Latest news with #economic recovery
Arab News
16 hours ago
- Business
- Arab News
Saudi Arabia keen to strengthen economic ties with Syria, Al-Falih tells investment forum
RIYADH: The Syrian-Saudi Investment Forum has commenced in Damascus, with over 120 investors and executives from the Kingdom's public and private sectors participating in the event. Speaking at the gathering, Saudi Arabia's Minister of Investment, Khalid Al-Falih, announced that the forum will witness the signing of 47 agreements and memorandums of understanding, totaling SR24 billion ($6.4 billion). The investment conference marks a significant renewal of relations between the two countries, and in April, Saudi Arabia joined with Qatar to settle Syria's $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the nation. Speaking at the forum, Al-Falih said: 'We are committed to strengthening relations with Syria, particularly in the economic and investment spheres. This forum is attended by over 20 government entities and 100 private sector companies.' The minister further said that Saudi Arabia is preparing to invest in Syria across multiple sectors, including energy, real estate, industry, and infrastructure. According to Al-Falih, other potential areas of collaboration include financial services, healthcare, agriculture, telecommunications, as well as information technology, construction, and education. The minister added that agreements exceeding SR11 billion will be signed in the infrastructure sector during this forum, which includes the launch of three new cement production facilities. On July 23, Al-Falih and Syrian Economy Minister Mohammed Al-Shaar inaugurated the Fayhaa White Cement Factory in Adra Industrial City, the first of its kind in Syria. Backed by a $20 million investment from Saudi Arabia's Northern Region Cement Co., the plant is set to produce high-grade white cement while creating 130 direct jobs and more than 1,000 indirect employment opportunities. In the latest speech, Al-Falih stated that this forum will also witness agreements worth SR4 billion in the telecommunications sector, as Syria's Ministry of Communications and several Saudi telecom companies aim to deepen their ties. 'In the agricultural sector, we look forward to collaborating in Syria to develop high-quality joint projects, including model farms and processing industries,' said Al-Falih. He added: 'In the financial services and banking sector, this forum will witness the signing of a memorandum of understanding between Saudi Arabia's Tadawul Group and the Damascus Securities Exchange to enhance cooperation in fintech solutions.' During the speech, Al-Falih also affirmed the Kingdom's supportive stance to guide Syria toward the path of prosperity and sustainable development. 'In this forum, we are not building new bridges — because close social, economic, and cultural ties have long united our two nations. Since ancient times, the Arabian Peninsula and the Levant have been vital links in global trade,' said Al-Falih. He further said that the relationship between Saudi Arabia and Syria will continue to flourish as 'both nations are two sides of the same political, economic, and social coin.' Syrian Minister of Economy and Industry Mohammad Al-Shaar called the forum a 'historic milestone' in the journey of relations between the Kingdom and Syria. 'Syria is witnessing real momentum toward growth and prosperity, and we reaffirm our full commitment to providing all forms of support for the success of this forum, ensuring benefits for both the Syrian and Saudi people,' he said.
Asharq Al-Awsat
a day ago
- Business
- Asharq Al-Awsat
High-Level Saudi Delegation Arrives in Syria to Strengthen Ties, Explore Investments
In line with the directives of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, the Ministry of Investment, in coordination with the Federation of Saudi Chambers of Commerce, kicked off a high-level working visit to Syria on Wednesday. The visit aims to strengthen and advance the fraternal bonds and historical ties between Saudi Arabia and Syria, and support Syria's economic recovery and development. The Saudi delegation, comprising senior officials from both the public and private sectors, aims to explore promising investment opportunities, facilitate bilateral cooperation, and address challenges facing investors to deepen economic ties and support companies from both countries. The Ministry of Investment is seeking to empower the Saudi private sector to contribute to Syria's reconstruction and development by identifying interested companies and organizing a series of introductory workshops. On the sidelines of the visit, the Saudi-Syrian Investment Forum will be held in Damascus, where several joint projects, investment agreements, and memoranda of understanding will be announced, underscoring the Kingdom's commitment to building a sustainable and strategic economic partnership with Syria.
CNA
2 days ago
- Business
- CNA
Sri Lanka central bank holds rates on tariff uncertainty
COLOMBO :Sri Lanka's central bank held its benchmark interest rate steady at 7.75 per cent on Wednesday, pausing after May's surprise cut, to monitor the impact of U.S. tariffs on its economy and the transmission of earlier easing. The decision was widely expected, with most analysts in a Reuters poll predicting a hold amid stable inflation and a steady economic recovery. "The Board is of the view that the current monetary policy stance will help steer inflation towards the target of 5 per cent in the period ahead while supporting growth," the Central Bank of Sri Lanka said in a statement. Supported by a $2.9 billion programme from the International Monetary Fund, the island nation is gradually recovering from its worst financial crisis in decades, triggered by a record dollar shortage three years ago. The Central Bank of Sri Lanka (CBSL) had trimmed its benchmark interest rate by 25 basis points in May in a surprise move to support growth. The economy expanded 5 per cent in 2024, and the central bank expects growth to remain between 4 per cent and 5 per cent this year. Ten of 13 analysts and economists polled by Reuters had expected the CBSL to hold rates steady at its July meeting, citing benign inflation, stable growth, and uncertainty over U.S. trade policy. The United States initially imposed 44 per cent tariffs on Sri Lankan goods but lowered them to 30 per cent earlier this month. Colombo resumed talks with Washington last week in a bid to reduce the duties further before they take effect on August 1. Apparel, Sri Lanka's second-largest foreign exchange earner, is particularly exposed — the sector exports 40 per cent of its output to the U.S. and brought in $4.8 billion last year. It employs around 300,000 people, most of them women.
Reuters
6 days ago
- Business
- Reuters
Ghana central bank notes economic recovery but takes no action at emergency MPC
ACCRA, July 18 (Reuters) - Ghana's central bank said on Friday that an emergency meeting of its Monetary Policy Committee on Thursday had considered whether to take immediate action but held off until a regular meeting later this month. The bank noted in a statement that a broad range of macroeconomic indicators had improved as the West African country emerges from its most severe economic crisis in decades. "Inflation expectations are broadly anchored, external buffers have strengthened, and confidence in the economy is returning," the bank's statement said. "The Committee reaffirmed its commitment to support the recovery process without compromising the gains achieved so far." The regular MPC meeting will take place from July 28 to 30, with a policy decision announced at its conclusion. Ghana's economic growth accelerated in the first quarter and inflation (GHCPIY=ECI), opens new tab dropped to its lowest level since December 2021 in June. The bank's statement noted the disinflation, the first-quarter growth rate, a good performance by the external sector, rising international reserves and a stronger local currency. The cedi is up more than 40% against the dollar so far this year. The central bank also said the global economic environment remained uncertain, with weakening global growth momentum and tight financing conditions.
LBCI
7 days ago
- Business
- LBCI
Labor and Economy Ministers launch joint effort to advance Lebanon's economic recovery
Labor Minister Mohammad Haidar met Friday morning with Economy Minister Amer Bisat, in the presence of working teams from both ministries. Minister Bassat informed Minister Haidar that the Economy Ministry is working on developing an economic vision to revitalize the sector and is holding bilateral meetings with other ministries where there are points of intersection, in order to activate the plan and shape a comprehensive vision for Lebanon's economic recovery. A joint team from both ministries was formed to follow up on the matter. For his part, Minister Bisat listened to Minister Haidar as he outlined the files currently being handled by the Labor Ministry, the accomplishments achieved so far, and the projects planned for the future.
