Saudi Arabia’s Ministry of Investment recently announced a $100 million tower project in Syria as part of its commitment to support the reconstruction of the nation.
The announcement was made during the Syrian-Saudi Investment Forum 2025, where Minister of Investment Khalid Al-Falih laid the foundation stone for the project, which he described as an “architectural and tourism icon.”
Comprehensive complex for business, hospitality and retail
Backed by Ethraa Holding, the Al Jawhara Tower will span an area of 25,000 square meters and cost over SAR375 million.
“It is an integrated real estate project, which includes all modern services, creating a comprehensive complex for business, hospitality and retail in a single destination in the center of the Syrian capital, Damascus,” said Al-Falih in a post on social media platform X.
The Al Jawhara Tower will include 15 floors of hotel units and 15 floors of office spaces, each spanning an area of 6,500 square meters. The project will also feature 1,300 square meters of retail space and four levels of underground parking spanning 2,400 square meters.
Saudi Arabia’s Ministry of Investment added that the Al Jawhara Tower will feature a panoramic restaurant overlooking Syria’s capital.
Saudi Arabia to invest $3 billion in Syria infrastructure projects
During the Syrian-Saudi Investment Forum 2025, Al-Falih revealed that Saudi Arabia aims to invest around $3 billion in real estate and infrastructure projects in Syria. This investment is part of a broader $6.4 billion in deals, he added.
A Saudi delegation of more than 130 businessmen and investors, led by Al-Falih, arrived at Damascus International Airport on Wednesday to discuss opportunities for joint cooperation and sign agreements that contribute to promoting sustainable development and economic interests between Syria and Saudi Arabia, Syrian news agency SANA reported.
In addition to launching Al Jawhara Tower, the visit included the inauguration of the first white cement factory in the Damascus countryside, with investments totaling SAR100 million, according to Al-Falih.
“This project aims to expand the production base of the cement sector in Syria, supporting the upcoming reconstruction phase, which we are counting on to succeed,” he said.
Supporting Syria’s recovery
Saudi Arabia and Syria have recently been working on enhancing diplomatic and economic ties. Notably, Saudi Arabia reopened its embassy in Damascus last year following a 12-year closure. Further supporting the Arab nation’s reconstruction and recovery, the Kingdom and Qatar announced in April that they will settle Syria’s $15 million debt to the World Bank.
Saudi Arabia has also started issuing travel permits for Saudi and Syrian businesspeople with the goal of ramping up private‑sector investment and helping rebuild Syria’s economy. The Saudi embassy in Damascus said on Tuesday that an online portal is now live for investors from both countries to obtain entry licenses.
For its part, Syria announced this month that it has amended its investment law to support the flow of investments to the country.
Read: World Bank forecasts Syria’s GDP to grow by 1 percent after a 1.5 percent contraction
Major GCC-backed projects announced in Syria
In addition to Saudi Arabia’s major initiatives in supporting Syria, several GCC nations have announced major investments to help rebuild the nation’s vital sectors. In late May, a $7 billion investment was announced to shape a new future for the energy sector in Syria, led by Qatar’s UCC Holding as part of an international consortium that brings together top-tier global players and pioneers in the energy sector.
UCC said in a statement that the project includes four natural gas power plants and one solar power plant, with a total capacity of up to 5,000 megawatts. It aims to address the electricity deficit, supply energy to vital sectors and create thousands of jobs across various sectors.
The four combined-cycle gas turbine power plants will have a total capacity of 4,000 megawatts, while the solar power plant in southern Syria will have an initial capacity of 1,000 megawatts.
In addition, the UAE’s DP World has signed a 30-year concession agreement with Syria’s General Authority for Land and Sea Ports to develop and operate the Port of Tartus. As part of this agreement, DP World will invest $800 million over the duration of the concession to enhance the port’s infrastructure and establish it as a vital regional trade hub connecting Southern Europe, the Middle East, and North Africa.
