Latest news with #MohammedNidalAlShaar
Zawya
a day ago
- Business
- Zawya
Saudi Arabia, Syria to create joint investment fund
Saudi Arabia and Syria are moving toward the establishment of a joint investment fund to serve as a central platform for structured, well-governed projects that meet the development needs of both nations. 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) (
Arab News
a day ago
- Business
- Arab News
Saudi Arabia, Syria step up industrial cooperation with new economic integration plans
RIYADH: Saudi Arabia and Syria are set to strengthen cooperation in the industrial sector and establish joint working groups to advance economic integration between the two countries. The announcement came after the Kingdom's Minister of Industry and Mineral Resources Bandar Alkhorayef met with Syrian Minister of Economy and Industry Mohammed Nidal Al-Shaar in Riyadh to review opportunities for collaboration. The discussions focused on boosting joint investments, encouraging knowledge exchange, and exploring new channels for industrial integration between the two countries. The meeting came on the sidelines of the Saudi-Syrian roundtable, which saw both countries sign an agreement to protect and promote mutual investments. Writing on his X account, Alkhorayef described the meeting as a visit 'that lays the foundation for building bridges of cooperation and economic integration, in line with the leadership's directives to develop the Saudi-Syrian partnership, reflecting the depth of the fraternal ties between the two brotherly nations.' Alkhorayef also emphasized their leaderships' shared commitment to advancing joint work and strengthening bilateral economic ties, particularly in industry and mining, while also encouraging mutual investments, according to a separate statement posted by the official spokesperson for the Ministry of Industry and Mineral Resources on his X account. During the meeting, the Saudi minister highlighted the outcomes of the Saudi-Syrian Investment Forum, which took place in July in Damascus under the patronage of Syrian President Ahmed Al-Sharaa. He said several agreements had been signed in vital sectors, including industry and mining, describing them as significant steps toward revitalizing Syria's economy and ensuring sustainable growth. The Saudi minister also outlined the objectives of the Kingdom's National Industrial Strategy, stressing its role in shaping industrial integration frameworks with Arab nations. He underscored the importance of mobilizing the private sector to seize opportunities offered through industrial cooperation with Syria. Alkhorayef extended an invitation to Al-Shaar to attend the 21st General Conference of the UN Industrial Development Organization, set to take place in Riyadh in November, positioning it as a platform to deepen regional industrial dialogue. The Syrian minister expressed his country's readiness to strengthen industrial and investment partnerships with Saudi Arabia, highlighting Damascus' interest in benefiting from the Kingdom's advanced industrial expertise. He said that Syria's ongoing reconstruction phase offers unique opportunities to attract Saudi private sector investments, especially in the industrial field. As part of the talks, both sides agreed to form joint technical working groups to follow up on industrial integration initiatives and ensure practical implementation of agreed measures. The meeting was also attended by Saudi Deputy Minister of Industry and Mineral Resources for Industrial Affairs Khalil bin Salamah, Assistant Minister of Investment Abdullah Al-Dubikhi, and senior officials from the industrial sector. From the Syrian side, participants included the deputy minister of economy and industry for industry and foreign trade, the head of the Syrian Investment Authority, the director of industrial zones, and representatives from the Syrian sovereign wealth fund.
