RIYADH. Saudi Arabia has launched a high-level delegation visit to Damascus, led by Investment Minister Khalid Al-Falih, starting Wednesday, to strengthen economic ties and support Syria’s war-torn economy. The delegation, comprising over 120 businessmen and investors, is participating in the Saudi-Syrian Investment Forum to explore cooperation opportunities and sign strategic investment agreements worth over 15 billion riyals. These efforts aim to drive sustainable development and enhance mutual economic interests between Riyadh and Damascus.
Supporting Business and Investment Growth
To facilitate business collaboration, Saudi Arabia has introduced fast-track travel permits for Saudi and Syrian businesspeople. The Saudi embassy in Damascus announced on Tuesday that an online portal is now live, allowing entrepreneurs and investors from both nations to secure entry licenses for seamless visits and on-the-ground assessments. This move follows months of Saudi diplomacy, which led to U.S. President Donald Trump lifting U.S. sanctions on Syria during a visit to Riyadh earlier this year. Saudi officials credit Crown Prince Mohammed bin Salman for advocating the easing of these restrictions, paving the way for stronger economic ties.
Syria’s commitment to free market reforms, including privatizing state-owned companies, opens doors for Saudi businesses, particularly in sectors like energy, water, tourism, and airport development. The Ministry of Investment, in partnership with the Federation of Saudi Chambers of Commerce, is driving efforts to deepen economic cooperation, identify investment prospects, and address challenges for businesses from both countries.
Saudi-Syrian Investment Forum Highlights
The Saudi-Syrian Investment Forum in Damascus is the centerpiece of the delegation’s visit, showcasing joint projects, investment agreements, and memoranda of understanding valued at over 15 billion riyals. These agreements underscore Saudi Arabia’s commitment to a long-term economic partnership with Syria. The Ministry of Investment is also hosting workshops to engage Saudi companies interested in contributing to Syria’s reconstruction.
This delegation visit and investment forum mark a significant step toward strengthening historic ties between Saudi Arabia and Syria, fostering economic growth, and supporting Syria’s path to recovery.