DAMASCUS: Saudi Arabia signed major investment deals worth $6.4 billion with Syria on Thursday to support the reconstruction of the war-torn country’s infrastructure, telecommunications, and other key sectors.
The agreements were announced at the Syrian-Saudi Investment Forum held at the Damascus presidential palace.
Saudi Investment Minister Khalid Al-Falih confirmed the signing of 47 agreements and memoranda of understanding, totaling nearly 24 billion Saudi riyals.
“This marks a new chapter in the economic cooperation between our nations,“ he said.
Syrian Economy Minister Mohammed al-Shaar described the forum as “a historic milestone in the history of relations between our two brotherly countries.”
The deals include 11 billion riyals ($2.9 billion) allocated for infrastructure, including the construction of three cement factories.
Saudi telecom firms will invest four billion riyals ($1.07 billion) to upgrade Syria’s digital infrastructure and cybersecurity.
Additional agreements cover agriculture and finance, aiming to revive key sectors after 14 years of conflict.
The UN estimates Syria’s reconstruction costs exceed $400 billion.
The new government, which took power after the ousting of Bashar al-Assad in December, seeks international support for recovery efforts.
Earlier this month, the US lifted sanctions on Syria, following appeals from Saudi Arabia and Turkey.
In May, Syria secured a $7 billion energy deal with Qatari, Turkish, and US firms to restore its electricity sector. – AFP