Saudi Arabia and Syria have announced 47 investment agreements worth over $6 billion, a significant step towards rebuilding the war-battered economy of Syria. The deals cover various sectors including real estate, telecommunications, and finance, with planned projects ranging from housing and tourism development to medical facilities and entertainment sites.
The agreements are expected to create around 50,000 direct and 150,000 indirect job opportunities, according to Syrian Minister of Information Hamza al-Mustafa. This comes as Saudi Arabia has been a strong supporter of Syria’s interim government since the fall of President Bashar Assad in 2017.
However, Syria faces significant economic and social challenges, with UN estimates suggesting it would cost at least $250 billion to rebuild after years of civil war. The country is currently reeling from sectarian violence in the southern province of Sweida, where clashes between Sunni Muslim Bedouin clans and Druze armed groups have resulted in hundreds of deaths and over 130,000 displaced people.
Despite a ceasefire taking hold, tensions remain high, and the violence has further eroded trust among religious minorities in the new government. The Saudi investment deals are seen as a welcome boost to Syria’s interim government at a critical moment for the country’s future.
Source: https://apnews.com/article/syria-saudi-arabia-investment-economy-f266416d5c951f8b113f4f8322c4a99d