Saudi business delegation arrives in Syria eyeing $4 billion in deals
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Saudi business delegation arrives in Syria eyeing $4 billion in deals
Saudi investment minister Khalid bin Abdulaziz Al-Falih is set to hold meetings with Syria’s leadership. The two countries are also expected to launch a joint business council. Saudi Arabia has shown interest in Syria’s energy and hospitality sectors, as well as airports, a diplomat and a Syrian businessman familiar with the matter told Reuters. The investment conference was initially scheduled to take place in June but was delayed due to the war between Iran and Israel. It is going ahead this week despite sectarian clashes in Syria’s southern city of Sweida that have left hundreds dead. The violence is a reminder of the lingering instability in Syria, even as foreign investors explore opportunities.
Summary Saudi delegation headed by investment minister
Kingdom is backing Syria’s new government
Companies are vying for deals in Syria’s post-war reconstruction
RIYADH, July 23 (Reuters) – Saudi Arabia’s investment minister led a business delegation travelling to Syria on Wednesday, where they were expected to sign deals worth around $4 billion as part of Riyadh’s efforts to support the country’s post-war recovery.
The Gulf kingdom has been a crucial supporter of interim President Ahmed al-Sharaa’s government, which came to power after toppling longtime ruler Bashar al-Assad in December and is now seeking to rebuild Syria after a 14-year civil war.
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Saudi investment minister Khalid bin Abdulaziz Al-Falih, who brought around 130 Saudi businesspeople to Damascus, is set to hold meetings with Syria’s leadership ahead of a two-day investment conference opening on Wednesday, according to people due to attend.
Saudi Arabia has shown interest in Syria’s energy and hospitality sectors, as well as airports, a diplomat and a Syrian businessman familiar with the matter told Reuters.
The two countries are also expected to launch a joint business council, said the Syrian businessman.
The investment conference was initially scheduled to take place in June but was delayed due to the war between Iran and Israel. It is going ahead this week despite sectarian clashes in Syria’s southern city of Sweida that have left hundreds dead.
The violence is a reminder of the lingering instability in Syria, even as foreign investors explore opportunities there.
Companies, many from Gulf states and Turkey, have expressed interest in rebuilding Syria’s power generation capacity, roads, ports and other damaged infrastructure.
Syria has signed a $7 billion power deal with Qatar and a $800 million agreement with UAE-based port company DP World in recent months, while U.S. energy firms are also set to draw up a master plan for the country’s energy sector.
For its part, Saudi Arabia, along with Qatar, paid off Syria’s World Bank arrears, opening the possibility of new lending.
Syria’s al-Sharaa made his first trip abroad as president to Saudi Arabia in February. And the kingdom’s Crown Prince and de-facto ruler Mohammed Bin Salman successfully lobbied U.S. President Donald Trump to lift sanctions seen as holding back private investment.
Reporting by Timour Azhari in Beirut; Writing by Pesha Magid; Editing by Joe Bavier
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