Syria’s $14 Billion Mirage Meets Saudi Reality
Rizik Alabi tracks a tale of two investment drives: splashy Syrian announcements totaling nearly $14 billion that crumble under scrutiny, and a Saudi package built on signed contracts and due diligence. Damascus staged media events touting memorandums across infrastructure, transport, and housing—complete with senior officials and a US special envoy—yet reporters and economists found ghostly partners. One firm, UBAKO, billed as “major” and Italian, appears to be a 2022 start-up with €16,000 in capital, no portfolio, and one listed employee; another, Polidef, was linked to a $4 billion revamp of Damascus International Airport despite no public registration or contact trail.
France-based journalist Milad Shehab flags the data gaps; economist Hassan Taweel warns that without oversight, these theatrics mislead investors and drain public resources. By contrast, Saudi Arabia signed 47 agreements worth 24 billion riyals (about $6.4 billion) in the presence of Investment Minister Khalid Al-Falih, a program that sources describe as documented, budgeted, and monitored.
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Legal expert Rawan Hasni urges independent probes and the release of feasibility studies, contracts, and performance budgets; Nabil Al-Mazloum calls the Saudi track “more than numbers on paper,” pointing to rigorous follow-up. All of this plays against a staggering reconstruction bill—$250–$500 billion, per the Omran Center—that spans power, water, roads, and the rehabilitation of hospitals and schools, plus social support to stabilize communities.
The question hanging over Damascus: Will the vaunted billions remain a mirage while the Saudi portfolio turns dirt into steel and concrete? For names, numbers, and the documents that matter, read Rizik Alabi’s full report.
