In a Syria weary of 14 years of war, political uncertainty and constant threats make it difficult to implement major investments. But Saudi Arabia is firmly positioning itself to be a key player in rebuilding and regaining influence in a Syria without Assad, away from Iran and less and less under the Turkish shadow.
By Justine FONTAINE
On July 23, a delegation of nearly 150 representatives from the public and private sectors of Saudi Arabia, accompanied by the Minister of Investment, Khaled Ben Abdelaziz al-Faleh, arrived in Damascus to participate in a business forum. During the visit, Riyadh announced investment plans and partnerships totaling $6.4 billion in areas such as construction, infrastructure, information technology, transport, industry, tourism, energy and trade. This massive commitment comes at a delicate moment for Syria, following the overthrow of Bashar al-Assad in December 2024. Saudi Arabia has positioned itself as one of the main supporters of the interim president, Ahmed al-Sharaa, who was officially received in Riyadh in February.
GOAL: LEAVING THE IRANIAN AND TURKISH “ORBIT”
According to analyst Joseph Bahout, of the American University of Beirut, Saudi Arabia’s main goal is “to regain influence in Syria to distance it from Iranian influence,” but also to curb Turkey’s strong economic influence in the country. At the same time, the investments could be used as a tool to convince the US to accept the new Syrian regime through the easing of sanctions.
EASING AMERICAN SANCTIONS AND THE SAUDI ROLE
On June 30, US President Donald Trump signed an executive order lifting most sanctions against Syria, paving the way for the country to return to the international financial system. Syrian economist Samir Aïta believes that this decision was heavily influenced by Saudi Arabia. However, intercommunal violence in the Druze-majority province of Suweida, which has claimed over 1,200 lives since July 13, has created divisions in the US Congress. Some lawmakers do not want the lifting of sanctions to last more than 6 months, using it as a means of putting pressure on interim President Al-Sharaa.
DOUBTS ABOUT STABILITY
While Saudi Arabia hopes for a full normalization and a strong economic recovery, the reality on the ground is more complex. The Israeli attack on the Syrian army headquarters in central Damascus on July 16 has shaken confidence in the regime’s security and authority. Moreover, economist Aïta emphasizes that the lack of the rule of law and investor protection constitutes a major obstacle to the concrete realization of investments. “Of the 6.4 billion promised, we will have to see whether these are only agreements in principle or real contracts,” he adds.
ARABIA’S EYE ON DAMASCUS
In a Syria exhausted by 14 years of war, political uncertainty and constant threats make it difficult to implement large investments. But Saudi Arabia is firmly positioning itself to be a key player in rebuilding and regaining influence in a Syria without Assad, away from Iran and less and less under the Turkish shadow.