‘Firm and Supportive Stance’: Saudi Arabia to Invest $6.4 Billion in Syria

Latest Developments

Billions From Riyadh: Saudi Arabia announced on July 24 new investments in Syria totaling $6.4 billion. The deal was confirmed at a conference in Damascus by Saudi Investment Minister Khalid Al-Falih. Crown Prince Mohammed bin Salman called Falih’s trip and Riyadh’s investments in the country “confirmation of the kingdom’s firm and supportive stance towards sisterly Syria.”
Included in the Deal: The new investment projects in Syria involve $2.93 billion for real estate and infrastructure projects and an additional $1.07 billion for the telecommunications and information technology sectors, according to Al-Falih. He further stated that 47 separate agreements will be signed throughout the conference, in which over 100 companies are participating. The Saudi investments followed tumultuous sectarian violence that rocked southern Syria last week, involving Druze and Bedouin factions along with Syrian government forces.
Israel to Engage Syria in U.S.-Brokered Talks: Israeli Minister of Strategic Affairs Ron Dermer will reportedly meet with U.S. Ambassador to Turkey and Special Envoy to Syria Tom Barrack and Syrian Foreign Minister Assad al-Shaibani in Paris on July 24 to discuss security matters in southern Syria. Dermer will reportedly also discuss upcoming Iranian nuclear negotiations between several European nations and Iran, which are scheduled for July 25.

FDD Expert Response

“The meeting between Dermer and Shaibani, if the reports are correct, will be the first publicized cabinet-level meeting between an Israeli and a Syrian since the fall of the Assad regime. Despite Israeli airstrikes on Damascus last week, it appears that the Syrian leadership is still open to meeting with Israeli officials to discuss security arrangements in southern Syria. It is likely that they’ll discuss how the Syrian government can provide Israel with assurances that they will protect the Druze so that Israel would not be compelled to intervene in Syria’s internal affairs.” — Ahmad Sharawi, Research Analyst

“The reports of a $6.4 billion investment will help pave the way for other foreign investment in Syria, which is needed to help rebuild critical infrastructure and stabilize the country. Unfortunately, with the expedited lifting of sanctions and the delisting of terror groups in Syria, there is a risk that this funding could be siphoned off to support extremist groups in the country. Congress is already concerned with this outcome and is preparing new legislation that would hold the central government responsible for attacks on minorities in the country and reimpose sanctions if the security of these communities is not prioritized.” — Tyler Stapleton, Director of Government Relations at FDD Action