Riyadh Signs $5 Billion Deals to Rebuild Syria
A Saudi delegation visited Damascus on Wednesday, where they signed investment and partnership agreements worth $5 billion aimed at rebuilding Syria, which has faced years of conflict. This move was announced by the Saudi government.
Saudi Arabia has become a strong supporter of Syria’s new government, which took over after the downfall of long-time leader Bashar al-Assad following a civil war that lasted 14 years.
The delegation included about 150 investors and representatives from both private and public sectors, led by Investment Minister Khalid Al-Falih. During their visit, they attended a forum in Damascus.
The investments, totaling 19 billion Saudi riyals (around $5 billion), will target essential sectors such as real estate, infrastructure, telecommunications, transportation, logistics, industry, tourism, energy, and trade, according to a statement from the Saudi investment ministry. The forum aimed to explore cooperation opportunities and create agreements that promote sustainable development for both nations.
In a related effort, Saudi Arabia also intends to help pay off Syria’s debts to the World Bank, which are around $15 million. Earlier this month, U.S. President Donald Trump began easing sanctions on Syria as part of a plan to reintegrate the country into the global economy. He had previously lifted several measures back in May after discussions with Saudi Arabia and Turkey.
Amid these developments, however, the new Syrian government is facing challenges in maintaining stability. Recently, there were violent clashes in the Sweida province, starting between Druze fighters and Sunni Bedouin tribes, which escalated and even involved Israeli airstrikes targeting government sites. Reports suggest that over 1,300 people, mostly from the Druze community, lost their lives during this violence, according to the Syrian Observatory for Human Rights.
