Saudi Arabia and Syria today signed significant investment and partnership agreements totaling $6.4 billion. These deals aim to support the reconstruction of war-torn Syria’s infrastructure, telecommunications, and other key sectors.
Major Investment for a Post-Assad Syria
The oil-rich Persian Gulf kingdom has become a leading supporter of the new Syrian government, which came to power in December after an Islamist-led offensive ousted Bashar al-Assad.
Speaking at the Syria-Saudi Arabia Investment Forum held at the presidential palace in Damascus, Saudi Investment Minister Khalid Al-Falih announced the “signing of 47 agreements and memorandums of understanding… with a total value of nearly $6.4 billion.”
Focus on Infrastructure, Telecom, and Other Sectors
In the presence of interim Syrian President Ahmed al-Sharaa and other officials, Syrian Economy Minister Mohammed al-Shaar called the forum “a great step in the history of relations between our two brotherly countries.”
Falih detailed that $2.9 billion will be dedicated to infrastructure, including the construction of three cement factories. Saudi telecommunications companies will invest approximately $1.07 billion to “develop infrastructure and improve cybersecurity capabilities.” Other sectors, including agriculture and finance, are also set to benefit from the extensive agreements.
UN Welcomes Sanctions Lift, Urges Sustainable Reconstruction
On Thursday, United Nations experts welcomed the lifting of sanctions on Syria by the United States and other Western nations, stating it “opens promising avenues for recovery.”
“We call on the interim Government to prioritize the rebuilding of sustainable infrastructure and public services to fulfill the wide range of human rights that are at risk in Syria,” the UN said.
Syria’s 14-year civil war devastated much of the country’s infrastructure. The new leadership hopes to secure international support for reconstruction efforts, which the UN estimates could cost over $400 billion.
Earlier this month, then-US President Donald Trump formalized the lifting of American sanctions on Syria, aiming to reintegrate the country into the global economy. In May, he had already lifted most measures following calls from Saudi Arabia and Turkey. In May, Syria also signed a $7 billion energy deal with a consortium of companies from Qatar, Turkey, and the US to help revive its electricity sector.
