JEDDAH: Saudi Arabia and the Syrian Arab Republic are accelerating their economic partnership as Riyadh hosted the first private sector investment gathering of its kind, bringing together about 450 officials and investors from both countries.
The Saudi-Syrian Partnership and Investment Forum, held on Aug. 24, highlighted opportunities across 12 key sectors and concluded with recommendations to expand bilateral cooperation, according to the Saudi Press Agency.
Organized by the Federation of Saudi Chambers through the Saudi-Syrian Business Council, the forum followed last week’s signing of an agreement to protect and promote mutual investments during a Saudi-hosted roundtable attended by a Syrian delegation led by Economy and Industry Minister Mohammad Nidal Al-Shaar.
It also built on the Syrian-Saudi Investment Forum held in June in Damascus, where more than 100 Saudi companies and 20 government agencies signed 47 deals valued at $6.4 billion across sectors including real estate, infrastructure, finance, telecom, energy, and manufacturing.
Speaking at the forum, Mohammed Abunayyan, chairman of the Saudi-Syrian Business Council, said Crown Prince Mohammed bin Salman and Syrian President Ahmed Al-Sharaa have laid a solid foundation for economic partnership between the two nations.
He emphasized that the relationship will not be limited to deals or transactions but will evolve into a broader framework of cooperation.
The top official emphasized that the relationship will not be about deals or seizing opportunities, but a comprehensive partnership through cooperation between Saudi and Syrian investors.
Khaled Al-Khattaf, CEO of the Saudi Investment Promotion Authority, noted that the forum builds on previous rounds of dialogue and represents a significant step in advancing joint economic ties.
He indicated that signing the agreement on the protection and promotion of mutual investments marks a qualitative leap in the trajectory of joint investment relations.
Al-Khattaf added that Syria is preparing for a new phase of reconstruction, offering vast opportunities for foreign investors. Syrian investments in the Kingdom reached SR8.4 billion ($2.24 billion) in 2023, up 13 percent from the previous year. Investment licenses granted to Syrians in 2024 rose to about 3,225, an increase of 146 percent from 2023. Syrian companies operating in Saudi Arabia currently employ more than 61,000 people, including 14,000 Saudis.
Abdulaziz Al-Sakran, deputy governor of the General Authority of Foreign Trade for international relations, said the two nations share close historical and fraternal ties. He added that the forum’s outcomes will contribute to Syria’s economic recovery by promoting trade, investment, and reconstruction.
Trade between the Kingdom and Syria reached around SR900 million in the first five months of 2025, up 80 percent from the same period a year earlier, with expectations to surpass SR2 billion by year-end, marking the highest trade level in 13 years, SPA reported.
Naser bin Saleh Al-Khelwai, a member of the executive committee of the FSC, highlighted Saudi Arabia’s expertise in property development, citing the experience of ROSHN and other developers.
“The experience of real estate development and tourism in the Kingdom is world-class, and we want to transfer these Saudi experiences to the Syrian market,” he said, according to an X post by the FSC.
The figures indicate notable growth in bilateral investments. Between 2003 and 2015, Saudi presence in Syria included eight companies, 11 projects, and investments worth SR1.7 billion. In 2025, the number of investment agreements rose to 47, with an estimated value of SR24 billion. Meanwhile, Syrian investments in the Kingdom grew from SR367 million in 2015 to SR8.4 billion in 2024, SPA added.
Source: www.arabnews.com