Syria announces first-ever investment forum with Saudi Arabia

ISTANBUL

Syria on Wednesday announced the launch of the first-ever investment forum with Saudi Arabia.

Syrian Information Minister Hamzah al-Mustafa said 44 agreements worth $6 billion are expected to be signed during the event, which is projected to create 50,000 job opportunities, the state-run news agency SANA reported.

The forum is scheduled to begin on Thursday, as confirmed by Saudi Investment Minister Khalid bin Abdulaziz Al-Falih on X.

Mustafa emphasized Saudi Arabia’s role in supporting Syria.

“We must respectfully acknowledge the role Saudi Arabia plays toward Syria. We are working on updating our legislative infrastructure to attract and encourage foreign investment,” he said.

“In the next phase, we will focus on drawing in investments aimed at development, not just profit,” added the Syrian minister.

According to Mustafa, the agreements to be signed during the forum involve both government sectors and private companies and will cover areas such as banking, construction, and cybersecurity.

The deals, he said, will span all 14 Syrian provinces and are not limited to a single region or sector.

A Saudi delegation led by the kingdom’s investment minister arrived early Wednesday in Damascus to sign economic agreements aimed at strengthening bilateral cooperation.

The delegation includes more than 130 Saudi business leaders and investors, while the duration of the visit was not disclosed.

Saudi Arabia key regional player

Mustafa highlighted investment opportunities in Syria in sectors such as energy, cybersecurity, and artificial intelligence, particularly at the intersection of media and telecommunications.

“Saudi Arabia is a key regional and global player, and it shares deep-rooted and historical relations with Syria and its people. It holds a respected and favorable position in the hearts of Syrians,” he said.

“This Syrian-Saudi economic forum is the first of its kind, and we hope it becomes an annual event,” the minister noted.

On Saturday, Syrian President Ahmad al-Sharaa met with a group of Saudi businessmen in Damascus to discuss economic and investment cooperation and ways to expand joint ventures across multiple sectors.

On July 11, a Saudi team visited Damascus International Airport to assess investment opportunities in the civil aviation sector.

Saudi Foreign Minister Prince Faisal bin Farhan visited the Syrian capital in May for official talks with Sharaa to discuss ways to support Syria’s economy.

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.