Forum marks 1st major economic engagement between two countries since Syria’s political transition following fall of Assad regime
Syria and Saudi Arabia launched their first joint investment forum in Damascus on Thursday, with dozens of agreements worth $6.4 billion expected to be signed to boost economic ties between the two nations.
Held at the Presidential Palace in Damascus, the forum opened in the presence of Syrian President Ahmad al-Sharaa and a high-level Saudi delegation led by Investment Minister Khalid Al-Falih.
Speaking at the event, Al-Falih said the two sides will sign 47 agreements and memorandums of understanding worth 24 billion Saudi riyals (around $6.4 billion).
The agreements span a wide range of sectors, including industry, energy, construction, and cybersecurity.
Al-Falih added that a major deal will be signed by the Saudi company “Bayt Al-Ibaa” to develop a landmark commercial project in the city of Homs. He said the project’s revenues will be directed to support Syrian communities.
In a key announcement, the minister also said cybersecurity agreements worth 4 billion riyals ($1.66 billion) would be signed as part of the forum’s agenda.
Syrian state news agency SANA quoted the country’s Information Minister Hamza Al-Mustafa as saying the agreements will help create 50,000 job opportunities across Syria’s 14 provinces.
“These deals cover every region and every sector. They are not limited to any single part of the country,” he said during a press conference held Wednesday ahead of the forum.
The forum marks a major milestone in Damascus-Riyadh relations, which have gradually improved following the political shift in Syria.
Since the ouster of Bashar al-Assad’s regime in late 2024, Syria’s new administration has launched economic and political reforms and intensified efforts to build partnerships with regional and international players.
Assad, Syria’s leader for nearly 25 years, fled to Russia in December, ending the Baath Party regime, which had been in power since 1963. A new transitional administration led by Sharaa was formed in January.
