Saudi Arabia Injects Billions into Syrian Reconstruction
Massive Business Delegation Eyes $6 Billion in Deals Amid Post-War Recovery Efforts
Riyadh is significantly backing Syria’s post-war recovery, dispatching a high-profile business delegation to Damascus aimed at forging deals worth between $4 billion and $6 billion. This move signifies a major step in rebuilding the war-torn nation.
Deal-Making Frenzy in Damascus
Saudi Arabia’s Investment Minister, Khalid bin Abdulaziz Al-Falih, is spearheading a delegation of approximately 130 Saudi business leaders. Their agenda includes crucial meetings with Syrian leadership and the launch of a two-day investment conference. Syrian Information Minister Hamza al-Moustafa announced that Syria anticipates signing 44 agreements with Saudi Arabia, collectively valued at nearly $6 billion. These pacts span critical sectors such as energy, telecommunications, finance, banking, and investment funds, involving both governmental and private sector entities.
“Syria will sign 44 agreements with Saudi Arabia estimated to be worth nearly $6 billion.”
—Hamza al-Moustafa, Syrian Information Minister
Saudi state media initially reported the agreements to be valued at over $4 billion, highlighting the substantial financial commitment. The visit also saw the inauguration of a new cement factory project in Adra Industrial City, a $20 million venture representing the country’s first white cement production facility. Additionally, Al-Falih broke ground on an integrated retail project by Saudi firm Ethraa Holding, a significant investment of 375 million riyals ($99.96 million).
Strategic Investments Target Key Sectors
Saudi interests are reportedly focused on Syria’s energy and hospitality industries, as well as airport development. Plans are also underway to establish a joint business council between the two nations, fostering deeper economic ties.
Economic Push Amid Lingering Instability
The investment conference, initially slated for June, was postponed due to regional tensions but is proceeding despite recent sectarian clashes in Sweida that have resulted in numerous casualties. These events serve as a stark reminder of the persistent instability within Syria, even as foreign investment explores potential opportunities. Companies from Gulf states and Turkey have shown keen interest in rehabilitating Syria’s infrastructure, including power generation, roads, and ports.
Syria has recently secured substantial agreements, including a $7 billion power deal with Qatar and an $800 million pact with UAE-based DP World. Furthermore, U.S. energy firms are expected to develop a master plan for the country’s energy sector. Saudi Arabia, alongside Qatar, has also cleared Syria’s arrears with the World Bank, paving the way for future lending. This renewed engagement follows Syrian President Ahmed al-Sharaa‘s visit to Saudi Arabia in February and Crown Prince Mohammed Bin Salman‘s successful lobbying of U.S. President Donald Trump to ease sanctions hindering private investment.
The economic cooperation signals a significant shift in regional dynamics, with Saudi Arabia playing a pivotal role in supporting Syria’s infrastructure and economic revival efforts.
