Latest news with #AlBadiaCement
Arab News
26-07-2025
- Business
- Arab News
Saudi Arabia rekindles Syria's hopes for economic recovery
Following a directive from Crown Prince Mohammed bin Salman, Minister of Investment Khalid Al-Falih led a delegation of more than 120 Saudi business representatives to the Syrian Arab Republic last week in an attempt to boost cooperation across various investment sectors and promote economic growth, prosperity, and sustainable development. The visit concluded with a series of high-level meetings with Syrian officials and a joint investment forum held under the patronage of Syrian President Ahmed Al-Sharaa, attended by ministers and senior representatives from both sides. The forum resulted in the signing of 47 Saudi-Syrian investment agreements worth nearly SR24 billion ($6.4 billion), covering a wide range of sectors including real estate, infrastructure, finance, CIT, energy, industry, tourism, trade, and healthcare. The forum also highlighted the role of Saudi businessmen and leading companies in supporting Syria's reconstruction and economic revival through strategic partnerships, consultations, and swift, effective sectoral development. On the sidelines of the forum, a ministerial session underscored the deep-rooted economic ties between Saudi Arabia and Syria and reaffirmed the Kingdom's commitment to providing all possible support and facilitation for Syria's recovery and prosperity. Syria-based company Al-Badia Cement announced more than $200 million in investments during the forum to expand its grinding and packaging operations and upgrade its power generation plant, aiming to raise annual production capacity beyond 5 million tonnes. The company also pledged to work with the Syrian government to improve state-owned cement facilities and support market stability. The Saudi leadership's support for Syria's new leadership marks a significant turning point in bilateral relations. It signals a joint effort to accelerate Syria's economic recovery The foundation stone for Al-Fayhaa Cement Factory was laid, with an estimated investment of SR100 million and an annual production capacity of 150,000 tonnes. The foundation stone was also laid for the Al-Jawhara Commercial Tower in Damascus, a Saudi-Syrian project with investment exceeding SR375 million. Underscoring the Kingdom's commitment to fostering investment in Syria, a Saudi-Syrian Business Council was established, chaired by Mohammed Abu Nayan. The council will look to strengthen economic cooperation, promote private-sector partnerships, and expand Saudi investments in Syria. A high-level visit by a Saudi business delegation, led by a senior government official, underscores the Kingdom's commitment to supporting Syria's new leadership in its efforts to move beyond decades of authoritarian rule and toward recovery and stability. The establishment of the council marks the beginning of a new phase of cooperation between businessmen from both countries, at a time when Syria's new government needs strong support to rebuild and achieve security, stability, and prosperity. The council is also expected to play a key role in reshaping Syria's economy and business environment, with the Saudi private sector acting as a strategic partner. Leveraging its significant capabilities and resources, the Saudi private sector is well-positioned to tap into emerging opportunities in the Syrian market. I believe the council is well-positioned to succeed in its mission to help rebuild the Syrian economy in the coming years, particularly as it has already begun developing an action plan for 2025–2030, which should strengthen sustainable economic cooperation between the Kingdom and Syria, identify investment opportunities, support strategic partnerships, and streamline trade and logistics procedures for Saudi exports. Syria also stands to benefit significantly from Saudi Vision 2030 by aligning with its strategic pathways, allowing the Syrian government to prioritize private-sector development in both countries, attract investment in reconstruction and sustainable development, support exports, simplify procedures, and establish good governance practices to protect investors. It is important to note that Syria's business environment is beginning to show signs of change under the new leadership, which has demonstrated a willingness to re-engage with regional and international investors — particularly from countries like Saudi Arabia, which played a major role in lifting economic sanctions. Finally, the Saudi leadership's support for Syria's new leadership marks a significant turning point in bilateral relations. It signals a joint effort to accelerate Syria's economic recovery and transition from a state-dominated model to a more open, participatory system guided by forward-looking and responsible leadership. • Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
The National
24-07-2025
- Business
- The National
Saudi Arabia leads $6.4bn worth of economic deals for Syria
Saudi Arabia has led agreements with Syria worth 24 billion Saudi riyals ($6.4 billion) as the kingdom invests in Damascus's economy to support the rebuilding of the country after more than a decade of civil war. A total of 47 deals from more than 100 Saudi and international companies are to be signed at the Syrian-Saudi Investment Forum in Damascus on Thursday, Saudi Investment Minister Khalid Al Falih said at the event. They cover key sectors including energy, industry, infrastructure, real estate, financial services, health, agriculture, communications and information technology, he said. Several projects were launched on Wednesday, Mr Al Falih added. Investments in the real estate and infrastructure sectors will exceed 11 billion riyals, including the development of three new cement factories to "secure the basic materials needed for construction and strengthening supply chains", Mr Al Falih said. Separately on Thursday, Al Badia Cement announced more than $200 million worth of investments to expand its operations and develop a second production line, which would boost its annual production to more than five million tonnes, the state-owned Syrian Arab News Agency said. "In achieving the common goals between the two countries, and our encouragement of Saudi investors, we will ... specifically encourage international investors to explore investment opportunities in this country, and to contribute to its strategic projects," he added. The agreements are a major victory for Syrian President Ahmad Al Shara, who has been leading the country's rebuilding strategy after the downfall of former president Bashar Al Assad in December last year. The Syrian economy has been devastated by a civil war that began in 2011. The UN Development Programme estimates cumulative losses, including physical damage and economic deprivation, at $923 billion as of the end of last year. The estimated cost of reconstruction has varied from $250 billion to $500 billion. After the Assad regime was toppled in a rebel offensive, the situation in Syria has been improving, with western sanctions lifted earlier this year. Gulf states are moving quickly to invest in Syria's post-Assad future, launching diplomatic, financial and infrastructure support. In May, Saudi Arabia and Qatar jointly paid off Syria's $15.5 million debt to the World Bank, unlocking access to critical reconstruction grants. Also that month, Damascus signed a $7 billion deal with a consortium of companies led by Qatar 's UCC Holding to add 5,000 megawatts to the national grid. The deal is aimed at doubling Syria's power supply to boost its postwar economy. Dubai port operator DP World signed an $800 million agreement to develop the port of Tartus, while Emirati businessman Khalaf Al Habtoor said he would be considering investments in Syria. Mr Al Shara also held talks with Saudi Crown Prince Mohammed bin Salman in Riyadh in February, with the leaders discussing collaboration in the fields of energy, technology, education and health, Syria's state news agency Sana reported at the time. The Syrian government this month amended the country's investment law, in a move that is expected to support more domestic and foreign investment in the country.
