Saudi Arabia and Syria agree to boost economic cooperation as Western sanctions eased

(31 May 2025)
RESTRICTION SUMMARY:

ASSOCIATED PRESS
Damascus, Syria – 31 May 2025
1. Mid of news conference
2. SOUNDBITE (Arabic) Prince Faisal bin Farhan, Saudi Foreign Minister:
“The Kingdom (of Saudi Arabia) appreciates the U.S. president’s response in lifting sanctions on Syria, and values the similar announcements made by the United Kingdom and the European Union countries. These steps are expected to strengthen the Syrian people’s confidence in their future. God willing, the lifting of sanctions will help restart the Syrian economy, which has been paralyzed for decades, and this will soon be reflected in greater development, stability, and prosperity.“
3. Cutaway
4. SOUNDBITE (Arabic) Prince Faisal bin Farhan, Saudi Foreign Minister: ++INCLUDES ALTERNATE ANGLES++
“I would like to point out here that the Kingdom, in partnership with the state of Qatar, will provide joint financial support to public sector employees in the Syrian Arab Republic. Work is currently underway to explore areas of investment support and economic and trade cooperation between the two countries, Today, I am accompanied on this visit by a high-level economic delegation to hold discussions aimed at enhancing cooperation in various economic, investment, and trade sectors. This will be followed in the coming days by additional economic delegations, including many Saudi businessmen specializing in energy, agriculture, trade, infrastructure, telecommunications, and information technology.“
5. Cutaway
6. SOUNDBITE (Arabic) Asaad al-Shibani, Syrian Foreign Minister:
"A major agreement was signed in the energy sector that will bring light back to Syria. This is the kind of progress we are committed to delivering, not through words, but through actions. However, the reconstruction of Syria is not only about repairing what has been destroyed but about building something even better , we are also pleased to announce that Syria and the Kingdom of Saudi Arabia are entering a strong phase of joint investment and economic cooperation."
7. Ministers leaving podium
STORYLINE:
Syria and Saudi Arabia said Saturday they planned to boost economic cooperation in what strengthens their interests and creates jobs for Syrians after Western sanctions imposed on the war-torn country were eased earlier this month.

The announcement came during a visit to Damascus by Saudi Foreign Minister Prince Faisal bin Farhan, who met Syrian President Ahmad al-Sharaa as well as other Syrian officials.

The easing of Western sanctions is likely to open the way for foreign investors into the country that has been witnessing a civil war that broke out in March 2011.

The move came after the end of 54-year Assad family rule in Syria in early December when gunmen opposed to Assad captured his seat of power in Damascus.

The Saudi foreign minister said that the easing of sanctions by the U.S., the European Union and Britain earlier this month would help to "restart the Syrian economy, which has been paralyzed for decades".

Prince Faisal, who is heading an economic and business delegation, said Saudi businessmen would visit Syria in the near future to discuss opportunities in sectors including oil, infrastructure, information technology, telecommunications and agriculture.

He added that Saudi Arabia and Qatar would give financial assistance to civil servants in Syria without giving details.

The meeting came two days after Syria signed an agreement with a consortium of Qatari, Turkish and U.S. companies for development of a 5,000-megawatt energy project to revitalize much of Syria’s war-battered electricity grid.

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