Syria and Saudi Arabia announced 47 investment deals worth more than 5 billion euros in Damascus on Thursday, a major step toward rebuilding Syria's war-torn economy.
The agreements signed at the Syria-Saudi Investment Forum cover a wide range of sectors, including real estate, telecommunications and finance.
Planned projects include housing, reconstruction of war-torn areas, tourism development, medical and entertainment facilities, skyscrapers and three new cement factories.
Syrian Information Minister Hamza al-Mustafa said the deals were expected to create some 50,000 direct and 150,000 indirect jobs.
Saudi Arabia has been staunchly backing the interim government in Syria led by former rebel commander President Ahmed al-Sharaa since the fall of former President Bashar al-Assad in a lightning rebel offensive.
The country faces serious economic and social problems. In 2017, the United Nations estimated that rebuilding Syria after years of civil war would cost at least $250 billion. Some experts now believe that the figure could reach at least $400 billion.
The Saudi deals have provided political support to Syria's interim government at a time when the country is experiencing a new round of sectarian violence that broke out in the southern province of As-Suwayda earlier this month.
On July 13, clashes broke out between Sunni Muslim Bedouin clans and armed militias of the Druze religious minority, and government security forces that intervened to restore order ultimately sided with the Bedouins.
Security forces allegedly killed Druze civilians and looted and burned homes. Armed Druze groups subsequently began attacking Bedouin communities in retaliation.
Israel also intervened, striking government troop convoys and the Syrian Defense Ministry headquarters in Damascus, which Israeli officials said was done to protect the Druze religious minority.
Hundreds have died and more than 130,000 people have been displaced, according to the United Nations. The fighting has ended after a ceasefire went into effect, but tensions remain high and the violence is further undermining the trust of religious minorities in the new government.
Sourse: breakingnews.ie
