Latest news with #Mohammed bin Salman
Asharq Al-Awsat
24-07-2025
- Business
- Asharq Al-Awsat
Saudi-Syrian Investment Forum 2025 Aims for Lasting Economic Partnership
Saudi Arabia's growing role in Syria's post-war reconstruction took a major step on Thursday with the launch of the 2025 Saudi-Syrian Investment Forum in Damascus, underscoring Crown Prince Mohammed bin Salman's push to anchor Riyadh's influence in shaping Syria's future economy. Held under the Crown Prince's directive, the forum marks a significant political and economic milestone, signaling the Kingdom's intent to forge a sustainable partnership with the Syrian government and position itself as a key driver of reconstruction and development in the war-ravaged country. High-Level Delegation and Billion-Dollar Deals A Saudi delegation led by Investment Minister Khalid Al-Falih arrived in Damascus on Wednesday, accompanied by more than 120 investors. The high-level visit, expected to result in the signing of dozens of agreements worth billions of dollars, was met with an official reception by Syria's ministers of economy, energy, and telecommunications. Also greeting the delegation were Saudi Ambassador to Syria Faisal Al-Mujfel, embassy officials, and figures from both public and private sectors. The forum, announced earlier by Saudi Arabia's Ministry of Investment, aims to deepen bilateral economic ties and identify joint investment opportunities across key sectors. Saudi Investment on the Ground During the visit, Al-Falih laid the foundation stone for the ''Fayhaa'' white cement factory in Adra Industrial City, northeast of Damascus. The facility, slated for completion within months, is among the first major Saudi investments in Syria following a series of exploratory business visits. Speaking to reporters at the site, Al-Falih said dozens of Saudi companies were ready to invest in Syria across construction, energy, agriculture, IT, and industrial sectors. 'We will announce tomorrow the planned investment volumes for the Syrian market,' he added. The white cement plant is valued at around 100 million riyals ($27 million) with a projected annual output of 150,000 tons. It is expected to create 130 direct jobs and more than 1,000 indirect positions. Reviving a War-Torn Economy The forum comes as the Syrian government, now led by President Ahmed Al-Sharaa following the ouster of Bashar al-Assad late last year, seeks to attract international investors to help rebuild a country devastated by 14 years of war. While UN estimates put Syria's reconstruction needs at $400 billion, Damascus says the actual cost could reach $600 billion. Riyadh has also led high-level diplomatic efforts to ease Western sanctions on Syria. The campaign culminated in US President Donald Trump's decision to lift certain restrictions during his recent visit to Riyadh, following discussions with the Saudi Crown Prince. "Start of a New Chapter" Issam Zuhair Al-Ghreiwati, Deputy Chairman of the Syrian Chambers of Commerce and head of Damascus's Chamber of Commerce, called the Saudi delegation 'the largest and most significant from any Arab country.' 'This is the most important economic event in Syria since the liberation and the relaunch of our economy,' Al-Ghreiwati told Asharq Al-Awsat. He said Saudi investors were returning after 14 years of absence, marking a 'new era of cooperation' between the two countries. 'Syria was off the investment map due to the previous regime,' he said. 'Now, with the rise of a new government and the immense financial surpluses in Saudi Arabia looking for emerging markets, we are entering what could become the largest Arab economic partnership.' Al-Ghreiwati said Syria had reformed investment laws, liberalized foreign exchange controls, and modernized trade regulations, rapidly shifting toward a free-market economy. 'We now have one of the most attractive investment landscapes in the region,' he said. Saudi Commitment Seen as Transformational He added that the most critical takeaway from the forum was Saudi Arabia's confidence in Syria's recovery. 'This isn't just about money; it's about belief in Syria's future,' he said. 'The Kingdom sees Syria as a nation rebounding from crisis, not a liability. There's no turning back.' The private sector, he said, sees this event as 'the official green light for reconstruction, with Saudi Arabia leading the economic charge.' Challenges Remain Despite the optimism, experts warn that Syria's fragile economy faces major hurdles, including inflation, currency volatility, and limited purchasing power. Mohammad Al-Hallak, deputy head of the Economic Sciences Association and former vice president of Damascus's Chamber of Commerce, said the focus now must be on restoring industrial output and job creation. 'We need to restart the production cycle quickly,' Al-Hallak told Asharq Al-Awsat. 'This forum must go beyond talks. We need actionable partnerships.' He urged Saudi Arabia to support Syrian exports through specialized exhibitions and to foster demand for Syrian products. 'Increased demand drives production, which creates jobs and strengthens purchasing power,' he said. Al-Hallak also called for the creation of a Saudi-Syrian joint bank to facilitate cross-border financial transactions and investment flows. 'That would be the most practical first step to convert goodwill into real momentum,' he said. 'Syria Is Thirsty for Investment' 'There are enormous investment opportunities here—in tourism, trade, industry, agriculture, insurance, banking, and the stock market,' Al-Hallak said. 'Syria is one of the most investment-hungry nations in the world right now.' He emphasized that Riyadh's leadership sees Syria not through a lens of transactional interest but as a country to support and integrate into a shared economic future. 'Crown Prince Mohammed bin Salman is not dealing with Syria as an equal party in negotiation,' he said. 'He sees it as a responsibility—Saudi Arabia is stepping in to help rebuild, not to exploit.' When asked if there was an estimate of the total investment Syria needs in the next phase, Al-Hallak replied: 'There's no ceiling. Syria will absorb every dollar that comes its way. This is just the beginning.'
