Latest news with #Al-Falih
Fintech News ME
2 days ago
- Business
- Fintech News ME
Lean Technologies Among First to Gain UAE Approval Under New Open Finance Framework
Lean Technologies, a financial infrastructure provider based in the MENA region, has received In-Principle Approval (IPA) from the Central Bank of the UAE under the country's new Open Finance Framework. The IPA positions Lean as one of the first companies to offer regulated Open Finance services in the UAE, advancing its path toward full licensing. The approval comes as demand grows for faster, more transparent, and personalised financial services. Open Finance enables users to make payments, access credit, and manage finances through connected systems. Lean's infrastructure aims to support this shift by offering features such as instant account-to-account payments, quicker loan approvals, and financial tools built around data access and control. 'Open Finance is more than a technology upgrade. It's a foundation for a smarter, more innovative economy,' said Hisham Al-Falih, CEO and Co-Founder of Lean Technologies. 'By connecting customers, regulators, and businesses on a single, interoperable infrastructure, we're directly supporting the UAE's vision for a world-class digital financial system.' Since its founding, Lean has worked with regulators, banks, and fintechs to develop financial connectivity in the region. The company reports handling over US$2 billion in transaction volume and linking more than 1 million customer accounts. Its infrastructure underpins a range of use cases including payments, lending, and personal finance. 'With this approval, we're not just expanding our capabilities, we're expanding access,' Al-Falih added. 'We're enabling more people and businesses to participate fully in the digital economy.' Lean also supports the AlTareq initiative, a national programme to implement Open Finance infrastructure across the UAE. Its systems comply with ISO 27001 and SOC 2 standards and have demonstrated consistent API uptime and performance at scale. In 2022, Lean became the first third-party provider to receive a Financial Services Permission from Abu Dhabi Global Market (ADGM). It also joined the Saudi Central Bank's regulatory sandbox that year. The company has raised over US$100 million from investors including General Catalyst and Bain Capital Ventures and is expanding its regulated services across the Gulf region.
Kuwait Times
4 days ago
- Business
- Kuwait Times
Saudi announces $6.4 billion in Syria investments
DAMASCUS: Saudi Arabia's Investment Minister Khalid bin Abdulaziz Al-Falih (center left) and his delegation being received at Damascus International Airport on July 23, 2025. -- AFP DAMASCUS: Saudi Arabia announced $6.4 billion of investments in Syria on Thursday, reflecting the kingdom's deepening ties with interim President Ahmed Al-Sharaa's government as it seeks to rebuild Syria after a 14-year civil war. The deals, unveiled by Saudi Investment Minister Khalid Al-Falih at a Damascus forum, are a major financial boost for Sharaa as he struggles to establish control over Syria, which was rocked this month by sectarian violence in the southwest. Al-Falih said his visit to Syria had been ordered by Saudi Arabia's Crown Prince Mohammed bin Salman, calling the trip 'confirmation of the kingdom's firm and supportive stance towards sisterly Syria'. The investment deals included $2.93 billion for real estate and infrastructure projects and about $1.07 billion for the telecommunications and information technology sector, Al-Falih said. Businesses involved in the plans include telecommunications firms the Saudi Telecom Company (STC) and GO Telecom, digital security company Elm, cybersecurity firm Cipher, and Classera, an education technology company. Al-Falih said 47 agreements would be signed over the course of the conference, with more than 100 companies participating. Al-Falih also announced the establishment of a Saudi-Syrian Business Council at the event, which had been scheduled for June but was delayed due to the conflict between Iran and Zionist entity. Riyadh has been a key ally of Sharaa's government, which came to power after longtime ruler Bashar al-Assad was toppled in December, using its diplomatic influence to persuade US President Donald Trump to lift sanctions. Companies, many from Gulf states and Turkey, have expressed interest in rebuilding Syria's power generation capacity, roads, ports and other damaged infrastructure. Syria has signed a $7-billion power deal with Qatar and an $800-million agreement with UAE-based port company DP World in recent months. US energy firms are also set to draw up a master plan for the country's energy sector. In April, Saudi Arabia and Qatar announced they would pay off Syria's World Bank arrears, opening up the possibility of new lending. – Reuters
