Syria, Saudi Arabia Seal $6 Billion Investment Deal

Syria and Saudi Arabia have reached a landmark economic agreement to sign 44 investment deals valued at $6 billion, signaling a major step in rebuilding and strengthening bilateral ties across multiple sectors.

The announcement was made by Syrian Information Minister Hamza al-Mustafa during a press conference in Damascus on Wednesday, coinciding with the Syrian-Saudi Investment Forum.

The new agreements span a wide range of industries, including energy, technology, media, and communications. Minister al-Mustafa highlighted that the initiatives are expected to generate over 50,000 jobs across the country, contributing significantly to Syria’s economic recovery.

The minister underscored the importance of attracting private capital, particularly in the energy sector, and noted that discussions with Saudi investors also touched on cybersecurity, artificial intelligence, and digital infrastructure.

This wave of investment follows sweeping political changes in Syria. On 8 December 2024, Damascus fell to the armed opposition, prompting President Bashar al-Assad to resign and leave the country. Ahmed Al-Sharaa, leader of the opposition, was appointed transitional president in January, with a new cabinet formed in March.