Saudi Arabia has taken a significant step towards supporting post-war Syria, signing 47 agreements and memorandums of understanding valued at $6.4 billion with the new Syrian government. This government assumed power in December following the departure of Bashar al-Assad.
Major Investments in Infrastructure and Technology
The agreements were announced on Wednesday during the Syria-Saudi Arabia Investment Forum, held at the presidential palace in Damascus. The event was attended by interim Syrian President Ahmed al-Sharaa and high-ranking officials from both nations.
Saudi Investment Minister Khalid Al-Falih emphasized that the largest portion of the funds, $2.9 billion, will be allocated to infrastructure development, including the construction of three large cement factories. Additionally, $1.07 billion is earmarked for the telecommunications sector, with a focus on improving cybersecurity and the internal network.
A New Chapter in Bilateral Relations
Syrian Economy Minister Mohammed al-Shaar hailed this development as a “historic step that marks the beginning of a new chapter in the fraternal relations between the two countries.” The agreements also encompass key sectors such as agriculture, finance, and technological advancements.
This substantial move by Saudi Arabia comes as the UN welcomed the decision by the US and other Western states to lift sanctions on Syria, describing it as “a new window for sustainable recovery.”
