Description: Saudi Investment Minister, Khalid bin Abdulaziz Al-Falih, led a delegation of more than 140 Saudi businesspeople in Damascus where approximately 44 cooperation agreements were signed with the Syrian government ranging from $4 billion to $6 billion. Several sectors are expected to be impacted by the Saudi investments such as telecommunications, infrastructure development, transport, tourism, investment and banking and the energy sector. Syrian Information Minister Hamza al-Moustafa, stated that private and state – owned companies from Saudi Arabia have shown high levels of interests in investing into several industries in Syria and facilitate the country’s restructuring from the 14 – year civil war. Companies such as Ethraa Holding have already made headway in agreeing capital investments into Syria’s infrastructure sectors. Syria so far managed to sign a $7 billion energy agreement with Qatar and secure an $800 million agreement with UAE-based port company DP World. After the lifting of sanctions from the US, several American companies are expected to conceptualize a financial master plan for the capital reconstruction of the country which would enable Syria’s reintegration into the international financial system. Special report released by Reuters, indicates that the rapid interest in Syria’s economy stems from the country’s baseline of funds seized from financiers, businessmen and oligarchs with ties to former President Bashar Al – Assad’s government. The report also stipulated that President Al – Sharaa’s brother, Hazem Al – Sharaa spearheaded the investment committee.
Impact: Descending from months of instability, sectarian violence and ethnic cleansing, Syria’s economic potential represents a major power grab for regional and global state and private actors. Since President Al Sharaa assumed power, significant influx of capital from the Gulf States is being incorporated into the Syrian financial system with the support and facilitation of the US lifting of sanctions and Turkey’s political capital and soft power influence in the country. The recent sectarian violence and the ethnic persecution of Druze and Alawites in the country indicates that Al Sharaa’s government is unable to decouple from its previous terrorist ties and has significant difficulties in consolidating governance over the country’s territory. The ties between Syria’s economic reconstruction with capital seized from oligarchs from the Al Assad era raises concerns that Syria is moving towards becoming a country with centralized power of governance beleaguered by foreign influence and national interests.