Riyadh sends business delegation to Damascus in $6 billion reconstruction bid

On July 23, Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih arrived in Damascus, heading a high-profile business delegation aiming to bolster Syria’s post-war recovery with investments potentially worth up to $6 billion.

The visit marks a major step in Riyadh’s strategy to re-engage with Syria following the December ousting of longtime ruler Bashar al-Assad, Caliber.Az reports via foreign media.

Interim President Ahmed al-Sharaa, whose government has received steady backing from Saudi Arabia, is now seeking to attract foreign capital to rebuild the country after 14 years of conflict.

The two-day investment forum in Damascus, delayed from June due to regional instability, has drawn some 130 Saudi business representatives. Al-Falih is expected to meet Syrian officials to finalise deals across key sectors including energy, banking, telecommunications, and infrastructure.

“Syria will sign 44 agreements with Saudi Arabia estimated at nearly $6 billion,” Information Minister Hamza al-Moustafa said at a press conference on July 23. “These include public-private partnerships and direct deals between private firms and government agencies.”

Saudi state broadcaster Al Ekhbariya earlier reported that the value of the agreements would exceed $4 billion.

Among the new ventures launched during the visit was Syria’s first white cement production facility, a $20 million investment in Adra Industrial City. Additionally, Saudi investment firm Ethraa Holding broke ground on a 375 million riyal (over $99 million) retail complex.

“Syria welcomes these investments as vital to our recovery,” said al-Moustafa, highlighting Saudi interest in hospitality, airports, and the energy sector.

Sources familiar with the matter informed that both countries plan to establish a joint business council. “This is about laying the foundation for long-term economic partnership,” said a Syrian businessman involved in the talks.

Despite recent unrest in southern Syria, particularly sectarian clashes in Sweida, foreign investors from Gulf nations and Türkiye have expressed interest in rebuilding Syria’s infrastructure, from power plants to ports and roads.

The Saudi-led push comes as Syria continues to diversify its economic alliances. Doha recently inked a $7 billion energy agreement with Damascus, and UAE-based DP World has committed $800 million to port redevelopment. U.S. energy companies are also reportedly drafting a master plan for Syria’s energy sector.

Moreover, both Saudi Arabia and Qatar have cleared Syria’s arrears with the World Bank — a move seen as paving the way for renewed international lending.

President al-Sharaa made his first overseas trip to Saudi Arabia in February. Riyadh, in turn, has lobbied Washington to ease sanctions that have deterred private investment.

“This is a turning point in Syrian-Saudi relations,” said a Gulf-based diplomat. “It signals a wider regional shift toward economic engagement with Damascus.”

By Aghakazim Guliyev