The Media Line: Billions in Doubt: Bogus Investments Taint Syrian Projects, but Saudis Remain Reliable 

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Billions in Doubt: Bogus Investments Taint Syrian Projects, but Saudis Remain Reliable 

Journalist Firas Al-Ali describes local deals as ‘media theater,’ but Saudis provide more than numbers on paper. 

By Rizik Alabi / The Media Line 

The Syrian government’s recent announcement that it is signing investment agreements worth nearly $14 billion has sparked widespread skepticism about the credibility of these projects, as many of the involved entities appear questionable or lack transparency. 

In contrast, Saudi Arabia has emerged as a reliable and committed partner, offering tangible support for investment in Syria. This apparent contrast highlights the gap between local media-driven promises and the concrete steps taken by foreign partners. 

Damascus recently held high-profile media events to showcase a series of investment memorandums in sectors such as infrastructure, transportation and housing. Senior Syrian officials were present, along with the US special envoy, giving the appearance of greater economic openness in the official narrative. 

At the same time, Saudi Arabia signed 47 agreements and memorandums of understanding totaling 24 billion Saudi riyals (approximately $6.4 billion) in the presence of Investment Minister Khalid Al-Falih. These agreements represent a serious and carefully planned effort to support Syria’s economy, rather than superficial media displays. 

Despite the media promotion, investigations showed that many of the companies named in local agreements have no real presence or official documentation. One such firm, UBAKO, claimed to be a major Italian company but was only founded in 2022 with a questionable capital of €16,000. It has no project history and appears to operate with a single employee and an unidentified administrator called “Giovanni Rossi.” 

Another firm, Polidef, was reportedly assigned a $4 billion project to develop Damascus International Airport. Yet no commercial registration or contact information exists, indicating that it may be a shell company used to disguise agreements and potentially conceal corruption. 

France-based Syrian journalist Milad Shehab criticized the lack of transparency in an interview with The Media Line, saying the official data do not meet basic standards of economic scrutiny. 

Economist Hassan Taweel cautioned that if such practices continue without judicial or financial oversight, they could deplete public resources and mislead both local and international investors. By contrast, Saudi agreements follow a clear and documented framework, ensuring projects are carried out in line with international standards. 

So far, Syrian authorities have issued no transparent statements to address these concerns or explain the local agreements, further deepening public mistrust. By contrast, Saudi Arabia offers a credible investment model backed by clear contracts, feasibility studies and rigorous follow-up mechanisms. 

Journalist Firas Al-Ali described the local agreements as “media theater,” while praising the Saudi model as reliable, practical and worthy of foreign investors’ confidence. 

Legal expert Rawan Hasni told The Media Line that judicial and financial oversight bodies must carry out independent investigations. She urged the release of official documents such as feasibility studies, company contracts and performance budgets, along with a commitment to full media transparency rather than polished press releases. 

Questions remain: Will the billions in local agreements continue to be shrouded in doubt and illusion? And will Saudi commitments translate into tangible projects that genuinely benefit Syria’s economy and its people? 

The contrast between undocumented local agreements and Saudi Arabia’s serious efforts highlights the urgent need for a comprehensive and transparent review of investment deals, ensuring that every dollar invested has a tangible impact on the ground rather than merely existing as figures on paper. 

Nabil Al-Mazloum, a member of the Syrian-Saudi Investment Forum, told The Media Line that Saudi investments in Syria are more than numbers on paper; they are credible and reflect genuine commitment. He added that well-studied contracts, detailed feasibility assessments and strict monitoring show these partnerships are a real opportunity for economic growth and a model for any investor entering the Syrian market. 

The total cost of rebuilding Syria after more than a decade of conflict and natural disasters, including recent earthquakes, is estimated at between $250 billion and $500 billion across all vital sectors. Reconstruction extends beyond repairing damaged buildings to include essential infrastructure, such as roads, bridges, power plants, and water and sewage networks, as well as the rehabilitation of health care and educational facilities, according to a study by the Omran Center for Studies and Research. 

The Syrian Ministry of Emergency Affairs states that costs are influenced by several factors, including varying security conditions across governorates, inflation, material shortages, and the availability of skilled labor. Social and economic support for affected populations — such as community rehabilitation, provision of basic services and help with the return of displaced persons and refugees — also adds to the financial burden but is essential for achieving long-term social stability. 

Additionally, the legal and political framework, adherence to transparency and compliance with international donor requirements are critical factors for project success. Bureaucratic obstacles or a lack of oversight can result in inflated costs and the mismanagement of public resources. 

Rebuilding Syria is not just a technical task of repairing damaged buildings; it is a comprehensive mission that requires careful planning, sustainable financing and effective project management to ensure investments bring tangible benefits on the ground — directly supporting Syria’s economy and people rather than remaining only numbers on paper.