Saudi Arabia announced $6.4 billion in investment agreements with Syria on Thursday, signaling strengthening ties with President Ahmed al-Sharaa’s government. The deals were unveiled by Saudi Investment Minister Khalid Al-Falih at a forum in Damascus, who said his visit was directed by Crown Prince Mohammed bin Salman and described it as “confirmation of the kingdom’s firm and supportive stance towards sisterly Syria.”
The investment package includes $2.93 billion in real estate and infrastructure projects and roughly $1.07 billion directed toward telecommunications and IT. Participating companies include Saudi Telecom Company (STC), GO Telecom, digital security firm Elm, cybersecurity company Cipher, and education tech provider Classera.
Al-Falih said 47 deals would be signed during the conference, which drew over 100 companies. He also announced the launch of a Saudi-Syrian Business Council, a move originally planned for June but delayed due to the Iran-Israel conflict.
