Latest news with #Syrian-SaudiInvestmentForum
Gulf Business
4 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
4 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.
Glasgow Times
4 days ago
- Business
- Glasgow Times
Syria and Saudi Arabia sign investment deals worth £4.4 billion
The agreements signed at the Syrian-Saudi Investment Forum cover a wide range of sectors, including property, telecommunications and finance. The planned projects include housing, the reconstruction of war-damaged areas, the development of tourism, medical and entertainment sites, skyscrapers, and three new cement factories. Syrian minister of information Hamza al-Mustafa said the deals are expected to create around 50,000 direct and 150,000 indirect job opportunities. Saudi Arabia has been strongly supportive of the interim government in Syria led by former insurgent commander President Ahmad al-Sharaa since the fall of former president Bashar Assad in a lightning rebel offensive. The country faces major economic and social challenges. The United Nations in 2017 estimated that it would cost at least 250 billion dollars (£185 billion) to rebuild Syria after years of civil war. Some experts now say that number could reach at least 400 billion dollars (£295 billion). The Saudi deals come as a political boost to Syria's interim government at a moment when the country is reeling from a new round of sectarian violence that broke out in the southern province of Sweida earlier this month. Clashes broke out on July 13 between Sunni Muslim Bedouin clans and armed groups of the Druze religious minority, and government security forces who intervened to restore order ended up siding with the Bedouins. Members of the security forces allegedly killed Druze civilians and looted and burned homes. Druze armed groups later launched revenge attacks on Bedouin communities. Israel also intervened, launching strikes on convoys of government forces and on the Syrian Defence Ministry headquarters in Damascus, which Israeli officials said were in defence of the Druze religious minority. Hundreds have been killed, and the UN says more than 130,000 people have been displaced. The fighting has stopped as a ceasefire takes hold, but tensions remain high and the violence has further shaken the trust of religious minorities in the new government.
North Wales Chronicle
5 days ago
- Business
- North Wales Chronicle
Syria and Saudi Arabia sign investment deals worth £4.4 billion
The agreements signed at the Syrian-Saudi Investment Forum cover a wide range of sectors, including property, telecommunications and finance. The planned projects include housing, the reconstruction of war-damaged areas, the development of tourism, medical and entertainment sites, skyscrapers, and three new cement factories. Syrian minister of information Hamza al-Mustafa said the deals are expected to create around 50,000 direct and 150,000 indirect job opportunities. Saudi Arabia has been strongly supportive of the interim government in Syria led by former insurgent commander President Ahmad al-Sharaa since the fall of former president Bashar Assad in a lightning rebel offensive. The country faces major economic and social challenges. The United Nations in 2017 estimated that it would cost at least 250 billion dollars (£185 billion) to rebuild Syria after years of civil war. Some experts now say that number could reach at least 400 billion dollars (£295 billion). The Saudi deals come as a political boost to Syria's interim government at a moment when the country is reeling from a new round of sectarian violence that broke out in the southern province of Sweida earlier this month. Clashes broke out on July 13 between Sunni Muslim Bedouin clans and armed groups of the Druze religious minority, and government security forces who intervened to restore order ended up siding with the Bedouins. Members of the security forces allegedly killed Druze civilians and looted and burned homes. Druze armed groups later launched revenge attacks on Bedouin communities. Israel also intervened, launching strikes on convoys of government forces and on the Syrian Defence Ministry headquarters in Damascus, which Israeli officials said were in defence of the Druze religious minority. Hundreds have been killed, and the UN says more than 130,000 people have been displaced. The fighting has stopped as a ceasefire takes hold, but tensions remain high and the violence has further shaken the trust of religious minorities in the new government.
Rhyl Journal
5 days ago
- Business
- Rhyl Journal
Syria and Saudi Arabia sign investment deals worth £4.4 billion
The agreements signed at the Syrian-Saudi Investment Forum cover a wide range of sectors, including property, telecommunications and finance. The planned projects include housing, the reconstruction of war-damaged areas, the development of tourism, medical and entertainment sites, skyscrapers, and three new cement factories. Syrian minister of information Hamza al-Mustafa said the deals are expected to create around 50,000 direct and 150,000 indirect job opportunities. Saudi Arabia has been strongly supportive of the interim government in Syria led by former insurgent commander President Ahmad al-Sharaa since the fall of former president Bashar Assad in a lightning rebel offensive. The country faces major economic and social challenges. The United Nations in 2017 estimated that it would cost at least 250 billion dollars (£185 billion) to rebuild Syria after years of civil war. Some experts now say that number could reach at least 400 billion dollars (£295 billion). The Saudi deals come as a political boost to Syria's interim government at a moment when the country is reeling from a new round of sectarian violence that broke out in the southern province of Sweida earlier this month. Clashes broke out on July 13 between Sunni Muslim Bedouin clans and armed groups of the Druze religious minority, and government security forces who intervened to restore order ended up siding with the Bedouins. Members of the security forces allegedly killed Druze civilians and looted and burned homes. Druze armed groups later launched revenge attacks on Bedouin communities. Israel also intervened, launching strikes on convoys of government forces and on the Syrian Defence Ministry headquarters in Damascus, which Israeli officials said were in defence of the Druze religious minority. Hundreds have been killed, and the UN says more than 130,000 people have been displaced. The fighting has stopped as a ceasefire takes hold, but tensions remain high and the violence has further shaken the trust of religious minorities in the new government.
