Saudi Arabia has pledged around $3 billion in new investments for real estate and infrastructure projects in Syria, offering vital support to the war-torn country as it seeks to rebuild after nearly 14 years of conflict.
The funding is part of a larger package of $6.4 billion in agreements announced during an investment forum in Damascus on Thursday.
Investment Minister Khalid al-Falih led a delegation of about 150 business figures from Saudi Arabia’s public and private sectors.
They took part in meetings and discussions aimed at developing long-term economic cooperation with Syria’s new government.
The business forum focused on building partnerships that could boost development and recovery efforts.
Syria’s new leadership took power after the fall of former president Bashar al-Assad, who was ousted by rebel forces last December.
Since then, Riyadh has emerged as a major backer of the government in Damascus.
In a move to assist Syria’s return to the global economy, Saudi Arabia and Qatar earlier this year committed to covering the country’s $15 million debt to the World Bank.
Meanwhile, the United States recently completed the process of lifting sanctions on Syria.
President Donald Trump officially ended the restrictions this month, having already rolled back most of them in May following requests from Saudi Arabia and Turkiye.
Despite these steps forward, Syria continues to face deep instability. Violent clashes erupted earlier this month in Suwayda province between Bedouin tribes and Druze fighters.
The conflict escalated with Israeli airstrikes targeting areas in Damascus.
In response to the violence, Syria’s military moved into Suwayda and declared a temporary ceasefire. However, renewed fighting forced further action.
A second truce, brokered by the US and agreed upon by Syria and Israel, has managed to hold for several days.
The Syrian government has also begun evacuating hundreds of Bedouin families from the conflict zone.
The families were transported by buses and aid vehicles to the nearby Deraa region, with assistance from the Syrian Arab Red Crescent.