A delegation from Saudi Arabia visited Damascus on Wednesday, finalising investment and partnership agreements worth over $5 billion aimed at aiding the reconstruction of war-torn Syria, as announced by the oil-rich Gulf nation.
Saudi Arabia has emerged as a significant supporter of the newly established Syrian government, which came to power after Islamist-led rebels ousted long-time leader Bashar al-Assad in December, concluding a 14-year civil conflict.
A delegation comprising approximately 150 investors and representatives from both the Saudi public and private sectors, led by Investment Minister Khalid Al-Falih, participated in meetings in Damascus in anticipation of a forum scheduled for Thursday.
Investments totalling 21 billion Saudi riyals ($5.6 billion) have been announced, focusing on essential sectors such as real estate, infrastructure, communications and information technology, aviation and navigation, industry, tourism, energy, and trade, according to a statement from the Ministry of Investment. This figure marks an increase from the previously reported total of 19 billion riyals.
On Tuesday, the ministry announced that the Damascus forum is designed to “explore cooperation opportunities and sign agreements that enhance sustainable development and serve the interests of the two brotherly peoples.”
Syria’s Information Minister Hamza al-Mustafa announced during a press conference that the agreements revealed on Wednesday are set to be formally signed at the upcoming forum.
An official from the Saudi investment ministry has confirmed to AFP that Falih will be present at the event.
Earlier this month, President Donald Trump took significant steps to formalise the dismantling of US sanctions on Syria, aiming to facilitate the country’s reintegration into the global economy.
In May, he had already lifted the majority of the measures, acting on requests from Saudi Arabia and Turkey.
During a visit to Saudi Arabia that month, the US president held discussions with Syria’s interim leader, Ahmed al-Jaafari.
Sharaa, a former jihadist, made his first trip abroad since Assad’s ouster with a visit to Riyadh in February.
In a significant development earlier this year, Saudi Arabia and Qatar committed to addressing Syria’s outstanding debt to the World Bank, which amounts to approximately $15 million.
The new government in Damascus, despite its promises to unify the nation, faces significant challenges in maintaining order. Recent deadly clashes involving minority groups have sparked concerns regarding the stability of Syria.
Earlier this month, Sweida province witnessed a surge of bloody violence that began with clashes between Druze fighters and Sunni Bedouin tribes. The situation quickly escalated, prompting Israel to intervene with air strikes aimed at government installations.
According to the Syrian Observatory for Human Rights, the ongoing conflict has resulted in an estimated death toll exceeding 1,300 individuals, predominantly from the Druze community.
