Saudi Arabia to Review 'The Line' Futuristic Project
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New York Times
14 minutes ago
- New York Times
Saudi Arabia Pledges to Invest More Than $6 Billion in Syria
Saudi Arabia announced on Thursday $6.4 billion worth of investments in Syria, the latest sign of the two countries' deepening relationship under the new Syrian government led by President Ahmed al-Shara. The investment deals were unveiled by the Saudi investment minister, Khalid Al-Falih, at a forum involving more than 100 Saudi investors in Damascus, the Syrian capital. Mr. al-Falih said that Prince Mohammed bin Salman, the de facto Saudi ruler, had ordered up the visit to signal 'confirmation of the kingdom's firm and supportive stance towards sisterly Syria.' The investments, involving 47 agreements and more than 100 companies, would be an economic boon for Mr. al-Shara's nascent government. It faces the daunting task of rebuilding a country that was devastated by a nearly 14-year civil war and whose economy has been stifled by corruption and sanctions. The deals include nearly $3 billion for infrastructure projects as well as around $1 billion for the telecommunications sector, according to Mr. Al-Falih. They also underscore the shifting geopolitical landscape across the Middle East. Under the dictator Bashar al-Assad, who was ousted in December, Syria was closely allied with Iran, a Shiite theocracy often at odds with Saudi Arabia's Sunni monarchy. But under Mr. al-Shara, a former rebel leader with roots in a Sunni jihadist movement, Syria has pivoted away from Tehran and aligned closely with Gulf States. As part of those shifts, the Saudi government has emerged as a key backer of Syria's new leadership. President al-Shara, who was born in Saudi Arabia and spent part of his childhood in Riyadh, the Saudi capital, made the city the site of his first official foreign visit in February. 'We have been waiting for this moment with the Kingdom of Saudi Arabia for decades — a moment we were unfortunately deprived of for 60 years due to personal reasons tied to the former regime,' said Syria's minister of economy and industry, Dr. Mohammad Nidal al-Shaar, at the Syrian-Saudi Investment Forum. 'Today, we move forward in building the new Syria,' he added. The announcement comes during a broader wave of regional investment in Syria and follows President Trump's order last month lifting most U.S. sanctions against the country. The new Syrian government signed a $7 billion electricity-sector deal with Qatar in May. In July, Syrian authorities signed an $800 million agreement with DP World, a global port operator owned by the Gulf emirate of Dubai, to develop the strategically located Mediterranean port of Tartus, formerly home to a major Russian naval base. Saudi Arabia and Qatar have also jointly repaid Syria's $15.5 million debt to the World Bank, enabling it to qualify for new loans for badly needed reconstruction. Reham Mourshed contributed reporting.
Yahoo
42 minutes ago
- Yahoo
Libya's Mellitah to work with Hill on two gas projects
Mellitah Oil and Gas has entered into an agreement with US-based Hill International to oversee a significant project aimed at enhancing Libya's gas production. Mellitah Oil and Gas is a joint venture between Libya's National Oil Corporation (NOC) and Italian energy company Eni. The signing of the agreement took place during a visit to the Libyan capital Tripoli by US President Donald Trump's senior adviser for Africa, Massad Boulos. The project, known as Structures A&E, is set to elevate local gas output and ensure exports to Europe. It will see the development of two gas fields in contractual area D, offshore Libya. With production due to commence next year, the fields are expected to yield up to 750 million cubic feet of gas per day. The development will be supported by two main platforms, which will be integrated into the existing treatment facilities at the Mellitah complex. In addition to boosting gas production, the project includes the construction of a carbon capture and storage (CCS) facility at Mellitah. This facility aligns with Eni's decarbonisation strategy and aims to significantly reduce the overall carbon footprint. The estimated investment for the project stands at $8bn (Ld43.23bn), with a substantial impact anticipated for the industry and its supply chain, thereby contributing notably to the economy of Libya. During the discussions, NOC presented Libya's strategy to increase oil production to two million barrels per day by 2030. Massad Boulos also engaged with Libya Prime Minister Abdulhamid Dbeibah, as reported by Reuters, citing a statement from the prime minister's office. Prime Minister Dbeibah expressed his government's commitment to forging economic collaborations with Washington, which would pave the way for US companies to engage in development and investment projects in Libya. The prime minister's team showcased a range of strategic economic partnership projects, valued at around $70bn. These projects span various sectors including minerals, energy and electricity, and are ready for investment. "Libya's Mellitah to work with Hill on two gas projects" was originally created and published by Offshore Technology, a GlobalData owned brand.
Yahoo
an hour ago
- Yahoo
Syria and Saudi Arabia sign investment deals worth £4.4 billion
Syria and Saudi Arabia announced 47 investment agreements, valued at more than £4.4 billion, in Damascus on Thursday, marking a significant step in rebuilding Syria's war-battered economy. The agreements signed at the Syrian-Saudi Investment Forum cover a wide range of sectors, including property, telecommunications and finance. The planned projects include housing, the reconstruction of war-damaged areas, the development of tourism, medical and entertainment sites, skyscrapers, and three new cement factories. Syrian minister of information Hamza al-Mustafa said the deals are expected to create around 50,000 direct and 150,000 indirect job opportunities. Saudi Arabia has been strongly supportive of the interim government in Syria led by former insurgent commander President Ahmad al-Sharaa since the fall of former president Bashar Assad in a lightning rebel offensive. The country faces major economic and social challenges. The United Nations in 2017 estimated that it would cost at least 250 billion dollars (£185 billion) to rebuild Syria after years of civil war. Some experts now say that number could reach at least 400 billion dollars (£295 billion). The Saudi deals come as a political boost to Syria's interim government at a moment when the country is reeling from a new round of sectarian violence that broke out in the southern province of Sweida earlier this month. Clashes broke out on July 13 between Sunni Muslim Bedouin clans and armed groups of the Druze religious minority, and government security forces who intervened to restore order ended up siding with the Bedouins. Members of the security forces allegedly killed Druze civilians and looted and burned homes. Druze armed groups later launched revenge attacks on Bedouin communities. Israel also intervened, launching strikes on convoys of government forces and on the Syrian Defence Ministry headquarters in Damascus, which Israeli officials said were in defence of the Druze religious minority. Hundreds have been killed, and the UN says more than 130,000 people have been displaced. The fighting has stopped as a ceasefire takes hold, but tensions remain high and the violence has further shaken the trust of religious minorities in the new government.
