jordan pulse -

Major Saudi firms plan to invest billions of dollars in Syria as part of the kingdom’s business-driven approach to help the country’s recovery, though US sanctions and the collapse of Syrian state institutions remain major obstacles.

According to Reuters, Saudi and Syrian businessmen said Saudi funds may soon flow into Syria’s civil aviation, education, and medical sectors, with Riyadh also holding talks with Damascus to establish a railway line through Jordan.

Abdullah Mando, CEO of the Saudi-Syrian Business Council, said among the companies eyeing the Syrian market are Saudi renewable energy giant ACWA Power and telecom firm STC. He said the plan focuses on rebuilding Syria’s war-torn economy by restoring energy infrastructure and strengthening financial and telecommunications sectors.

“The goal is to attract billions of dollars in real capital into Syria over the next five years,” Mando told Reuters during the Future Investment Initiative conference in Riyadh, which gathered global business and political leaders.

Strict sanctions remain in place
In May, Saudi Arabia hosted a landmark meeting between US President Donald Trump and Syria’s new president, Ahmad Al-Sharaa, where Trump announced the lifting of all sanctions on Syria.

Despite broad exemptions, the stricter Caesar Act sanctions can only be lifted by the US Congress, which remains divided but is expected to decide before year’s end.

Mando said the Caesar Act is “the last constraint choking the Syrian economy... large investments are still possible, but moving capital remains difficult.”

A US State Department spokesperson said the Trump administration supports lifting Caesar Act sanctions through the National Defense Authorization Act now under discussion in Congress.

“The United States maintains regular contact with regional partners and welcomes any investment or participation in Syria that helps all Syrians build a peaceful and prosperous nation,” the spokesperson added.