Gulf Business
5 days ago
- Business
- Gulf Business
Saudi investment delegation signs $6.4bn in deals during Syria visit
Image: Saudi Press Agency A high-level Saudi investment delegation, led by Minister of Investment Eng. Khalid Al-Falih, has concluded a multi-day visit to Syria aimed at strengthening economic ties and driving long-term cooperation across key sectors. The visit, which included a series of meetings with Syrian officials, culminated in the Syrian-Saudi Investment Forum, held under the patronage of Syrian President Ahmad al-Sharaa. Several ministers and senior officials from both nations participated in the event. During the forum, 47 Saudi-Syrian investment agreements were signed, with a total value of nearly $6.4bn (SAR24bn). The deals span a wide array of sectors, including real estate, infrastructure, finance, communications and IT, energy, industry, tourism, trade, investment, and healthcare. On the sidelines of the forum, a ministerial session brought together Eng. Al-Falih, Syrian Minister of Economy and Industry Dr. Mohammad Nidal Al-Shaar, Minister of Tourism Mazen Al-Salhani, and Saudi-Syrian Business Council and ACWA Power chairman Mohammad Abunayyan. Discussions focused on revitalising economic ties and Saudi Arabia's support for Syria's post-conflict reconstruction. The session also underscored the commitment of Saudi Arabia, under the leadership of King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, to enabling Syria's recovery through investments and partnerships. Projects Several notable projects were announced during the forum. Al-Badia Cement Company unveiled plans to invest over $200mto expand its grinding, packaging, and power generation capacities, aiming to boost annual output to more than 5 million tons. The company also expressed interest in partnering with the Syrian government to enhance state-owned cement operations and ensure market stability. Minister Al-Falih also met with various Syrian ministers to explore additional avenues of cooperation supporting comprehensive development. Read: As part of the visit, the delegation conducted field visits to existing and planned Saudi projects in Syria. Al-Falih laid the foundation stone for the Al-Fayhaa Cement Factory, a project worth approximately $27m (SAR100m), which will have an annual capacity of 150,000 tonnes. The project is expected to enhance local content and drive knowledge transfer. Another major development is the Al-Jawhara Commercial Tower in Damascus, a Saudi-Syrian initiative with a built-up area of 25,000 square meters and an estimated investment of over $100m (SAR375m). The mixed-use tower will feature office spaces, retail outlets, and hotel units, further contributing to Syria's urban and economic redevelopment.
Asharq Al-Awsat
6 days ago
- Business
- Asharq Al-Awsat
Syrian-Saudi Investment Forum Begins in Damascus
Under the patronage of Syrian President Ahmed al-Sharaa, the Syrian-Saudi Investment Forum kicked off on Thursday in Damascus, attended by various ministers and officials from both countries. Saudi Minister of Investment Khalid Al-Falih delivered the opening speech, expressing gratitude for the hospitality extended by Syria and its people since their arrival, SPA reported. He conveyed greetings from Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, along with hopes for security and prosperity for Syria. Al-Falih emphasized that the directive from the Crown Prince to visit Syria with a delegation, comprising representatives from both the government and private sectors of Saudi Arabia, highlights the Kingdom's strong support for Syria in its journey towards economic growth, prosperity, and sustainable development. He stated, "We are not here to build new relationships; strong social, cultural, and economic ties have long connected our two countries. Historically, the Arabian Peninsula and the Levant were vital links in global trade through the Silk, Spice, and Incense Routes. Saudi Arabia and Syria have shared strong social, economic, and political ties. Recent meetings between the Crown Prince and the Syrian