Saudi Arabia has been a major backer of the new Syrian government since the fall of Bashar al-Assad last December.
Saudi Arabia has said it will invest approximately $3bn in real estate and infrastructure projects in Syria, the latest economic lifeline to help usher in a new chapter in the nation, devastated by a nearly 14-year civil war.
The $2.9bn investment is part of a broader $6.4bn in deals, Investment Minister Khalid al-Falih said on Thursday at a conference in Damascus.
Saudi Arabia has been a major backer of the new Syrian government, which seized power after rebels toppled longtime ruler Bashar al-Assad last December.
On Wednesday, a delegation of some 150 investors and representatives from Saudi public and private sectors, led by al-Falih, attended meetings in the capital before a business forum in the city.
On Tuesday, the Saudi Ministry of Investment had said the Damascus forum aims to “explore cooperation opportunities and sign agreements that enhance sustainable development and serve the interests of the two brotherly peoples”.
Earlier this year, Saudi Arabia and Qatar also pledged to settle Syria’s debt to the World Bank, totalling about $15m.
Earlier this month, United States President Donald Trump formalised the dismantling of US sanctions on Syria, hoping to reintegrate the country into the global economy. He had already lifted most of the measures in May, responding to appeals from Saudi Arabia and Turkiye.
Al-Sharaa, a former fighter, also visited Riyadh in February in his first trip abroad since al-Assad’s ouster.
Despite vows to unify the country, the new government has struggled to maintain order, with deadly clashes involving minority groups raising questions about Syria’s stability.
Bloody violence in Suwayda province started earlier this month with clashes between Druze fighters and Bedouin tribes, but soon escalated, with Israel later intervening with air attacks.
Last week, Israel launched several air raids in the heart of Damascus.
The attacks on the capital came amid unrest in Suwayda, where the local Bedouin tribes were engaged in fierce clashes with the Druze minority, whom Israel views as a potential ally in Syria and claims to be intervening to protect.
Damascus deployed its forces to the city and declared a ceasefire, but the fighting quickly resumed.
The US then brokered an Israel-Syria ceasefire, and al-Sharaa announced a new ceasefire in southern Syria, which has held now for several days.
The Syrian government evacuated hundreds of Bedouin families trapped inside Suwayda. The first Bedouin families left on Monday on buses and trucks, accompanied by Syrian Arab Red Crescent vehicles and ambulances. They were taken to nearby Deraa.
