Saudi Arabia announced $6.4 billion of investments in Syria during a summit on Thursday, reflecting the kingdom's deepening ties with interim President Ahmed al-Sharaa's government as it seeks to help rebuild Syria following years of civil war.
The deals, unveiled by Saudi Investment Minister Khalid Al-Falih at a Damascus forum, are a major financial boost for al-Sharaa as he struggles to establish control over Syria, which faced clashes in the country's south earlier this month.
Al-Falih said his visit to Syria had been ordered by Saudi Arabia's crown prince and de facto ruler, Mohammed bin Salman, calling the trip "confirmation of the kingdom's firm and supportive stance towards sisterly Syria."
The investment deals included $2.93 billion for real estate and infrastructure projects and about $1.07 billion for the telecommunications and information technology sector, al-Falih said.
Businesses involved in the plans include telecommunications firms, the Saudi Telecom Company (STC) and GO Telecom, digital security company Elm, cybersecurity firm Cipher and Classera, an education technology company.
Al-Falih said 47 agreements would be signed throughout the conference, with more than 100 companies participating.
Al-Falih also announced the establishment of a Saudi-Syrian Business Council at the event, which had been scheduled for June but was delayed due to the conflict between Iran and Israel.
Riyadh has been a key ally of al-Sharaa's government, which came to power after longtime ruler Bashar Assad was toppled in December, using its diplomatic influence to persuade U.S. President Donald Trump to lift sanctions.
Companies, many from Gulf states and Türkiye, have expressed interest in rebuilding Syria's power generation capacity, roads, ports and other damaged infrastructure.
Syria has signed a $7 billion power deal with Qatar and an $800 million agreement with UAE-based port company DP World in recent months. U.S. energy firms are also expected to develop a comprehensive plan for the country's energy sector.
In April, Saudi Arabia and Qatar announced that they would settle Syria's World Bank arrears, paving the way for new lending.
