Saudi Arabia and Syria are expected to sign investment agreements worth more than 15 billion riyals during a joint forum, part of a visit to Damascus that began Wednesday by a large Saudi delegation headed by Investment Minister Khalid Al-Falih.
The delegation, comprising more than 120 businessmen and investors, is participating in the Saudi-Syrian Forum, which aims to explore cooperation opportunities between the two countries and explore the possibility of signing strategic agreements that would contribute to supporting sustainable development and enhancing mutual economic interests between Riyadh and Damascus.
The working visit, which will be attended by a number of officials from the public and private sectors, is being organized by the Ministry of Investment in coordination with the Federation of Saudi Chambers. The ministry is working to enable the Saudi private sector to contribute to reconstruction and development efforts in Syria.
The ministry has been working to identify companies interested in investing in Syria and organize a number of introductory workshops, according to a statement. It said it will work in cooperation with relevant authorities in both countries to facilitate the process of exploring investment opportunities and removing obstacles.
Expected deals between the two countries
During the visit, a number of deals, joint projects, and memoranda of understanding will be announced to explore opportunities, according to a statement from the Saudi Ministry of Investment.
Today, Wednesday, the Saudi Minister of Investment inaugurated the first white cement factory in the city of Adra in the Damascus countryside, with investments amounting to approximately 100 million riyals.
Last February, Saudi Crown Prince Mohammed bin Salman held talks in Riyadh with Syrian President Ahmad al-Sharaa on economic cooperation between the two countries. The two sides discussed “broad future plans in the fields of energy, technology, education, and health,” according to Syrian state media.
Prince Mohammed bin Salman’s talks with Sharaa followed US President Donald Trump’s announcement last May that he would lift sanctions on Syria, in response to a request from the Saudi crown prince.
Saudi Arabia continues to support the Syrian economy
The forum comes after Saudi Arabia, in cooperation with the International Monetary Fund and the World Bank, announced its commitment to supporting Syria’s efforts toward economic recovery . Saudi Arabia also paid off a portion of Syria’s overdue debt to the World Bank, rehabilitating the country to access much-needed international financing .
The Saudi Embassy in Damascus announced yesterday that it was issuing travel permits to Saudi and Syrian businessmen and investors, allowing them to exchange visits and explore investment opportunities in both countries.
Last June, Saudi low-cost airline Flynas launched its first flights from King Khalid International Airport in Riyadh to Damascus International Airport .
The volume of trade between Saudi Arabia and Syria reached 9.1 billion riyals over the past 10 years, with a trade surplus in Syria’s favor of 6.8 billion riyals, according to a previous report by the Financial Analysis Unit at Al-Eqtisadiah, based on data from the General Authority for Statistics.
Last year, the volume of trade exchange until November reached 1.2 billion riyals, with a trade surplus in Syria’s favor of 135 million riyals .
Net foreign direct investment between Saudi Arabia and Syria amounted to approximately 3.5 billion riyals over the past five years, while net investment in 2023 reached approximately one billion riyals, representing approximately one-third of the total, at a rate of 28 % .
Syrian nationality ranked fourth among countries receiving the highest number of foreign investment licenses in Saudi Arabia during the third quarter of last year, with 246 licenses, representing 6% of the total of 3,810 licenses .
