Major Saudi companies are planning to invest billions of dollars in Syria, despite the challenges posed by ongoing U.S. sanctions, according to Reuters.
Abdullah Mando, CEO of the Saudi-Syrian Business Council, stated that among the companies aiming to enter the Syrian market are the renewable energy giant ACWA Power and Saudi telecom company STC.
Mando added during the Future Investment Initiative conference in Riyadh that the plan aims to rebuild the infrastructure of the energy, finance, and telecommunications sectors to bolster the Syrian economy devastated by war.
He explained that the goal is to attract billions of dollars in investments to Syria over the next five years.
Neither ACWA Power nor STC responded to requests for comment, according to Reuters.
Riyadh is seen as a key hub for global re-engagement with Syria since the ousting of Bashar al-Assad. In May, the kingdom hosted a historic meeting between former U.S. President Donald Trump and Syrian President Ahmad al-Shara, where Trump announced his intention to lift all sanctions imposed on Syria.
However, despite broad exemptions, the Caesar Act remains a major obstacle, which must be repealed through the U.S. Congress, amid a divide among lawmakers on the issue. Mando predicted that the Caesar Act is 'the last constraint choking the Syrian economy.'
Earlier this month, Syrian Minister of Economy Mohammad Nidal al-Shahr noted that Damascus hopes to officially lift U.S. sanctions in the coming months. Despite Trump's decision to remove most sanctions, the Caesar Act remains in effect.
In a related context, Syrian President Ahmad al-Shara announced attracting investments worth $28 billion over the past ten months, citing amendments to investment laws that allow capital to be transferred abroad.
Central Bank Governor Abdul Qadir al-Hosri added that joint efforts between the Ministry of Investment, the Saudi Central Bank, and the Central Bank of Syria have improved direct banking transfers between the two countries, facilitating capital movement and supporting business activities.
Al-Hosri praised the cooperation between the two countries, looking forward to more partnerships and joint projects to enhance economic and financial integration between Syria and Saudi Arabia.