Syria’s President Ahmad Al Shara will set out his vision for reconstruction efforts on Tuesday as he addresses investors at a summit in Riyadh.
Mr Al Shara’s speech at the Future Investment Initiative conference is part of his push to return Syria to the global economic scene after its 13-year civil war. He is also expected to hold talks with Saudi Arabia’s Crown Prince Mohammed bin Salman, who this year successfully lobbied US President Donald Trump to lift sanctions on Syria.
Their meeting “will reaffirm the renewed spirit of partnership between Damascus and Riyadh, exploring ways to enhance co-operation in development and investment”, according to official Syrian media. Mr Al Shara’s speech is expected to focus on reconstruction, innovation and renewable energy while “outlining Syria’s vision for attracting high-value investments and advancing its reconstruction efforts”.
The ninth FII event started on Monday, featuring 20 world leaders along with bankers, chief executives and experts in AI, energy and sustainability. Syrian ministers were holding talks with Saudi representatives on the eve of Mr Al Shara's visit.
Topics discussed on day one included climate change, cryptocurrency and quantum computing. Other topics on the agenda include AI and robotics, inequality and the effects of demographic shifts on the future workforce.
It was in Riyadh that Prince Mohammed introduced Mr Al Shara and Mr Trump for the first time in May. Saudi Arabia has taken a central role in Syria’s economic redevelopment, with 47 agreements signed at an investment forum in Damascus in July.
“We stand with Syria,” Saudi Finance Minister Mohammed Al Jadaan told The National last week during the International Monetary Fund and World Bank annual meetings in Washington.
Mr Al Jadaan, who chairs the IMF Committee, said it is the international community's duty to assist Syria, whose government aims to revitalise an economy destroyed by nearly 14 years of civil war. The kingdom has been at the forefront of backing Syria's recovery, providing a surge of diplomatic, financial and infrastructure support.
The World Bank estimated that Syria’s reconstruction would cost $216 billion. Saudi Arabia and Qatar also paid off Syria’s $15.5 million debt to the bank, opening the door for reconstruction grants to the government in Damascus.
Mr Al Shara's first foreign trip as President came in February, to Riyadh, where he met Prince Mohammed. The visit was aimed at restoring and strengthening ties between the nations and "improving the economic reality for the Syrian people”, Mr Al Shara said.
The Trump meeting ushered in a new chapter between Washington and Damascus, opening up the possibility of Syria securing US funding for reconstruction and strengthening Mr Al Shara's domestic position.
Aside from its role in promoting support for Syria, Saudi Arabia has taken a central role in Syrian economic development, leading agreements worth 24 billion Saudi riyals ($6.4 billion).
A total of 47 deals were signed at the Syrian-Saudi Investment Forum in Damascus in July, involving more than 100 Saudi and international companies. The deals covered key sectors including energy, industry, infrastructure, property, communications and information technology.
The Syrian economy was devastated by a civil war that began in 2011. At the end of last year, the UN Development Programme estimated cumulative losses, including physical damage and economic deprivation, at $923 billion. The estimated cost of reconstruction has varied from $250 billion to $500 billion.
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Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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