Al Arabiya
23-07-2025
- Business
- Al Arabiya
Saudi business delegation arrives in Damascus for Syrian-Saudi Investment Forum
A large Saudi business delegation arrived in Damascus on Wednesday to attend the Syrian-Saudi Investment Forum – being held at the request of Saudi Crown Prince Mohammed bin Salman. According to Al Arabiya correspondent, the forum will kick off on Thursday. The forum aims to explore the potential of cooperation and deals to promote sustainable development. The visit is expected to see the signing of trade deals worth more than 15 billion Saudi riyals ($4 billion). During the visit, a cement factory in the industrial city of Adra in Damascus countryside will be launched. The delegation, led by Saudi Minister of Investment Khalid al-Falih, included over 100 business investors. The Saudi embassy in Damascus on Tuesday announced the introduction of special travel permits for businesspeople and investors from both countries, aimed at facilitating mutual visits and exploring investment opportunities.
Al Arabiya
22-07-2025
- Business
- Al Arabiya
Saudi Arabia says it will organize Saudi-Syrian investment forum in Damascus
Saudi Arabia will organize a Saudi-Syrian investment forum in Damascus, aimed at exploring the potential for cooperation and signing deals that should promote sustainable development, the Saudi investment ministry said in a statement on Tuesday. The statement did not set a specific date for the forum. Also on Tuesday, the Saudi embassy in Damascus announced the introduction of special travel permits for businesspeople and investors from both countries, aimed at facilitating mutual visits and exploring investment opportunities. Relations between Riyadh and Damascus have significantly improved since the ouster of former Syrian president Bashar al-Assad in December 2024. Saudi Arabia has since emerged as a key backer of Syria's new leadership. In a major policy shift announced in May during a visit to Riyadh, US President Donald Trump said he would lift all US sanctions on Syria at the request of Saudi Crown Prince Mohammed bin Salman – an important win for Damascus as it works to rebuild after years of conflict.
Arab News
14-07-2025
- Business
- Arab News
Saudi PIF rises to 4th among sovereign wealth funds as assets surpass $1tn
RIYADH: Saudi Arabia's Public Investment Fund has rise one place to 4th globally among sovereign wealth bodies, with assets surpassing $1 trillion, according to Global SWF's July rankings. PIF now ranks behind only Norway's Government Pension Fund Global and two Chinese entities — the State Administration of Foreign Exchange and the China Investment Corporation — and surpasses the Abu Dhabi Investment Authority and the Kuwait Investment Authority. The new ranking underscores PIF's growing influence in global capital markets. Crown Prince Mohammed bin Salman has mandated the fund to grow its assets to $2 trillion by 2030, while generating long-term returns and supporting economic diversification. PIF's assets under management climbed to $1.15 trillion in 2024, up from approximately $925 billion the previous year. However, net profit declined during the period due to rising operational costs, interest expenses, and asset write-downs linked to project delays and revisions, according to Global SWF. In response, the fund has shifted its strategy and is now prioritizing liquidity through short-term sukuk and commercial paper, while focusing on scalable, revenue-generating assets over high-cost mega-projects. This repositioning also includes increased investments in AI infrastructure, ETF platforms, and co-investments with global asset managers. Underscoring its international ambitions, PIF has invested about $200 million in a prime Manhattan real estate project with Related Companies, Bloomberg reported in July. The fund plans to acquire a two-thirds stake in the 625 Madison Avenue site, where a 1,200-foot tower is under consideration, just steps from Central Park. The move builds on PIF's earlier ties with Related, including a 2020 debt investment, and reflects its appetite for high-profile, long-horizon real estate in strategic global cities. Internationally, the fund holds stakes in prominent companies such as Lucid Motors, Nintendo, Uber, and BlackRock, and remains active across sectors including technology, mobility, and renewable energy, as well as gaming and sports. According to Global SWF, PIF is moving away from a strategy centered on rapid capital deployment, toward a more disciplined approach focused on financial sustainability, cost control, and delivering measurable returns.
