The announcement took place during a bilateral economic forum held in Damascus, with the participation of a high-level Saudi delegation led by the Kingdom’s Minister of Investment, Khalid bin Abdulaziz Al-Falih.

The agreements cover strategic areas such as industry, energy, infrastructure, real estate development, and financial technologies, demonstrating the growing rapprochement between the two Arab nations after years of estrangement.

Among the commitments reached are the construction of at least three cement plants, as well as the signing of agreements worth four billion riyals between the Syrian Ministry of Telecommunications and renowned Saudi companies in the sector, including STC and Elm.

Likewise, an agreement estimated at 1 billion riyals (approximately $200 million) was signed for the development of a residential and commercial complex in the city of Homs, in central Syria.

Other relevant initiatives include a memorandum of understanding between the Saudi and Damascus stock exchanges, as well as agreements in the financial and data processing sectors with the Saudi Tadawul group.

“The Kingdom aspires to become Syria’s main economic partner in this new phase of reconstruction and development,” Al-Falih emphasized, adding that the agreements will enter into force in the immediate future.

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