DAMASCUS – Syria and Saudi Arabia announced their commitment to enhancing economic cooperation to mutually benefit both nations. This initiative aims to generate employment opportunities for Syrians following the recent alleviation of Western sanctions on Syria, a country long marred by conflict.
This declaration came during Saudi Foreign Minister Prince Faisal bin Farhan’s visit to Damascus, where he met with Syrian President Ahmad al-Sharaa and other officials.
The relaxation of Western sanctions is expected to pave the way for increased foreign investment in Syria, which has been embroiled in a civil war since March 2011. In a significant political shift, the Assad family’s 54-year regime concluded in early December when opponents of the then-president Bashar Assad seized control of Damascus.
The Saudi foreign minister said that the easing of sanctions by the U.S., the European Union and Britain earlier this month will help in “reactivating the Syrian economy that had been at a standstill for decades.”
Prince Faisal, who is heading an economic and business delegation, said Saudi businessmen will visit Syria in the near future to discuss opportunities in sectors including oil, infrastructure, information technology, telecommunications and agriculture.
He added that Saudi Arabia and Qatar will give financial assistance to employees of Syria’s public sector without giving details.
“We assert that the kingdom will be a leading state among countries that will stand by Syria in its march for reconstruction and economic revival,” Prince Faisal said.
Syrian Foreign Minister Asaad al-Shibani said his country and Saudi Arabia have entered a new era of cooperation.
The meeting came two days after Syria signed an agreement with a consortium of Qatari, Turkish and U.S. companies for development of a 5,000-megawatt energy project to revitalize much of its war-battered electricity grid.
Al-Sharaa met President Donald Trump in Saudi Arabia earlier this month.
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