Saudi Arabia leads $6.4bn worth of economic deals for Syria.
Saudi Arabia has led agreements with Syria worth 24 billion Saudi riyals ($6.4 billion) as the kingdom invests in Damascus’s economy to support the rebuilding of the country after more than a decade of civil war.
A total of 47 deals from more than 100 Saudi and international companies are to be signed at the Syrian-Saudi Investment Forum in Damascus on Thursday, Saudi Investment Minister Khalid Al Falih said at the event.
They cover key sectors including energy, industry, infrastructure, real estate, financial services, health, agriculture, communications and information technology, he said. Several projects were launched on Wednesday, Mr Al Falih added.
Separately on Thursday, Al Badia Cement announced more than $200 million worth of investments to expand its operations and develop a second production line, which would boost its annual production to more than five million tonnes.
The Syrian economy has been devastated by a civil war that began in 2011. The UN Development Programme estimates cumulative losses, including physical damage and economic deprivation, at $923 billion as of the end of last year. The estimated cost of reconstruction has varied from $250 billion to $500 billion.
After the Assad regime was toppled in a rebel offensive, the situation in Syria has been improving, with western sanctions lifted earlier this year. Gulf states are moving quickly to invest in Syria’s post-Assad future, launching diplomatic, financial and infrastructure support.
Source: Thenationalnews