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.
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In the Middle East, wars rarely remain confined to battlefields. Their most profound and enduring consequences are often measured not in military victories but in human displacement.
At least 30,000 displaced people have sought protection in shelters across Lebanon following an escalation in hostilities between Israel and Hezbollah, the United Nations refugee agency said on Tuesday, and added that many more were expected to join them.
Syria’s economy is showing clear signs of recovery, with economic activity accelerating in recent months, the International Monetary Fund (IMF) said on Wednesday.
Four members of Syria’s Internal Security Forces were killed and two others injured on Monday (23 February) in an attack by the ISIS (Daesh) terrorist group targeting a checkpoint west of Raqqa in northeastern Syria, the Interior Ministry said.
The 32 countries belonging to the Internatioanl Energy Agency agreed to release 400 million barrels of oil on Wednesday (11 March), in efforts aimed at bringing down the price of crude oil, which has soared since fighting between Iran, Israel and the U.S. started at the end of February.
The U.S. should shut down its military bases in the Middle East, Iran's new Supreme Leader Mojtaba Khamenei said on Thursday (12 March). His words were read out by a broadcaster on state Iranian television.
A towering lava fountain from Kilauea shot about 400 metres into the air late on Tuesday (11 March) on Hawaii Island, prompting temporary closures at Hawaii Volcanoes National Park and part of a key highway as volcanic ash and debris fell over nearby areas.
More than 68,000 children in eastern Afghanistan have been displaced after clashes between Afghan and Pakistani forces intensified along the border, according to a new report by Save the Children.
Georgia has cancelled international tenders for the construction of major road sections that form part of a regional highway linking the country with the borders of Armenia and Azerbaijan.
The prevailing security situation in the region has done little to deter entrepreneurs from the Commonwealth of Independent States (CIS) who continue to view Dubai as a premier and safe location for business.
China has raised the retail prices of petrol and diesel after global oil prices climbed sharply. The country’s top economic planning body, the National Development and Reform Commission (NDRC), announced the move after reviewing international oil market trends.
Global financial markets remained on edge on Friday as the escalating war involving the United States, Israel and Iran continued to rattle investors, fuelling volatility in stocks and sending energy prices sharply higher.
China’s top leadership has unveiled a new push to turn advanced technologies into large-scale industrial priorities as part of the country’s upcoming 15th Five-Year Plan, which will guide economic and social development from 2026 to 2030.
The European Commission sees no immediate impact on the European Union's security of oil supply from the escalating conflict in the Middle East, it said in an email to EU governments, seen by Reuters on Monday (2 March).
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