Saudi pledges to invest more than $6 billion in Syria

Saudi Arabia on Thursday announced $6.4 billion worth of investments in Syria, the latest sign of the two countries’ deepening relationship under the new Syrian government led by President Ahmad al-Sharaa.

- CHRISTINA GOLDBAUM ISMAEEL NAAR

The investment deals were unveiled by the Saudi investment minister, Khalid Al-Falih, at a forum involving more than 100 Saudi investors in Damascus, the Syrian capital.

Mr Al-Falih said that Crown Prince Mohammed bin Salman, the de facto Saudi ruler, had ordered the visit to signal “confirmation of the kingdom's firm and supportive stance towards sisterly Syria.”

The investments, involving 47 agreements and more than 100 companies, would be an economic boon for al-Sharaa’s nascent government. It faces the daunting task of rebuilding a country that was devastated by a nearly 14-year civil war and whose economy has been stifled by corruption and sanctions.