Saudi Arabia forms joint bank with Syria in next step for investment

Saudi Arabia and Syria have established a joint bank to facilitate investment, signaling a deeper regional cooperation following 13 years of civil war. This development comes as part of broader plans to strengthen ties in transport and tourism sectors. Recent agreements were signed in Damascus, with Syrian President Ahmad Al Shara meeting Saudi Arabia's Transport Minister Saleh Al Jasser.

The joint bank aims to streamline money transfers between the two nations, with a particular emphasis on supporting Syrian tourism and property developments. Syria welcomed over 3.5 million visitors in the first half of 2026, a significant increase from the prior year. Various Gulf countries, including Qatar and the UAE, are contributing to Syria's reconstruction through funding and infrastructure projects.

Notable initiatives include the redevelopment of Damascus airport, funded by Qatari investments, and plans for a Damascus metro supported by the UAE. Additionally, Saudi companies have pledged substantial financial support for investment in Syria. The transport agreements signed on Thursday include provisions for expanded airline operations, with the goal of "reconnecting Syria with its Arab and regional surroundings."

These steps were taken to ease visa processes for lorry drivers and facilitate the movement of goods between the two countries. Following the ousting of the Assad regime, the Syrian government has prioritized attracting foreign investment. However, the recovery process has faced challenges, including security concerns arising from clashes involving Kurdish, Alawite, and Druze minorities, as well as the threat posed by ISIS cells responsible for deadly explosions in Damascus and other regions.