Since the fall of Bashar al-Assad’s regime at the end of last year, Syria has attracted investments totaling $28 billion.
The figure was announced by Syria’s interim president Ahmed ash-Sharaa during the Future Investment Initiative conference in Riyadh, the capital of Saudi Arabia, according to Ukrinform citing Middle East Online.
“Since the fall of Assad, the country has attracted investments totaling approximately $28 billion… The opportunities in Syria are enormous, and there is room for everyone here… I believe that today the world will reap great benefits from Syria. It will be an important commercial hub for transporting goods”
– Ahmed ash-Sharaa
Syria is now trying to rebuild its economy, destroyed by a prolonged war. For decades, the country has also struggled to attract significant investments due to sanctions aimed at its leadership.
Current Economic Dynamics and Assessments by International Institutions
Earlier this month, the World Bank estimated the cost of rebuilding Syria at $216 billion.
It is also known that in April Saudi Arabia, together with Qatar, pledged to settle Syria’s debt to the World Bank in the amount of $15 million. In July, Saudi Arabia signed investment and partnership agreements with Syria totaling $6.4 billion to help with post-war reconstruction.
In August, Syria signed agreements totaling more than $14 billion, including investments in Damascus Airport and other projects. Earlier, an energy deal worth $7 billion was signed with a consortium of Qatari, Turkish and American companies to restore the energy sector.
As Ukrinform reported, Syria intends to purchase from Turkey air defense systems, unmanned aerial vehicles, armored vehicles and artillery systems.