Saudi Business Delegation Visits Syria with Investment Plans
A significant group of Saudi businessmen, led by Investment Minister Khalid Bin Abdulaziz Al-Falih, visited Damascus, Syria, on Wednesday. Their forum reportedly generated commitments exceeding $6 billion aimed at rebuilding the war-torn nation.
The state-run Syrian Arab News Agency reported that President Ahmed Alshara welcomed over 130 participants to the investment forum, which sought to encourage Saudi Arabian companies to engage in strengthening the Syrian economy. Key interest areas for Saudi investment include national infrastructure development, the restructuring of electricity and communications networks, and the establishment of safe tourism destinations.
This investment forum gained momentum following a decision by President Donald Trump in May to support the new Syrian government. During his Middle Eastern tour that same month, Trump reportedly praised Alshara and lifted sanctions imposed during Bashar Assad’s regime in late June.
Alshara ascended to the presidency after Al-Qaeda-affiliated Hayat Tahrir Al-Sham (HTS) overthrew the Assad regime in December, concluding a decade-long civil war involving numerous factions and international actors, notably Russia and Iran. Trump also removed sanctions against Alshara himself to facilitate international investment for Syria’s reconstruction.
Alshara’s success in attracting foreign investment hinges on controlling jihadist factions and curtailing sectarian violence. Syria has experienced instances of severe violence recently, including attacks against the Druze community by Bedouin assailants, raising international concerns about safety.
Interestingly, state media coverage of the Saudi Investment Forum didn’t mention these stability concerns. Instead, attendees expressed optimism about the potential for Saudi Arabian investment in Syria, free from U.S. sanctions.
Saudi Investment Minister Al-Falih emphasized the forum’s aim for substantial investments across all sectors, predicting that around 47 deals might be signed, totaling approximately $6.4 billion. He conveyed greetings from Saudi royalty and reaffirmed the kingdom’s commitment to supporting Syria’s journey towards development.
Details from the forum indicated plans for three cement plants and various telecommunications projects aimed at revitalizing Syria’s agricultural sector. There were also reports of a Saudi business council being hastily established as part of the tour.
Syria’s Information Minister, Hamza Al-Mustafa, noted ambitions for the project to create 50,000 jobs and highlighted the economic potential of the partnership. Some Saudi companies have reportedly already started new projects in Syria in addition to those announced during the forum.
One notable initiative includes a new Cement Factory launched near Damascus, crucial for construction developers. The Saudi Investment Minister remarked that Syria’s investment climate greatly benefits from its natural resources and strategic location as a link between the Arabian Peninsula and the Mediterranean.
There’s also news of a Saudi project starting construction of the Al Jawara Tower in central Damascus. To truly encourage significant investment and rebuild from the devastation of the last decade, maintaining a safe environment for foreign investors is crucial. Recent events, including the assault on the Druze community in Sweida, have raised red flags about the ongoing sectarian violence.
Understanding the stakes, Alshara has publicly condemned the violence and praised the Bedouin tribes for their actions, while also calling for an end to hostilities. He deployed buses to evacuate Bedouin fighters from Druze areas and criticized Israeli airstrikes affecting Syrian forces.
