Syria and KSA deepen economic ties with focus on investment and reconstruction
In a new sign of warming relations, Saudi Arabia and Syria have opened formal discussions on strengthening bilateral investment and economic cooperation, marking a significant step in the region’s evolving political and financial landscape.
Saudi Minister of Investment Khalid Al-Falih met virtually with Syrian Minister of Economy and Trade Mohammad Nidal Al-Shaar to explore joint investment opportunities and long-term economic partnerships.
According to the Saudi Press Agency (SPA), the talks focused on fostering collaboration between the public and private sectors and boosting targeted investments in Syria’s productive and service industries.
Al-Falih emphasized Riyadh’s commitment to creating a supportive environment for regional investment and reiterated Saudi Arabia’s interest in backing Syria’s economic recovery and stability.
The meeting comes amid a sweeping political shift following the fall of Bashar Al-Assad’s regime in December 2024.
Since then, Syria’s new government has been reintegrated into the Arab diplomatic sphere, with Saudi Arabia playing a key role in facilitating its return.
Saudi support has gone beyond humanitarian assistance. In recent months, the Kingdom and Qatar have launched several strategic initiatives to support Syria’s reconstruction.
These include a joint financial package announced last Saturday by Saudi Foreign Minister Prince Faisal bin Farhan, offering three months of salary support for Syrian public sector employees.
In another significant development, a $7 billion memorandum of understanding was signed last week between Syria’s Ministry of Energy and a regional investment consortium led by Qatar’s Urbacon Holding Group and Turkish and American firms.
The agreement will fund critical electricity sector projects vital to Syria’s redevelopment.
Additionally, in April, Saudi Arabia and Qatar cleared Syria’s outstanding $15 million debt with the World Bank, underlining their commitment to rebuilding Syria’s financial credibility on the global stage.
