Saudi business delegation arrives in Syria; deals worth $4 billion to $6 billion seen being signed
FILE PHOTO: Minister of Investment of Saudi Arabia Khalid bin Abdulaziz Al-Falih gestures during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. REUTERS/Hamad I Mohammed/File Photo
RIYADH - Saudi Arabia's investment minister led a business delegation travelling to Syria on Wednesday, where they were expected to sign deals worth $4 billion to $6 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.
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.
Syrian Information Minister Hamza al-Moustafa said at a press conference on Wednesday that Syria will sign 44 agreements with Saudi Arabia estimated to be worth nearly $6 billion.
The agreements cover various sectors, including energy, telecommunications, financial and banking, investment funds and others, the minister said. Some of the agreements will be signed between the government and private companies, he said.
Saudi state-run Al Ekhbariya television reported on Tuesday that the agreements to be signed between Damascus and Riyadh would be worth over $4 billion.
During his visit to Syria, Saudi Arabia's Al-Falih and his Syrian counterpart launched a cement factory project on Wednesday in Adra Industrial City in the Damascus countryside, the first white cement production project in the country, with an investment worth $20 million, Syrian state news agency SANA said.
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Al-Falih also broke ground on an integrated retail project by Saudi investment firm Ethraa Holding that is worth 375 million riyals ($99.96 million) in investments.
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 had initially been 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.
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. 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. REUTERS
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