Saudi Arabia unveils $6.4 billion investment package for Syria

Saudi Arabia has announced $6.4 billion in investments in Syria, signalling a significant expansion of its support for interim President Ahmed al-Sharaa’s administration as the country begins to emerge from more than a decade of civil war.

The investment deals were revealed on July 24 by Saudi Investment Minister Khalid Al-Falih during a business forum held in Damascus, Caliber.Az reports, referring to foreign media.

The package represents a major financial lifeline for Sharaa, who is working to consolidate authority in a nation still grappling with instability, including recent sectarian clashes in the southwest.

Al-Falih stated that his visit to Syria was made under the directive of Saudi Crown Prince and de facto ruler Mohammed bin Salman. He described the trip as a demonstration of “the kingdom’s firm and supportive stance towards sisterly Syria.”

According to Al-Falih, the investment plan allocates $2.93 billion to real estate and infrastructure development and another $1.07 billion to the telecommunications and information technology sectors. Major firms involved include Saudi Telecom Company (STC), GO Telecom, digital security firm Elm, cybersecurity provider Cipher, and education technology company Classera.

He also announced that 47 agreements are expected to be signed during the conference, which has drawn participation from more than 100 companies. As part of the forum, a new Saudi-Syrian Business Council was formally established. The conference had originally been scheduled for June but was postponed due to the escalation of hostilities between Iran and Israel.

Saudi Arabia has emerged as a key backer of Sharaa, who assumed leadership following the ouster of longtime Syrian President Bashar al-Assad in December. Riyadh has used its diplomatic leverage to lobby US President Donald Trump to ease sanctions on Damascus.

Interest in Syria’s reconstruction has been growing, particularly among companies from the Gulf and Türkiye. These firms are eyeing opportunities to rebuild critical infrastructure, including power generation, transport networks, and ports.

In recent months, Syria has signed a $7 billion power infrastructure agreement with Qatar and an $800 million deal with UAE-based logistics giant DP World. US energy companies are also preparing to draft a long-term master plan for Syria’s energy sector.

In a further boost to Syria’s economic prospects, Saudi Arabia and Qatar announced in April that they would jointly cover Syria’s outstanding arrears to the World Bank, potentially paving the way for renewed international lending.

By Tamilla Hasanova