Jordan will host a trilateral meeting with Syria and the United States to discuss ways to support the rebuilding of Syria, its Ministry of Foreign Affairs and Expatriates announced. The meeting, scheduled for Tuesday, aims to attract foreign investment to revive Syria’s war-ravaged economy. Syrian Foreign Minister Asaad al-Shaibani and United States envoy to Syria Thomas Barrack are expected to attend.
This development comes after Damascus signed 12 agreements worth $14 billion on Wednesday, including a $4 billion agreement with Qatar’s UCC Holding to build a new airport and a $2 billion deal to establish a subway in Damascus with the national investment corporation of the United Arab Emirates. Talal al-Hilali, head of the Syrian Investment Authority, described the agreements as “a turning point” for Syria’s future, saying they “will extend across Syria and represent a qualitative shift in infrastructure and economic life”.
Syria’s economy remains in tatters after nearly 14 years of war and the ouster of longtime President Bashar al-Assad. The United Nations has estimated Syria’s post-war reconstruction costs at over $400 billion. Despite these challenges, 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.
Other major developments on the investment front include a $2 billion Damascus Towers project for residential high-rises, signed with the Italian-based company UBAKO, and a $500 million deal for the Baramkeh Towers project, also in Damascus. Additionally, Saudi Arabia has pledged to invest about $3 billion in real estate and infrastructure projects in Syria. In May, Damascus signed a $7 billion energy deal with a consortium of Qatari, Turkish, and US companies to revive its crippled power sector.
The trilateral meeting between Syria, Turkey, and Jordan, recently held in Ankara, highlights the growing regional cooperation and diplomatic efforts to address Syria’s post-conflict recovery. Syrian Foreign Minister Asaad Shibani, Turkish Foreign Minister Hakan Fidan, and Jordanian Foreign Minister Ayman Safadi emphasized the importance of regional stability, border security, and economic revival.
They discussed potential agreements in energy and transportation to revitalize regional infrastructure and commerce, with Shibani stating that “economic stability is the foundation for peace”. This development comes as Jordan prepares to host a meeting with Syrian and US officials to discuss Syria’s reconstruction, aiming to explore ways to advance the country’s recovery and stability.