Saudi Arabia announced $6.4 billion of investments in Syria on Thursday, reflecting the kingdom's deepening ties with interim President Ahmed al-Sharaa's government as it seeks to rebuild Syria after a 14-year civil war.
The deals, unveiled by Saudi Investment Minister Khalid Al-Falih at a Damascus forum, are a major financial boost for Sharaa as he struggles to establish control over Syria, which was rocked this month by sectarian violence in the southwest.
Al-Falih said his visit to Syria had been ordered by Saudi Arabia's Crown Prince and de-facto ruler Mohammed bin Salman, calling the trip "confirmation of the kingdom's firm and supportive stance towards sisterly Syria".
The investment deals included $2.93 billion for real estate and infrastructure projects and about $1.07 billion for the telecommunications and information technology sector, Al-Falih said.
Businesses involved in the plans include telecommunications firms the Saudi Telecom Company (STC) and GO Telecom, digital security company Elm, cybersecurity firm Cipher, and Classera, an education technology company.
Al-Falih said 47 agreements would be signed over the course of the conference, with more than 100 companies participating.
Al-Falih also announced the establishment of a Saudi-Syrian Business Council at the event, which had been scheduled for June but was delayed due to the conflict between Iran and Israel.
Riyadh has been a key ally of Sharaa's government, which came to power after longtime ruler Bashar al-Assad was toppled in December, using its diplomatic influence to persuade U.S. President Donald Trump to lift sanctions.
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.
In April, Saudi Arabia and Qatar announced they would pay off Syria's World Bank arrears, opening up the possibility of new lending.
Houthi attacks target Riyadh amid concerns over Saudi oil supplies, as Iran says it will not reopen the Strait of Hormuz until its conditions are m...
German voters cast ballots on Sunday in two state elections that could add to the political pressure on Chancellor Friedrich Merz, as his governmen...
Iraq has returned restricted airspace across the western part of the country to civilian authorities, ending limits imposed for military operations...
Iran's Revolutionary Guards Navy said a Togo-flagged oil tanker was struck while attempting to make an “illegal passage” through the Strait of Hormuz, Iranian state media said early on Friday.
Saudi civil defence sent an all-clear on Saturday after issuing alerts for a second time for potential danger in Riyadh and the city of Al-Kharj east of the capital, amid an uptick in attacks by Iran-aligned Houthis on the Gulf country.
The European Union will disburse €3.3 billion ($3.8 billion) to Ukraine for missiles and drones, European Commission President Ursula von der Leyen said after a phone call with Ukrainian President Volodymyr Zelenskyy.
The U.S. State Department approved a $2.7 billion military sale to Ukraine for air-defence development upgrades, along with related equipment and services, the department said. Meanwhile, Ukrainian authorities reported at least 10 people had died in Russian attacks over the last 24 hours.
Houthi attacks target Riyadh amid concerns over Saudi oil supplies, as Iran says it will not reopen the Strait of Hormuz until its conditions are met and U.S. commitments are implemented, parliament speaker Mohammad Bagher Ghalibaf said on Sunday.
Warren Buffett has stepped down as chairman of Berkshire Hathaway, marking the end of one of the most influential leadership tenures in corporate history and completing a succession process that has been years in the making.
Nigerian billionaire Aliko Dangote launched Africa's biggest-ever share sale on Monday, opening the oil refinery that has remade the country's fuel market to public ownership for the first time.
Volkswagen’s supervisory board has approved a major overhaul aimed at cutting 100,000 jobs by 2030 as the German carmaker battles weaker sales, falling profits and intensifying global competition.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment