Saudi Arabia signs $5 billion investment deals with Syria to aid reconstruction

The Kingdom also announces funding for a $100 million, 32-storey skyscraper in Damascus

Last updated: July 23, 2025 | 22:09

Balaram Menon, Senior Web Editor and Khitam Al Amir, Chief News Editor

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Saudi Arabia's Investment Minister Khalid bin Abdulaziz Al Falih and his delegation being received at Damascus International Airport on July 23, 2025.

SANA/AFP

A high-level Saudi delegation signed investment and partnership agreements worth $5 billion in Damascus on Wednesday, aimed at supporting Syria’s post-war reconstruction, the Kingdom’s investment ministry announced.

Led by Investment Minister Khalid Al Falih, the 150-member delegation — comprising public and private sector representatives — attended a forum in the Syrian capital to explore opportunities for bilateral cooperation.

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According to the ministry, the deals, valued at 19 billion Saudi riyals ($5 billion), cover key sectors including real estate, infrastructure, communications and IT, transport and logistics, industry, tourism, energy, and trade.

The visit marks a significant show of support from Saudi Arabia for Syria’s new government, which assumed power following the ousting of longtime leader Bashar Al Assad by Islamist-led rebels in December, ending 14 years of civil war.

The ministry said Tuesday that the Damascus forum aimed to "explore cooperation opportunities and sign agreements that enhance sustainable development and serve the interests of the two brotherly peoples."

Also Read: 'My 40-year wait ends'; Meet hopeful Syrians returning home to Damascus after long hiatus

$100m tower announced in Damascus

Saudi Arabia has also announced that it will fund the construction of Al Jawhara Tower, a 32-storey skyscraper in the centre of the Syrian capital, Damascus.

Spanning 25,000 square metres and with an estimated cost exceeding $100 million, the project marks one of the most significant Saudi investments in Syria.

— With inputs from AFP

Balaram MenonSenior Web Editor

Balaram brings more than two decades of experience in the media industry, combining sharp editorial judgment with a deep understanding of digital news dynamics. Since 2004, he has been a core member of the gulfnews.com digital team, playing a key role in shaping its identity. Passionate about current affairs, politics, cricket, entertainment, and viral content, Balaram thrives on stories that spark conversation. His strength lies in adapting to the fast-changing news landscape and curating compelling content that resonates with readers.