President aimed to strengthen this bond and create new opportunities for cooperation, highlighting the Kingdom's commitment to enhancing economic and investment relations with Syria." The minister noted that over 20 government entities and 100 leading private sector companies from Saudi Arabia are present at the forum, investing in various sectors, including energy, infrastructure, financial services, healthcare, agriculture, as well as communications and information technology. He announced that 47 agreements, valued at approximately SAR24 billion, will be signed, covering various fields including real estate, finance, and tourism. Al-Falih also stressed that the forum reflects the belief that the private sector is a key partner in achieving mutual goals between the two countries. It encourages Saudi and international investors to explore opportunities in Syria and contribute to its strategic projects, thereby fostering mutual benefits across vital sectors. He highlighted that agreements exceeding SAR11 billion will be signed in infrastructure and real estate. This includes the establishment of over three new cement factories, aimed at securing essential raw materials for construction and enhancing self-sufficiency in this critical area. In the telecommunications sector, Al-Falih stated that the forum marked the beginning of cooperation between the Syrian Ministry of Communications and Information Technology and Syrian tech companies on one side, and leading Saudi companies—such as Elm, stc, GO Telecom, Cipher, Classera—on the other. This collaboration aims to develop digital infrastructure, enhance cybersecurity capabilities, and build advanced ecosystems in artificial intelligence, data centers, and educational academies. Agreements in this sector are estimated to be worth approximately SAR4 billion. Al-Falih described Syria's agricultural sector as rich with potential in modern farming, grain production, organic products, and food supply chains. He expressed eagerness to collaborate with the Syrian side to develop innovative joint projects, including model farms and processing industries, as well as knowledge and technology exchange. He also addressed the financial services and remittance sector, which will witness, at the event, the signing of a memorandum of understanding today between the Saudi Tadawul Group and the Damascus Securities Exchange. This agreement aims to enhance cooperation in financial technologies, dual listings, data exchange, and the establishment of investment and transfer funds that will stimulate investment in Syria. The minister commended the positive and active role played by over 2,600 Syrian entrepreneurs in the Kingdom, noting that direct investments by Syrian investors in Saudi Arabia have reached nearly SAR10 billion. He emphasized their major role in building the new Syria and its growing economy. He said, "These figures are only the beginning and do not reflect our ambitions. We must work together, closely and cohesively, to grow and elevate these figures in line with the efforts of our two nations to build a better future for our peoples." Al-Falih also praised the positive steps taken by the Syrian government to improve the investment climate, foremost among them the amendment of the Investment Law on June 24, 2025, which grants investors more guarantees and incentives, facilitates procedures, and enhances transparency. As a reflection of the Kingdom's commitment to fostering investment in Syria, Al-Falih announced the establishment of the Saudi-Syrian Business Council, composed of a select group of business leaders. The council aims to drive economic cooperation, activate partnerships among private sector institutions in both countries, and boost Saudi investment presence in Syria's promising market. Al-Falih reiterated that the strong interest and presence of successful and pioneering Saudi companies across diverse investment sectors at the forum, along with the enthusiasm, engagement, and responsiveness witnessed from all sides in Syria. The resulting agreements across critical and high-value fields—capped by the commitment shown by the Syrian leadership and officials—are promising signs. These signs affirm that the path of cooperation and integration being launched today marks the beginning of a future filled with prosperity, growth, and development for both countries and their peoples across all fields, under the guidance and support of the leadership of both nations.
