Syria and Saudi Arabia agree to boost economic cooperation after Western sanctions eased

Key Points

• Following the easing of Western sanctions by the U.S., EU and Britain, Syria and Saudi Arabia agreed to boost economic cooperation to reactivate Syria’s economy and create jobs for nationals.
• During his Damascus visit, Saudi FM Prince Faisal bin Farhan said the kingdom will lead reconstruction efforts and will send a business delegation to explore investments in oil, infrastructure, information technology, telecommunications and agriculture.
• Saudi Arabia and Qatar committed to providing financial assistance to Syria’s public sector employees, though details were not disclosed.
• Days earlier, Syria signed a major agreement with a Qatari-Turkish-U.S. consortium to develop a 5,000-megawatt energy project, aimed at revitalizing its war-battered electricity grid.

DAMASCUS, Syria (AP) — Syria and Saudi Arabia said Saturday they aim to boost economic cooperation to for their mutual benefit and create jobs for Syrians after Western sanctions imposed on the war-torn country were eased earlier this month.

The announcement was made during a visit to Damascus by Saudi Foreign Minister Prince Faisal bin Farhan, who met Syrian President Ahmad al-Sharaa and other Syrian officials.

The easing of Western sanctions is likely to open the way for foreign investors into the country, where a civil war has been ongoing since March 2011. In early December, 54 years of Assad family rule came to an end, when gunmen opposed to then-president Bashar Assad captured his seat of power in 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.