Saudi Arabia announces $1 billion deal to rebuild Syria’s communications network

Saudi Arabia announced on Saturday (February 7, 2026) a $1 bn deal to develop Syria's communications network as part of a multi-billion-dollar investment package. This marked the largest such announcement ever since the United States lifted sanctions on Syria in December, according to a report by the news agency AFP.

Sanctions had long stood in the way of Syria's economic revival after a 14-year civil war that devasted large damage on much of the country and forced millions out of their home, according to a report in Reuters.

Saudi Arabia plans to invest in sectors such as telecommunications and real estate, with a particular focus on redevelopment in historic districts, according to Talal al-Hilali, head of the Saudi investment authority. He made the remarks to Reuters on Tuesday on the sidelines of the World Government Summit in Dubai.

Al-Hilali said most of the proposed investments would be executed through ready-to-sign contracts rather than non-binding memorandums of understanding, though he did not disclose their total value.

Riyadh has grown into a key ally of Syrian President Ahmed al-Sharaa since he ousted former president Bashar al-Assad about 14 months ago. In 2023, Saudi Arabia announced $6.4 billion in investments across 47 deals involving more than 100 Saudi firms in real estate, infrastructure and telecommunications.

Over the past year, Syria’s interim government has faced criticism for announcing ambitious development plans based largely on MoUs with foreign investors, many of which have yet to materialise into binding agreements.