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Following a directive from Crown Prince Mohammed bin Salman, Minister of Investment Khalid Al-Falih led a delegation of more than 120 Saudi business representatives to the Syrian Arab Republic last week in an attempt to boost cooperation across various investment sectors and promote economic growth, prosperity, and sustainable development.

The visit concluded with a series of high-level meetings with Syrian officials and a joint investment forum held under the patronage of Syrian President Ahmed Al-Sharaa, attended by ministers and senior representatives from both sides.

The forum resulted in the signing of 47 Saudi-Syrian investment agreements worth nearly SR24 billion ($6.4 billion), covering a wide range of sectors including real estate, infrastructure, finance, CIT, energy, industry, tourism, trade, and healthcare.

The forum also highlighted the role of Saudi businessmen and leading companies in supporting Syria’s reconstruction and economic revival through strategic partnerships, consultations, and swift, effective sectoral development.

On the sidelines of the forum, a ministerial session underscored the deep-rooted economic ties between ºÚÁÏÉçÇø and Syria and reaffirmed the Kingdom’s commitment to providing all possible support and facilitation for Syria’s recovery and prosperity.

Syria-based company Al-Badia Cement announced more than $200 million in investments during the forum to expand its grinding and packaging operations and upgrade its power generation plant, aiming to raise annual production capacity beyond 5 million tonnes. The company also pledged to work with the Syrian government to improve state-owned cement facilities and support market stability.

The Saudi leadership’s support for Syria’s new leadership marks a significant turning point in bilateral relations. It signals a joint effort to accelerate Syria’s economic recovery

The foundation stone for Al-Fayhaa Cement Factory was laid, with an estimated investment of SR100 million and an annual production capacity of 150,000 tonnes.

The foundation stone was also laid for the Al-Jawhara Commercial Tower in Damascus, a Saudi-Syrian project with investment exceeding SR375 million.

Underscoring the Kingdom’s commitment to fostering investment in Syria, a Saudi-Syrian Business Council was established, chaired by Mohammed Abu Nayan. The council will look to strengthen economic cooperation, promote private-sector partnerships, and expand Saudi investments in Syria.

A high-level visit by a Saudi business delegation, led by a senior government official, underscores the Kingdom’s commitment to supporting Syria’s new leadership in its efforts to move beyond decades of authoritarian rule and toward recovery and stability.

The establishment of the council marks the beginning of a new phase of cooperation between businessmen from both countries, at a time when Syria’s new government needs strong support to rebuild and achieve security, stability, and prosperity.

The council is also expected to play a key role in reshaping Syria’s economy and business environment, with the Saudi private sector acting as a strategic partner. Leveraging its significant capabilities and resources, the Saudi private sector is well-positioned to tap into emerging opportunities in the Syrian market.

I believe the council is well-positioned to succeed in its mission to help rebuild the Syrian economy in the coming years, particularly as it has already begun developing an action plan for 2025–2030, which should strengthen sustainable economic cooperation between the Kingdom and Syria, identify investment opportunities, support strategic partnerships, and streamline trade and logistics procedures for Saudi exports.

Syria also stands to benefit significantly from Saudi Vision 2030 by aligning with its strategic pathways, allowing the Syrian government to prioritize private-sector development in both countries, attract investment in reconstruction and sustainable development, support exports, simplify procedures, and establish good governance practices to protect investors.

It is important to note that Syria’s business environment is beginning to show signs of change under the new leadership, which has demonstrated a willingness to re-engage with regional and international investors — particularly from countries like ºÚÁÏÉçÇø, which played a major role in lifting economic sanctions.

Finally, the Saudi leadership’s support for Syria’s new leadership marks a significant turning point in bilateral relations. It signals a joint effort to accelerate Syria’s economic recovery and transition from a state-dominated model to a more open, participatory system guided by forward-looking and responsible leadership.

• Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz

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