DAMASCUS: The Saudi-Syrian Investment Forum 2025 concluded in Damascus on Thursday with the signing of 47 agreements and memorandums of understanding worth $6.4 billion, marking a significant step towards Syria’s economic reconstruction and renewed bilateral cooperation.
During the forum’s opening, Minister of Investment Khalid Al-Falih announced that Crown Prince Mohammed bin Salman had directed the establishment of a high-level Saudi-Syrian Joint Business Council, underscoring the Kingdom’s commitment to supporting Syria’s reconstruction and economic reintegration.
The event was held in the presence of Syrian President Ahmed Al-Sharaa and brought together over 100 Saudi private sector companies alongside 20 government entities.
Widely viewed as the beginning of a new era in bilateral investment, the forum aims to foster partnerships across key sectors, including energy, infrastructure, industry, real estate, finance, healthcare, agriculture, and information and communications technology (ICT).
Al-Falih also revealed that the new business council will be chaired by prominent Saudi businessman Mohammed Abunayyan and include leading executives from across the Kingdom.
“The private sector is ready to play a key role in Syria’s economic recovery,” he said.
Major agreements included over SR11 billion ($2.9 billion) in infrastructure and real estate deals, including three new Saudi-financed cement plants to support Syria’s reconstruction.
ICT collaborations were also announced, including partnerships between the Syrian Ministry of Communications and major Saudi tech firms such as STC and Elm, valued at SR4 billion ($1.06 billion).
Both sides agreed to strengthen cooperation in the agricultural sector, with plans to establish model farms, develop food supply chains, and promote organic production.
In the financial sector, a key memorandum of understanding was signed between the Saudi Tadawul Group and the Damascus Securities Exchange to explore opportunities for dual listings, fintech collaboration, and the creation of new investment funds.
Minister Al-Falih commended the Syrian government’s recent economic reforms, particularly the amendments to the investment law enacted in June, which have improved investor protections and simplified regulatory procedures.
He also noted that Syrian investments in Saudi Arabia currently amount to SR10 billion ($2.66 billion), reflecting growing momentum toward deeper economic integration between the two countries.
On Wednesday, Al-Falih and Syrian Economy Minister Mohammed Al-Shaar inaugurated the Fayhaa White Cement Factory in Adra Industrial City, the first of its kind in Syria.
Backed by a $20 million investment from Saudi Arabia’s Northern Region Cement Co., the plant is set to produce high-grade white cement while creating 130 direct jobs and more than 1,000 indirect employment opportunities.
