Saudi Arabia is expected to sign agreements worth 15 billion riyals ($4 billion) during an investment forum in Syria's capital Damascus on Wednesday.
The Syrian-Saudi Investment Forum 2025 will draw broad participation from the public and private sectors, the kingdom's Ministry of Investment, which is organising the event, said on Tuesday.
The move is aimed at enhancing economic relations with Syria and the two sides will explore co-operation opportunities and sign agreements that promote sustainable development, the ministry said.
Business agreements totalling more than 15 billion riyals will be sealed during the visit, Saudi-based AlEkhbariya News reported. The kingdom’s high-level delegation will be led by Investment Minister Khalid Al Falih and includes more than 120 investors from across the sectors, it said.
The forum is also expected to set out joint projects and the signing of memorandums of understanding between the two sides in various fields, Syria's state news agency Sana reported.
That includes the launch of the Fayhaa White Cement Factory project in the Adra Industrial City in Damascus, which will expand cement production and support the country's reconstruction, Sana said.
Gulf states are moving quickly to invest in Syria’s post-Assad future, launching diplomatic, financial and infrastructure support.
Following the ousting of former Syrian leader Bashar Al Assad in December, Saudi Arabia and Qatar jointly paid off Syria’s $15.5 million debt to the World Bank, unlocking access to critical reconstruction grants.
In May, the Syrian government also 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. The deal is aimed at doubling the country's power supply to boost its postwar economy.
Dubai port operator DP World also 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.
Syrian President Ahmad Al Shara also held talks with Saudi Crown Prince Mohammed Bin Salman in Riyadh in February on economic co-operation, with the leaders discussing collaboration in the fields of energy, technology, education and health, according to Sana.
The Syrian government this month also amended the country's investment law, in a move that is expected to support more domestic and foreign investment in the country.
During a visit by a Saudi delegation last week, Syria's Minister of Economy and Industry, Mohammad Al Shaar said that the new law provides an attractive legal environment that promotes the entry of capital, Sana reported.
The law will support the investment process and enhance the role of the private sector in reconstruction and economic development, the minister added.
