Several deals and investment commitments were announced Thursday during the first-ever Syrian-Saudi Investment Forum in Damascus as Syria’s new administration looks to revive an economy destroyed by a 14-year civil war. As part of that package, the kingdom will invest $2.93 billion in real estate and infrastructure projects in Syria, Investment Minister Khalid Al-Falih said on Thursday at a press conference in Damascus.

Speaking at the event, Al-Falih said the two sides would sign 47 agreements, including deals and memoranda of understanding worth 24 billion Saudi riyals ($6.4 billion).

The two-day forum, organized by the Saudi Ministry of Investment, is hosting a delegation from the kingdom that includes government officials and business leaders, including Falih and 130 businesspeople across various sectors. More than 400 people from the public and private sectors of both countries are attending the forum at the Presidential Palace in Damascus, according to the Invest Saudi X account. Syrian President Ahmed al-Sharaa is also attending.

The deals involve sectors including energy, banking, investment funds and telecommunications. Some of them are agreements between the Syrian government and private Saudi firms.