Steven Sahiounie, journalist and political commentator
Crown Prince Mohammed bin Salman of the Kingdom of Saudi Arabia has a plan: it’s called Vision 2030. The underlying infrastructure of his visionary project calls for regional stability.
Syria had been in chaos and a deadly civil war beginning in 2011. Now after the fall of the Assad regime, Saudi Arabia has reached out a hand to help Syria to recover.
The Saudi $6.4 billion commitment to Syria is not just a financial investment, but is a sign of the Saudi commitment to keep Syria from falling victim to Israeli plans of partitioning Syria into weak sections which can be exploited to benefit Tel Aviv.
Syria’s Energy Minister Mohammad al-Bashir arrived in Saudi Arabia on July 26 for meetings with Saudi officials for talks on expanding joint initiatives in oil, electricity, and water management, as well as identifying new investment prospects.
On July 24, the Syrian-Saudi Business Council was announced during an investment forum held in Damascus. Mohammad Abunayyan, the council chairman, revealed a five-year action plan to deepen economic collaboration between the two countries.
“The council is being established at a critical time, as Syria prepares for a new phase that requires joint efforts to rebuild the country and restore safety, stability, and prosperity to the Syrian people,” Abunayyan said.
The 2025-2030 goals are to promote economic cooperation, while shining a light on investment opportunities, partnerships and facilitating trade and logistics for exports of Saudi goods and services to Syria.
Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy of Saudi Arabia, met with Mohammad Al Bashir, Minister of Energy of the Syrian Arab Republic.
Both sides discussed joint opportunities across energy sectors and plans to revitalize the existing resources in Syria which have been neglected during the 14-year civil war. Oil, electricity, renewable energy and methods of energy efficiency were all discussed.
Investment opportunities in developing projects
The meeting resulted in the signing of a memorandum of understanding (MoU) to support energy cooperation between the two countries. Areas of joint interests include oil and gas, petrochemicals, electricity, electrical interconnection, and renewable energy.
The signing followed the conclusion of the Saudi-Syrian Investment Forum 2025 in Damascus, which resulted in the signing of 47 agreements totaling $ 6.4 billion. This forum marked the beginning of what officials describe as “a new chapter” in bilateral economic relations.
Energy Sector and Technological Exchange
Saudi and Syrian officials emphasized cooperation in energy transition strategies and advanced technologies, alongside human capital development and innovation. During his visit, Minister Al-Bashir toured the Sudair Solar Plant, operated by ACWA Power. Spanning 36 square kilometers and featuring 3.3 million solar panels, the facility boasts a capacity of 1.5 gigawatts. Inspired by its success, Al-Bashir expressed interest in replicating such a model in Syria.
Investment Boom Across Sectors
Saudi investments surged in various sectors, including tourism, heavy industry, construction, telecommunications, and financial services:
– BinDawood Holding signed a USD 1 billion agreement with Syria’s Ministry of Tourism to establish an investment fund, open to expansion based on emerging opportunities.
– Al-Badiya Cement, supported by Saudi capital, launched an expansion plan exceeding USD 200 million to increase production capacity to 5 million tons annually.
– Al-Fayhaa Cement inaugurated Syria’s first white cement plant in Adra Industrial City, with a yearly output of 150,000 tons and investments of SAR 100 million.
– Al-Jouf Cement signed a SAR 38 million export contract with Syria valid for one year.
The visit by Saudi Investment Minister Khalid Al-Falih, leading over 130 Saudi business representatives, reinforced a commitment to invest over $ 4 billion in new Syrian ventures.
Infrastructure and Reconstruction
In addition to expanding industrial output, Saudi-backed projects aim to support Syria’s reconstruction phase:
– Al-Muhaideb Group committed USD 200 million to heavy industries.
– Plans were unveiled for Damascus landmark projects: a cultural city (USD 300 million), a medical city in Qudsaya (USD 900 million), and the Damascus Towers (USD 400 million).
– Al-Ibaa Saudi Company pledged a multi-billion-dollar mixed-use residential and commercial complex in Homs, with social returns earmarked for Syrian communities.
Civil Aviation, Digital Economy, and Cybersecurity
Agreements were signed in civil aviation to transform Damascus’s Mezzeh Military Airport into a civilian terminal with a capacity of 30 million passengers annually.
Cybersecurity and digital infrastructure agreements were executed, including deals with STC and Elm, as well as collaborations with Tadawul Group to integrate financial technologies.
Trade and Economic Indicators
In 2024, Saudi exports to Syria reached SAR 558 million, a 27% annual increase, while Syrian exports dipped 10% to SAR 685 million. Leading Saudi exports included plastics, ceramics, spices, and chemical goods. Syria’s key exports were fruit preparations, vegetable oils, dairy, and spices.
Notably, the new investment agreements are projected to create 50,000 direct jobs and 150,000 indirect roles across various sectors.
Council Formation and Future Outlook
Saudi officials lauded Syria’s new investment law for enhancing growth and international investor appeal. Minister Al-Falih reiterated Riyadh’s commitment to supporting Syria’s path to recovery and development, promising open avenues for Syrian investors in the Kingdom.
This revitalized partnership positions Syria as a promising frontier for Arab and international investment, underscoring the mutual belief in its long-term economic potential.
Qatar and the U.S.
In May, Syria signed a MoU with Qatar’s UCC Holding to develop power generation projects worth $7 billion. The project includes four combined-cycle gas turbine power plants and a 1,000-MW solar power plant located in southern Syria.
On July 18, U.S.-based firms Baker Hughes (BKR.O), Hunt Energy and Argent LNG announced they will develop a masterplan for Syria’s oil, gas and power sector, according to Argent LNG CEO Jonathan Bass.
U.S. companies are eager to take advantage of energy investment opportunities in Syria, but had been patiently waiting for President Trump to fully lift the sanctions last month.
The plan involves areas west of the Euphrates River, which the Syrian government now controls.
The biggest oil fields are east of the Euphrates, and under the control of the Syrian Democratic Forces (SDF), which is a U.S.-backed armed group. The Trump administration has urged the SDF to integrate with the Damascus central government’s security forces. However, after several significant problems in which Syrian security forces were claimed to have been at fault, the SDF have yet to make any changes.
Syria’s energy, agricultural and industrial sectors all hold potential for foreign investments. However, one of the biggest, and yet un-explored resource is the off-shore gas fields, which have been written about since at least 2010, but have yet to be drilled. The estimates have been touted to be among the biggest gas fields on earth. The question is, who will sign that deal, and what will that be worth?
Steven Sahiounie is a two-time award-winning journalist.