Daijiworld Media Network - Riyadh

Riyadh, Aug 27: In a landmark step to revive economic and diplomatic ties, Saudi Arabia and Syria held their first private-sector-led investment forum in Riyadh, marking a turning point in relations after more than a decade.

The Saudi-Syrian Partnership and Investment Forum, jointly organized by the Federation of Saudi Chambers and the Saudi-Syrian Business Council, brought together over 450 officials and business leaders. The forum saw new investment agreements worth SAR24 billion signed across 12 key sectors, underscoring a shift from transactional trade to long-term strategic cooperation.

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Mohammed Abunayyan, Chairman of the Saudi-Syrian Business Council, hailed the initiative as a foundation for regional stability, crediting Crown Prince Mohammed bin Salman and Syrian President Ahmed al-Sharaa for driving the renewed partnership.

Khaled Al-Khattaf, CEO of the Saudi Investment Promotion Authority (SIPA), termed the new agreements a “qualitative leap,” noting that Syria’s reconstruction phase offers vast investment opportunities. He revealed Syrian investments in Saudi Arabia touched SAR8.4 bn in 2023, with 3,225 new licenses issued in 2024 – a 146% jump. Syrian firms now employ 61,000 workers, including 14,000 Saudis.

On the other side, Saudi investments in Syria have surged from just 11 projects worth SAR1.7 bn (2003–15) to 47 agreements worth SAR24 bn in 2025.

Abdulaziz Al-Sakran, Deputy Governor, General Authority of Foreign Trade, highlighted that bilateral trade jumped 80% in the first five months of 2025 to SAR900 mn and is projected to cross SAR2 bn this year, the highest in 13 years. He stressed that the revival aligns with Riyadh’s support for Syria’s reconstruction and long-term growth.