Saudi Arabia, Syria to create joint investment fund
The initiative aims to accelerate sustainable investment growth and generate exceptional results with financing volumes capable of meeting demand.
The announcement came from Saudi Minister of Investment Khalid Al-Falih during a roundtable meeting in Riyadh on Monday with Syrian Minister of Economy and Industry Mohammed Nidal Al-Shaar along with a number of Saudi and Syrian business leaders.
The development followed a high-level Saudi delegation's visit to Damascus on 24 July, led by Al-Falih, which resulted in 47 agreements and memoranda of understanding worth 24 billion Saudi riyals ($6.4 billion).
Al-Falih revealed that Saudi Arabia's stock exchange, Tadawul, has begun preparations for a feasibility study on creating and operating a Damascus stock market.
'What has been announced so far is only the beginning. More investment waves will follow, thanks to Syria's pragmatic policies. Our goal is to provide an attractive investment environment built on transparency, fairness, and equity,' he said.
'The Saudi and Syrian governments are working to ensure a safe and sustainable climate that encourages cross-border investments and builds confidence among stakeholders in both countries.'
During the talks, Al-Falih and Al-Shaar signed the Investment Promotion and Protection Agreement, which establishes legal and regulatory frameworks to safeguard capital flows, protect projects, and ease investment procedures. The pact targets vital sectors including industry, services, infrastructure, and tourism.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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