Saudi Arabia has announced $5 billion in investment and partnership agreements with Syria during a high-level visit aimed at deepening economic ties and supporting the country’s post-conflict recovery.
The delegation, led by Investment Minister Khalid Al-Falih, includes around 150 officials and investors from the Kingdom’s public and private sectors. The visit was organised by the Ministry of Investment in coordination with the Federation of Saudi Chambers, in line with directives from Crown Prince Mohammed bin Salman.
A key highlight of the visit was the official launch of Al-Jawhara (Jewel) Tower, a landmark 32-storey real estate development in central Damascus, in the Al-Bahsa district. The project, valued at over $100 million, was inaugurated by Minister Al-Falih and Syrian Economy Minister Mohammad Nidal Al-Shaar during the Syrian-Saudi Investment Forum, held on Wednesday in the Syrian capital.
According to the Ministry, the Jewel Tower spans over 25,210 square metres, with an investment exceeding SAR 375 million ($100 million). The mixed-use project will include:
- Administrative offices (15 floors, 6,500 m²),
- Retail units (1,300 m²),
- Hotel accommodation (15 floors, 6,500 m²),
- A panoramic rooftop restaurant, and
- A four-level underground car park (2,400 m²).
The tower aims to serve as a commercial and hospitality hub, offering premium-grade business, leisure and tourism infrastructure.
“Our visit to the brotherly Syrian Arab Republic is under the guidance of our wise leadership,” Al-Falih wrote on social media platform X. “We aim to strengthen bilateral relations and explore promising investment opportunities. The forum reaffirms our strategic partnership and empowers Saudi companies to expand regionally.”
The broader investment package includes deals across real estate, infrastructure, telecoms, logistics, energy, tourism, industry, and trade, according to the ministry.
Also inaugurated during the visit was the Fayhaa White Cement Factory in Adra Industrial City, backed by a $20 million investment from Northern Region Cement Co. of Saudi Arabia. The facility is expected to generate 130 direct and over 1,000 indirect jobs.
The visit comes amid a thaw in Saudi-Syrian relations, marked by the reopening of the Kingdom’s embassy in Damascus in May 2024 after a 12-year closure. Syria recently amended its investment laws to attract more foreign capital — changes welcomed by Saudi officials as facilitating smoother entry for businesses.
“The Syrian government wants to prove to the world that Syria is a safe and attractive zone for all investments and investors,” said Syria’s Minister of Information, Dr. Hamza al-Mustafa.
Bilateral trade has also seen a sharp uptick. In April, Saudi non-oil exports to Syria surged over 150 per cent year-on-year to SAR 81.9 million, while imports from Syria rose nearly 150 per cent to SAR 78.5 million, according to the Saudi General Authority for Statistics. Key exports include plastics, foodstuffs, and agricultural products, while imports are largely agricultural and processed food items.
Before Syria’s civil war erupted in 2011, the two countries enjoyed robust trade relations worth $1.3 billion annually.
