Giant Saudi companies are preparing to invest huge sums in Syria, as part of a plan aimed at reviving its damaged economy after years of war, despite ongoing US sanctions and challenges related to weak institutional infrastructure.

The head of the Saudi-Syrian Business Council, “Abdullah Mando,” said that companies such as “ACWA Power” and “Saudi Telecom Company (STC)” are among the companies that are considering entering the Syrian market with the aim of rebuilding the energy, communications and finance sectors.

In statements to “Reuters” during the Future Investment Initiative conference in Riyadh, “Mando” explained that the goal is to attract investments of billions of dollars over the next five years, stressing that “the Caesar Act is the last constraint on the Syrian economic recovery.”

In July, Saudi Arabia announced investments exceeding $6 billion in Syria, including real estate, infrastructure and communications projects. The World Bank estimates the cost of reconstruction at about $216 billion.

Analysts believe that this Saudi trend is consistent with the “Vision 2030” of Crown Prince “Mohammed bin Salman,” which seeks to diversify the economy and transform the Kingdom into a regional communication hub, considering that the stability of Syria is part of the broader development strategy in the region.