DAMASCUS, Syria — Syria and Saudi Arabia announced plans on Saturday to enhance economic collaboration to foster mutual advantages and generate employment for Syrians. This follows a recent relaxation of Western sanctions against Syria, a country ravaged by civil strife for over a decade.
The news was revealed during a visit by Saudi Foreign Minister Prince Faisal bin Farhan to the Syrian capital, where he engaged in discussions with President Ahmad al-Sharaa and other key officials. The easing of these sanctions is expected to pave the way for both foreign investment and revitalization of the Syrian economy, which has been crippled since conflict erupted in March 2011.
The seizure of power in Damascus by opposition forces in early December marked an end to the Assad family’s 54-year stronghold. Prince Faisal indicated that the lifting of restrictions by the U.S., the European Union, and Britain will significantly boost the Syrian economy, which has been dormant for many years.
Leading an economic and business delegation, the Saudi Foreign Minister announced that a group of Saudi entrepreneurs would soon visit Syria to explore investment opportunities in various sectors such as oil, infrastructure, IT, telecommunications, and agriculture. He further expressed Saudi Arabia’s commitment, along with Qatar, to financially support Syria’s public-sector workers, though he did not elaborate on specifics.
Prince Faisal assured that Saudi Arabia aims to be at the forefront of international efforts backing Syria’s reconstruction and economic resurgence. In response, Syrian Foreign Minister Asaad al-Shibani affirmed that the two nations are embarking on a new chapter of cooperation.
This meeting follows closely on the heels of Syria’s recent agreement with a coalition of Qatari, Turkish, and U.S. companies to develop an energy project. This initiative aims to develop a 5,000-megawatt electricity grid, essential for rejuvenating Syria’s beleaguered energy infrastructure. Earlier this month, Syrian President al-Sharaa also met with President Donald Trump in Saudi Arabia.