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.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 12th of December, covering the latest developments you need to...
NATO's Secretary-General urged European leaders to step up defence efforts to prevent a war waged by Russia, that could be "on the scale of war our gr...
A powerful magnitude 6.7 earthquake has struck northern Japan, triggering tsunami warnings and forcing thousands of residents to flee to higher ground...
The resignation of Bulgaria's government on Thursday (11 December) puts an end to an increasingly unpopular coalition but is likely to usher in a peri...
Ukraine has presented the U.S. with a revised 20-point framework to end the war with Russia, President Volodymyr Zelenskyy said on Thursday, adding th...
Syrian Foreign Minister Asaad al-Shaibani on Monday revealed new details about the final hours before Bashar al-Assad’s regime fell last year, including urgent discussions with Russian officials to brief them on rapidly unfolding events.
Tens of millions of people in urgent need of help won't be getting much assistance next year. That's according to the United Nations which launched a $23 billion aid appeal on Monday (8 December) which is half of last year's request, acknowledging a plunge in donor funding.
Canada has officially removed Syria from its list of state sponsors of terrorism, the country’s Foreign Ministry announced Friday.
Syrian President Ahmad al-Sharaa arrived in Qatar on Friday to take part in the 2025 Doha Forum, the annual global conference bringing together political leaders, business figures, and academics.
In a dramatic Champions League clash at Baku’s Tofiq Bahramov Stadium, Qarabağ grabbed an early lead, but Ajax staged a thrilling comeback to win 4-2.
Iran is preparing to host a multilateral regional meeting next week in a bid to mediate between Afghanistan and Pakistan.
The United States issued new sanctions targeting Venezuela on Thursday, imposing curbs on three nephews of President Nicolas Maduro's wife, as well as six crude oil tankers and shipping companies linked to them, as Washington ramps up pressure on Caracas.
A powerful magnitude 6.7 earthquake has struck northern Japan, triggering tsunami warnings and forcing thousands of residents to flee to higher ground.
Iran's President Massoud Pezeshkian has begun a two day visit to Kazakhstan, with officials from both sides describing the trip as an opportunity to advance cooperation in trade, transport, industry, mining and cultural exchanges.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) cut its benchmark interest rate by 25 basis points to a range of 3.50% to 3.75% following its two-day policy meeting, according to an official statement issued on Wednesday, 10 December.
China has carried out a major test of a new “super wireless” rail convoy, a technology that could reshape the future of heavy-haul transport.
Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes battle that had appeared to end last week when Netflix secured a $72 billion deal for the studio giant’s assets.
U.S. industrial production rose by 0.1% in September, rebounding after a decline in August, while capacity utilisation remained unchanged, according to Federal Reserve data on Wednesday.
Google’s YouTube has announced a “disappointing update” for millions of Australian users and creators, confirming it will comply with the country’s world-first ban on social media access for under-16s by locking affected users out of their accounts within days.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment