Saudi-Syrian forum targets $6B deals
On Thursday, Syria and Saudi Arabia launched a joint investment forum in Damascus, aiming to finalize 44 agreements and memoranda of understanding worth up to $6 billion.
This event marks the first initiative since the two countries restored diplomatic ties, with potential deals spanned over energy, reconstruction, industry, agriculture, and services.
The forum also takes place amid Gulf states' push to invest in Syria following the toppling of Bashar al-Assad regime. Western sanctions on Damascus were lifted earlier this year, easing some economic barriers. However, analysts caution that some challenges remain, including limited banking infrastructure and restrictions on cross-border financing.
'Without comprehensive legal frameworks and enforceable guarantees, investor confidence will remain limited,' a financial analyst told Shafaq News.
A Saudi delegate further described Syria as a promising but underdeveloped market. 'We identify strong potential in sectors requiring near-total rebuilding, and there is mutual interest in creating a secure and functional investment environment.'
Syrian officials, speaking to Shafaq News, see the forum as a platform to revive key economic sectors and attract Gulf capital, with organizers describing the event's goal as 'to lay the foundation for strategic economic partnerships.'
They also anticipate broader regional implications, especially for Iraq's Kurdistan Region, which has expanded trade ties with Saudi Arabia.
'Kurdistan can function as a logistical bridge for future projects in northeastern Syria,' economist Amer Deeb told Shafaq News, adding that the Saudi presence reflects 'political maneuvering, including a response to the Caesar Act 2 and an effort to counterbalance Turkish influence.'
'Any engagement between the Kurdistan Region and Damascus depends on complex understandings and is not easy to achieve,' he cautioned.
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