a series of diplomatic breakthroughs. After a 12-year pause, Saudi Arabia reopened its embassy in Damascus in 2024, a move that symbolized renewed engagement and a shift in regional dynamics. In April, Riyadh and Doha jointly pledged to help settle Syria’s $15 million debt to the World Bank, as part of a broader strategy to integrate Syria back into regional economic frameworks.

Last month, Minister Al-Falih held a virtual meeting with Syria’s Minister of Economy, Mohammad Al-Shaar, to explore areas of public-private collaboration. Al-Shaar welcomed the forum, stating it lays the groundwork for a new chapter in economic partnership between the two countries.

SANA also noted that Syria has recently amended its investment law, a reform aimed at making the country more attractive to foreign and domestic investors. Al-Shaar said the changes would facilitate capital inflows, enhance private sector participation, and accelerate economic rebuilding.

With the forum underway, both sides appear poised to deepen economic cooperation, marking a pivotal moment in Syria’s gradual re-entry into the regional economic landscape.