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Saudi Investment Minister Khalid al-Falih said the forum would see the signing of 47 agreements and memoranda of understanding, with a total estimated value of 24 billion Saudi Riyals, or USD 6.4 billion.
Syria and Saudi Arabia have signed dozens of investment agreements aimed at revitalizing Syria’s war-torn economy, covering a broad range of sectors including real estate, telecommunications, and finance.
The deals, announced at the Syrian-Saudi Investment Forum, are perceived as a game-changer. Analysts say that it is a significant step in Syria’s efforts to rebuild after more than a decade of conflict. Saudi Investment Minister Khalid al-Falih revealed that 47 agreements valued at US$6.4 billion will be signed at the Forum.
Saudi Arabia has positioned itself as a major supporter of Syria’s interim government, now led by President Ahmad al-Sharaa, a former rebel commander. His rise followed the sudden collapse of Bashar al-Assad’s regime.
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Syria still faces enormous challenges. The United Nations estimated in 2017 that reconstruction would require at least US$250 billion. The focus is on creating jobs in various sectors of the war-ravaged economy. The new agreements are expected to create tens of thousands of jobs and inject fresh capital into key sectors of the Syrian economy.