President Ahmed al-Sharaa’s new government is trying to attract foreign investment as Syria’s economy lies in ruins.
Jordan will host a Jordanian-Syrian-American meeting on Tuesday to discuss ways to support the rebuilding of Syria, its Ministry of Foreign Affairs and Expatriates says, as Damascus seeks investment deals with international companies to revive its war-ravaged economy.
Syrian Foreign Minister Asaad al-Shaibani and United States envoy to Syria Thomas Barrack are expected to attend, the ministry said in a statement on Sunday.
Syrian President Ahmed al-Sharaa’s fledgling government has been grappling with the fallout from sectarian violence between Bedouin and Druze fighters in the southern province of Suwayda as well as Israeli strikes on Syrian soldiers and the capital, Damascus.
Syria’s economy remains in tatters after nearly 14 years of war and the ouster of longtime President Bashar al-Assad in December.
Jordan made its announcement after Damascus signed 12 agreements worth $14bn on Wednesday, including a $4bn agreement with Qatar’s UCC Holding to build a new airport and a $2bn deal to establish a subway in Damascus with the national investment corporation of the United Arab Emirates.
The projects “will extend across Syria and represent a qualitative shift in infrastructure and economic life”, Talal al-Hilali, head of the Syrian Investment Authority, said during a ceremony at the presidential palace in Damascus.
He described the agreements as “a turning point” for Syria’s future.
Al-Sharaa and Barrack were both present at the signing ceremony, according to Syria’s official SANA news agency.
The United Nations has put Syria’s post-war reconstruction costs at more than $400bn.
Syria’s new authorities have worked to attract investment for the reconstruction of infrastructure across the country after the US and the European Union lifted sanctions on Syria in the wake of al-Assad’s ouster.
Other major developments on the investment front include the $2bn Damascus Towers project for residential high rises, signed with the Italian-based company UBAKO; a $500m deal for the Baramkeh Towers project, also in Damascus; and another $60m agreement for Baramkeh Mall.
Last month, Saudi Arabia said it would invest about $3bn in real estate and infrastructure projects in Syria.
In May, Damascus signed a $7bn energy deal with a consortium of Qatari, Turkish and US companies as it seeks to revive its crippled power sector.