Saudi Foreign Minister Prince Faisal bin Farhan arrived in Damascus on Saturday, heading a high-level economic delegation on a visit aimed at bolstering Syria’s economy, according to Syrian authorities.

Prince Faisal was received at Damascus airport by Syrian Foreign Minister Asaad al-Shaibani. The visit marks another milestone in growing Saudi-Syrian relations following years of regional realignment.

Saudi Arabia has become one of the most prominent backers of Syria’s new leadership, which assumed power after the ousting of former President Bashar al-Assad in December.

Earlier this month, US President Donald Trump announced during a visit to Riyadh that he would lift sanctions on Syria, a move widely seen as essential to enabling the country’s economic recovery and reintegration into the international system.

Additionally, the Council of the European Union has approved the removal of economic sanctions on Syria, RIA Novosti reported Wednesday.

In a statement, the EU said it has lifted all economic restrictive measures except those related to security. The decision includes delisting 24 Syrian entities, including the Central Bank of Syria and companies in the oil, cotton, and telecommunications sectors.

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The two foreign ministers were scheduled to hold a joint press conference later on Saturday.

A statement from Saudi Arabia’s Foreign Ministry noted that the talks would explore areas of cooperation “that contribute to supporting Syria’s economy and strengthen institution building.”

Regional support strengthens Syria’s economic outlook

This visit follows a February trip to Saudi Arabia by interim Syrian President Ahmad al-Sharaa, his first international visit since assuming office.

Both Saudi Arabia and Qatar announced last month that they would jointly settle Syria’s outstanding debt to the World Bank, amounting to approximately $15 million, reinforcing the momentum behind regional support for Damascus.

This marks Prince Faisal’s second visit to Syria’s new authorities, with his first occurring in January. The latest visit underscores a shared push to strengthen economic ties and rebuild Syria’s shattered institutions with regional assistance.

CNBC unveils strategic plan to revitalize Syria energy sector

On a related note, a comprehensive strategic plan was introduced on Tuesday to rejuvenate Syria's oil and gas sector, emphasizing collaboration with American companies. Central to this initiative is the establishment of SyriUS Energy, a joint Syrian-American enterprise aimed at rebuilding the nation's energy infrastructure.

This entity is slated for listing on the US stock exchange, with Syria's sovereign energy fund holding a 30% stake, as per details released by CNBC Arabia.

Five-Phase implementation strategy

The plan outlines a five-phase approach:

• Asset Recovery and Security
  Securing priority oil fields such as Omar, Taym, Tanak, and al-Hasakah, along with assessing pipelines, refineries, and power lines.
• Stabilizing Domestic Supply
  Rehabilitating the Homs and Banias refineries and expanding access to natural gas for households and power generation.
• Establishing a Public-Private Partnership
  Forming a publicly listed company to manage assets, fostering partnerships between Syrian authorities and major US energy firms like ExxonMobil, Chevron, and ConocoPhillips.
• Governance and Transparency
  Implementing robust governance structures to ensure transparency and attract foreign investment.
• Integration into Regional Energy Markets
  Reconnecting Syria to regional energy trade routes, including the Arab Gas Pipeline, and enhancing export capabilities.