Syrian President Ahmad Al Shara in Kuwait amid drive for Gulf investment

Damascus has already received financial backing from Saudi Arabia and Qatar

Syria's President Ahmad Al Shara, left, meets Kuwait's Emir Sheikh Meshal. AFP

Syria's President Ahmad Al Shara visited Kuwait on Sunday and discussed ways to stabilise his country with Emir Sheikh Meshal, official media reported, amid a push by Damascus to secure Gulf investments.

The official Kuwaiti news agency said the two men, who met at the Emir's palace, discussed expanding ties and "strengthening efforts by the international community to guarantee the security and stability of Syria".

It was the fourth visit by Mr Al Shara to a Gulf country since his rebel allies appointed him as leader of Syria in late January. Mr Al Shara's Hayat Tahrir Al Sham (HTS), formerly affiliated with Al Qaeda, took over the state after leading an offensive that toppled former president Bashar Al Assad.

On Saturday, Mr Al Shara told a cabinet meeting that the authorities aim to lift restrictions imposed by the former regime on repatriation of profits, so as to attract foreign investment. He mentioned the potential for neighbouring countries taking on infrastructure projects, as local companies do not have the capital, he said.

Mr Al Shara said there was a "big appetite" to invest in airports, energy, tourism, oil, minerals, free zones, ports, railways, real estate and transport.

Two weeks ago, Mr Al Shara met a Kuwaiti business delegation led by Bader Al Kharafi, chief of one of the largest Arab conglomerates, Zain Group. However, no specific investments were announced.

Business deals

The government has signed three major concessions since the removal of the former regime. Two have been for the Latakia and Tartus ports, which French shipping company CMA CGM, and with DP World of the UAE. The third was with Qatar's UCC to add electricity generation capacity.

Syria needs an estimated $500 billion in new infrastructure after its 14-year civil war, although violence and sectarian killings have continued across the country. Turkey’s Deniz Bank, which is fully owned by Emirates NBD, expects more financing opportunities to support Syria’s reconstruction.

Saudi Arabia and Qatar said at the weekend that they will finance government salaries for the next three months. The move was made possible by removal of US sanctions this month.

The EU followed suit and decided to remove its own sanctions on Syria's economy. Meanwhile, Dubai airline flydubai resumed flights to Damascus on Sunday after a 12-year hiatus due to the civil war.

Saudi Arabia, as well as Turkey, played a main role in the lifting of US sanctions on Syria this month, in a major development that heralded normalisation between Washington and Damascus. US President Donald Trump shortly afterwards met Mr Al Shara in Riyadh. American officials have said one of the main reasons for the decision to lift the sanctions was the desire to improve living conditions quickly enough to prevent another civil war.

A senior American diplomat said in Damascus on Thursday that the US will remove Syria's designation as a state sponsor of terrorism, clearing another major hurdle to the country's international rehabilitation.