Saudi announces $6.4 billion in Syria investments
DAMASCUS: Saudi Arabia announced $6.4 billion of investments in Syria on Thursday, reflecting the kingdom's deepening ties with interim President Ahmed Al-Sharaa's government as it seeks to rebuild Syria after a 14-year civil war. The deals, unveiled by Saudi Investment Minister Khalid Al-Falih at a Damascus forum, are a major financial boost for Sharaa as he struggles to establish control over Syria, which was rocked this month by sectarian violence in the southwest.
Al-Falih said his visit to Syria had been ordered by Saudi Arabia's Crown Prince Mohammed bin Salman, calling the trip 'confirmation of the kingdom's firm and supportive stance towards sisterly Syria'. The investment deals included $2.93 billion for real estate and infrastructure projects and about $1.07 billion for the telecommunications and information technology sector, Al-Falih said. Businesses involved in the plans include telecommunications firms the Saudi Telecom Company (STC) and GO Telecom, digital security company Elm, cybersecurity firm Cipher, and Classera, an education technology company.
Al-Falih said 47 agreements would be signed over the course of the conference, with more than 100 companies participating. Al-Falih also announced the establishment of a Saudi-Syrian Business Council at the event, which had been scheduled for June but was delayed due to the conflict between Iran and Zionist entity. Riyadh has been a key ally of Sharaa's government, which came to power after longtime ruler Bashar al-Assad was toppled in December, using its diplomatic influence to persuade US President Donald Trump to lift sanctions. 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 an $800-million agreement with UAE-based port company DP World in recent months. US energy firms are also set to draw up a master plan for the country's energy sector. In April, Saudi Arabia and Qatar announced they would pay off Syria's World Bank arrears, opening up the possibility of new lending. – Reuters
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Kuwait Times
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