Saudi Arabia and Syria have formed a joint bank to make investment easier, as the two countries plan closer ties in transport and tourism.
Several deals were announced on Thursday in the latest sign of Gulf countries helping to rebuild Syria after 13 years of civil war. Syrian economic hopes were given a further boost this week as the US removed its last terrorism-related sanctions.
Syrian President Ahmad Al Shara on Thursday met Saudi Arabia's Transport Minister Saleh Al Jasser in Damascus as agreements were signed on road, rail and aviation. A day earlier, Mr Al Shara symbolically made Syria's first payment with a Visa card since the company agreed to return to the Syrian economy.
The joint bank is part of a plan to boost investment by making it easier to transfer money between Saudi Arabia and Syria, official Syrian media said. It said a particular focus was funding Syrian tourism and property developments.
Syria welcomed 3.5 million visitors in the first half of 2026, more than double the number in the same period last year. There are Qatari-funded plans to redevelop Damascus airport, while the UAE is supporting a proposed Damascus metro.
Saudi companies have also pledged billions of dollars in investment. The transport deals announced with Syria on Thursday include broader freedom for airlines to expand their operations. The aim is to “reconnect Syria with its Arab and regional surroundings”, said Omar Al Hosari, the head of the Syrian Civil Aviation Authority.
Two more agreements covered road and rail transport. Syria praised steps taken by Saudi Arabia to make visas easier to acquire for lorry drivers, saying this would ease the movement of goods between Syria and the kingdom.
The Syrian government has made a priority of attracting foreign investment since it took power from the deposed regime of Bashar Al Assad in late 2024. Saudi Arabia and Qatar in May 2025 paid off Syria's debts to the World Bank, shortly after US President Donald Trump announced the lifting of sanctions.
Syria's recovery has been afflicted with security problems. Government forces have clashed with Syria's Kurdish, Alawite and Druze minorities, while ISIS cells have been blamed for deadly explosions in Damascus and beyond.
