DAMASCUS — Saudi Arabia signed major investment and partnership agreements worth $6.4 billion with Syria on Thursday, aiming to help reconstruct the country’s infrastructure and vital sectors devastated by over a decade of civil war. The deals were announced at the Syrian-Saudi Investment Forum held at the Damascus presidential palace, attended by senior officials including interim President Ahmed al-Sharaa.
Saudi Investment Minister Khalid Al-Falih revealed that 47 agreements and memoranda of understanding were signed, with $2.9 billion earmarked for infrastructure projects, including the construction of three new cement factories crucial for rebuilding efforts. Saudi telecommunications companies pledged over $1 billion to develop Syria’s telecom infrastructure and improve cybersecurity.
Other sectors such as agriculture, finance, and industry also feature prominently in the deals, signaling a broad-based effort to revive Syria’s battered economy. Syrian Economy Minister Mohammed al-Shaar described the forum as a “historic milestone” strengthening the brotherly ties between the two countries.
The Syrian civil war has left the country’s infrastructure in ruins, with the United Nations estimating the cost of reconstruction at more than $400 billion. Recently, the United States eased sanctions on Syria, aiming to facilitate international investment and reintegration into the global economy. Earlier this year, Syria secured a $7 billion energy deal involving Qatari, Turkish, and US firms to revive its electricity sector.
These agreements mark a significant step in Saudi Arabia’s growing support for Syria’s recovery, highlighting renewed regional efforts to stabilize and rebuild the country after years of conflict.