SAUDI Arabia on Thursday signed major investment and partnership deals with Syria, valued at $6.4 billion, to help rebuild the war-ravaged country’s infrastructure, telecommunications, and other major sectors.
Saudi Arabia has been a major backer of the new Syrian government, which seized power after an Islamist-led offensive toppled longtime Syrian ruler Bashar al-Assad last December.
Speaking at the Syrian-Saudi Investment Forum in the Damascus presidential palace, Saudi Investment Minister Khalid Al-Falih announced “the signing of 47 agreements and memoranda of understanding… with a total value of nearly 24 billion Saudi riyals (around $6.4 billion)”.
With interim President Ahmed al-Sharaa and other officials in attendance, Syrian economy minister Mohammed al-Shaar called the forum “a historic milestone in the history of relations between our two brotherly countries”.
Falih said that 11 billion riyals (around $2.9 billion) would be spent on the infrastructure sector and would see the construction of three new cement factories.
Saudi telecommunications companies will invest four billion riyals (around $1.07 billion) “with the aim of developing infrastructure and enhancing cyber-security capabilities,” he added.
Other sectors, including agriculture and finance, are also expected to benefit from major agreements.
Syria’s 14-year civil war devastated much of the country’s infrastructure and its new leaders are hoping to receive international support for reconstruction efforts, which the UN estimates could cost more than $400 billion.
Earlier this month, President Donald Trump formalised the dismantling of US sanctions on Syria, hoping to reintegrate the country into the global economy.
He had already lifted most of the measures in May, responding to appeals from Saudi Arabia and Turkey.
In May, Syria signed a $7 billion energy deal with a consortium of Qatari, Turkish and US companies to help revive its electricity sector.
