Saudi Arabia Eyes Billions in Syrian Rebuilding Amid Sanctions

Major Saudi firms plan substantial investments in Syria for post-war recovery, facing challenges from U.S. sanctions and Syria's fractured state. Companies like ACWA Power aim to rebuild essential infrastructure in energy, finance, and telecom sectors. Riyadh's move aligns with its Vision 2030 for economic diversification.

Major Saudi Arabian firms are strategizing billion-dollar investments in Syria as part of a business-oriented approach to facilitate the country's recovery. However, formidable challenges stem from U.S. sanctions and Syria's fractured state apparatus.

Key players, including ACWA Power and STC, aim to tackle essential infrastructure sectors such as energy, finance, and telecommunications, according to Abdullah Mando, CEO of the Saudi-Syrian Business Council. The initiative, revealed at the Future Investment Initiative conference, seeks to channel billions of dollars into Syria in the coming years.

Despite plans for substantial investments, the existing Caesar sanctions remain a significant hurdle, causing difficulty in capital movement, although potential investment opportunities remain. Riyadh's ambitions, tied to Vision 2030 and geopolitics, reflect its efforts to diversify from oil and enhance global connectivity.

(With inputs from agencies.)