A delegation led by Syria’s Minister of Economy and Industry Dr. Mohammad Nidal Al-Shaar, will visit Saudi Arabia’s capital on Monday to deepen and develop the partnership between Saudi Arabia and the Syrian Arab Republic.
The delegation will be accompanied by representatives from the private sector on both sides and takes place within the framework of an official trip that reflects the two brotherly countries’ keenness to build bridges of economic cooperation and strengthen regional integration, in line with the directives of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia.
Saudi Arabia seeks stronger ties with neighboring countries
The Syrian delegation’s visit to Saudi Arabia will follow up on the outcomes of the Syrian-Saudi Investment Forum held last month under the auspices of Syria’s President Ahmad al-Sharaa, with the participation of more than 100 Saudi companies and 20 government entities from the Kingdom.
The agreements signed during the forum covered 47 investment projects across key sectors, with total investments exceeding SAR24 billion, spanning real estate, infrastructure, finance, telecommunications and information technology, energy, industry, tourism, trade and investment, health and other fields.
The visit underscores the Kingdom’s commitment to strengthening economic partnerships with brotherly countries in the region, enhancing its global investment role, and supporting the achievement of sustainable development objectives and the goals of Saudi Vision 2030.
Saudi Arabia to invest $3 billion in real estate and infrastructure projects
On the sidelines of the Syrian-Saudi Investment Forum last month, Minister of Investment Eng. Khalid 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.
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 last month 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: Saudi Arabia’s investment delegation concludes Syria visit with 47 deals worth $6.4 billion
Syria signs $14 billion investment deals for 12 strategic projects
In a bid to kickstart its economic recovery, Syria signed in early August 12 investment deals worth $14 billion with international companies. The deals include infrastructure, transportation and real estate projects aimed at reviving the nation’s economy.
The projects include a $4 billion deal to develop and expand Damascus International Airport, signed with Qatar’s UCC holding. The deals also include a $2 billion investment to establish a metro in the Syrian capital with the UAE’s national investment corporation.
Other major agreements include a $2 billion deal for the Damascus Towers project signed with Italy-based UBAKO. Syria also signed a deal for the Baramkeh Towers project worth $500 million and the Baramkeh Mall, with an investment of $60 million.
