3 days ago
Saudi Arabia and Syria explore investment cooperation in bid to boost economic integration
RIYADH: Saudi Arabia and Syria are set to advance economic cooperation following a virtual meeting between the Kingdom's Minister of Investment Khalid Al-Falih and the Middle Eastern country's Minister of Economy and Industry Mohammad Al-Shaar.
The two sides reviewed prospects for investment partnerships and discussed opportunities to expand collaboration in both public and private sectors, according to a report by the Saudi Press Agency.
The discussions focused on promoting high-quality investments across productive and service industries, with the goal of supporting Syria's economic development and enhancing regional financial integration.
The meeting also examined ways to build a favorable environment for cross-border investments that can contribute to long-term stability.
Syria is undertaking significant efforts to revive its economy following years of conflict. The transitional government, led by President Ahmed Al-Sharaa, has initiated reforms, including the privatization of state enterprises, the lifting of import restrictions, and the encouragement of foreign investment.
Notable developments encompass a $7 billion energy infrastructure agreement with a Qatari-led consortium, the reopening of the Damascus Securities Exchange, and a $300 million fiber-optic project involving Gulf telecom firms.
'Al-Falih emphasized the importance of creating an enabling environment for expanding regional investment partnerships,' SPA said.
He added that Saudi Arabia is keen to assist in stabilizing and developing the Syrian economy, which he described as essential for serving mutual interests and promoting regional economic prosperity.
Additionally, the Kingdom and Qatar have pledged financial support for Syrian public sector salaries in May.
These initiatives, alongside the easing of Western sanctions, aim to stabilize the economy and attract international investment.
The talks are part of broader Saudi efforts to expand its global investment footprint and strengthen economic ties across regions.
In May, Saudi Foreign Minister Prince Faisal bin Farhan visited Damascus, where he met Al-Sharaa and pledged Saudi-Qatari support for Syria's public sector, with a particular focus on energy and infrastructure investments.
The Kingdom has also ramped up high-level international engagements this year. Minister of Finance Mohammed Al-Jadaan participated in the Saudi-US Investment Forum in Riyadh in May to discuss cross-border investment opportunities.
In April, Al-Jadaan met with Pakistan's Finance Minister Muhammad Aurangzeb in Washington to deepen financial and economic cooperation.
Additionally, Minister of Economy and Planning Faisal Alibrahim signed a memorandum of understanding with Spain on May 22 to promote trade diversification and new investment opportunities.
Alibrahim also represented Saudi Arabia at the World Government Summit in Dubai in February to advance Vision 2030 partnerships.