Leaders
6 days ago
- Business
- Leaders
Saudi-Syrian Investment Forum: $6.4bn Worth of Deals Signed to Support Reconstruction
The Saudi-Syrian Investment Forum 2025 has concluded in Damascus, announcing deals worth of SAR 24 billion ($6.4bn) to support Syria's economic recovery and reconstruction. Furthermore, the Forum witnessed the establishment of the Saudi-Syrian Business Council to boost economic cooperation and promote Saudi investments in the promising Syrian market. Saudi-Syrian Investment Forum 2025 On Thursday, Damascus hosted the Saudi-Syrian Investment Forum, with the attendance of the Syrian Transitional President, Ahmed Al-Sharaa, and several senior officials and executives from Saudi Arabia and Syria. The Saudi Investment Minister, Khalid Al-Falih, led the Kingdom's delegation, which comprised more than 20 government entities and over 100 leading private companies with international investments in various sectors, such as energy, industry, infrastructure and real estate, financial services, health, agriculture, and communications and information technology (ICT). Saudi Unwavering Support During his speech, Al-Falih reaffirmed Saudi Arabia's unwavering support for Syria in its path toward growth, economic prosperity, and sustainable development, highlighting the deeply-rooted historical bonds between the two nations. He added that this visit, which came upon the directives of the Saudi Crown Prince and Prime Minister, Mohammed bin Salman, underscores the Kingdom's commitment to strengthening its economic and investment ties with Syria. Moreover, he said that forum emphasizes the pivotal role of the private sector in realizing the two countries' common goals and encouraging Saudi and international investors to explore promising investment opportunities Syria and contribute to its strategic projects. In April, Saudi Arabia and Qatar committed to settling Syria's outstanding arrears to the World Bank Group, which stands at $15 million, in order to support and accelerate the recovery of Syria's economy. Furthermore, the Kingdom led regional and international efforts to lift Western sanctions on Syria, which culminated in a landmark decision by the US President, Donald Trump, to lift the decades-long sanctions, upon the request of Crown Prince Mohammed bin Salman. Infrastructure Deals Al-Falih announced the signing of 47 agreements on the sidelines of the Saudi-Syrian Investment Forum, worth of SAR 24 billion, covering various fields including real estate, infrastructure, finance, energy, industry, tourism, trade and investment, health, and ICT. In infrastructure, deals valued at over SAR 4.3 billion were signed, including the construction of three cement factories in Syria to support supply chains and achieve self-sufficiency during the country's reconstruction process. In the light of this, Al-Falih on Wednesday inaugurated the Fayhaa White Cement Factory in Adra Industrial City, valued at SAR 100 million, to expand cement production in Syria. Real Estate Projects The Saudi-Syrian Investment Forum saw the signing of SAR 7.2 billion real estate deals, including projects to rebuild Syria's infrastructure and develop facilities across the country. Moreover, the Saudi Minister launched Al-Jawhara Tower Project, a SAR 375 million Saudi-led real estate project in Damascus spanning 25,210 square meters and including office, hospitality, and retail components across 32 floors. Al-Falih also announced that Bayt Al-Ebaa Company will sign a multi-billion agreement to build a distinctive residential and commercial project in Homs city. These projects provide a model for the integration of Saudi capital and Syrian local expertise to achieve sustainable social and commercial goals. ICT Deals As for the telecommunications sector, the forum saw the signing of agreements worth of SAR 3.6 billion, involving partnerships between the Syrian Ministry of Communications and major Saudi tech firms such as STC and Elm. The agreements aim to develop Syria's digital infrastructure and enhance cybersecurity. They also aim to build advanced ecosystems for artificial intelligence (AI), data centers, and educational academies, according to Al-Falih. Agriculture Cooperation In the agriculture sector, the Saudi Minister expressed aspirations to cooperate with Syria in developing high-quality joint projects, including model farms and processing industries. He highlighted promising opportunities in the fields of modern agriculture, grain production, organic products, and food supply chains. Financial Sector In terms of finance and banking, the forum witnessed the signing of SAR 4.8 billion agreements, as well as a key memorandum of understanding (MoU) between Saudi Tadawul Group and the Damascus Securities Exchange. The MoU aims to boost cooperation in sectors such as fintech, dual listings, and data exchange. It also includes launching new investment funds to promote investments in Syria. Syrian Investments in Saudi Arabia During his speech, Al-Falih highlighted Syrian investments in Saudi Arabia, which currently amount to SAR 10 billion ($2.66bn), pointing to the vital role of Syrian entrepreneurs in rebuilding Syria and reviving its economy. He also commended measures taken by the Syrian government to create a more investment-friendly environment, including facilitating investment procedures and enhancing transparency. Saudi-Syrian Business Council Al-Falih announced the formation of the Saudi-Syrian Business Council – a move that further underscores Saudi Arabia's commitment to encouraging investments in Syria. Chaired by the prominent businessman, Mohammed Abunayyan, the joint business council will comprise an elite of Saudi businessmen. It aims to advance economic cooperation, activate partnerships between private sector companies in both countries, and boost Saudi investments in the Syrian market. Short link : Post Views: 116
