Saudi Arabia and Syria on Monday signed an agreement to boost and protect bilateral investments, after the kingdom pledged billions to support Damascus as its economy recovers from years of civil war.
A Syrian delegation, led by Economy and Industry Minister Mohammad Al Shaar, and representatives from the private sector arrived on Monday in Riyadh, the Saudi Press Agency reported.
The investment promotion and protection agreement is "aimed at establishing practical frameworks to strengthen joint investments and develop strategic projects in industry, services, infrastructure, and tourism", the report said.
Both countries are working to establish a safe and sustainable investment environment to support co-operation and underpin confidence among investors, Saudi Investment Minister Khalid Al Falih said at a press conference.
“We have made significant progress regarding agreements and memorandums of understanding,” he added.
The agreement is a follow-up to Saudi Arabia's initiative to support the Syrian economy, which has opened up following the toppling of former president Bashar Al Assad's regime and the removal of western sanctions.
Last month, the kingdom signed on agreements with Syria worth 24 billion Saudi riyals ($6.4 billion) to support the rebuilding of the Syrian economy.
A total of 47 deals from more than 100 Saudi and international companies were signed at the Syrian-Saudi Investment Forum, covering key sectors including energy, industry, infrastructure, real estate, financial services, health, agriculture, communications and information technology. Several projects were also launched.
The forum was a reflection of Riyadh's commitment to strengthening “deep and sustainable” investments to support growth and development opportunities in both countries, Mr Al Falih said on Monday.
The continuing economic developments are major victories for Syrian President Ahmad Al Shara, who has been leading the country's rebuilding strategy after the downfall of Mr Al Assad in December last year.
Gulf states as well as other regional countries are moving quickly to invest in Syria’s post-Assad future, launching diplomatic, financial and infrastructure support.
Last week, Turkey announced plans to export about 900 megawatts of electricity to Syria by the first quarter of 2026, Turkish Minister of Energy and Natural Resources Alparslan Bayraktar said.
That is part of the “very large” scope for co-operation between Syria and Turkey, Hussam Eddin Tatari, the head of the newly re-established Syria-Turkey Business Council, had told The National earlier this month.
In May, Saudi Arabia and Qatar jointly paid off Syria’s $15.5 million debt to the World Bank, unlocking access to critical reconstruction grants. Also that month, Damascus signed a $7 billion deal with a consortium of companies led by Qatar's UCC Holding to add 5,000 megawatts to the national grid.
Dubai port operator DP World signed an $800 million agreement to develop the port of Tartus, while Emirati businessman Khalaf Al Habtoor said he would be considering investments in Syria.
Mr Al Shara also held talks with Saudi Crown Prince Mohammed bin Salman in Riyadh in February, where the leaders discussed collaboration in the fields of energy, technology, education and health, Syria's state news agency Sana reported at the time.
