Saudi Arabia pledges $2.9bn for Syria infrastructure, part of wider package

The latest economic lifeline to resurrect the country, which has been devastated by a nearly 14-year civil war, has been Saudi Arabia’s announcement to invest approximately $3 billion in real estate and infrastructure projects in Syria.

Investment Minister Khalid al-Falih stated on Thursday at a conference in Damascus that the $2.9 billion investment is a part of a wider $6.4 billion in deals.

Saudi Arabia has long supported the new Syrian government, which took control after rebels overthrew longtime ruler Bashar al-Assad last December.

A delegation led by al-Falih, consisting of about 150 investors and representatives from Saudi Arabia’s public and private sectors, met in the capital on Wednesday ahead of a city-wide business forum.

The Saudi Ministry of Investment stated on Tuesday that the Damascus forum is “exploring cooperation opportunities and signing agreements that promote sustainable development and advance the interests of the two brotherly peoples.”

Saudi Arabia and Qatar also made a pledge earlier this year to pay roughly $15 million in debt to the World Bank.

Donald Trump, the president of the United States, announced earlier this month that US sanctions against Syria had been lifted in an effort to re-enter the nation’s global economy. In May, he had already lifted the majority of the restrictions in response to requests from Turkiye and Saudi Arabia.

Former fighter Al-Sharaa made his first trip abroad since al-Assad’s ouster in February, making another trip to Riyadh.

The new government has struggled to maintain order despite its vowed to unify the nation, with deadly clashes involving minority groups that have raised questions about Syria’s stability.

Bloody violence broke out in Suwayda province earlier this month when Druze fighters and Bedouin tribes engaged in combat, but it quickly grew until Israel launched airstrikes.

Israel carried out several airstrikes in Damascus last week.

The attacks on the capital came as a result of fierce fighting between the local Bedouin tribes and the Druze minority in Suwayda, which Israel claims is intervening to protect.

The conflict quickly erupted when Damascus deployed its forces there and declared a ceasefire.

The US then brokered a ceasefire between Israel and Syria, and al-Sharaa declared a new ceasefire in southern Syria, which had been in effect for a while.