Saudi Arabia Commits to Strengthening Economic Ties with Syria at Investment Forum
The Syrian-Saudi Investment Forum in Damascus sees 120 investors and executives from Saudi Arabia's public and private sectors attending, leading to significant agreements.
RIYADH: The Syrian-Saudi Investment Forum has commenced in Damascus, bringing together over 120 investors and executives from the Kingdom’s public and private sectors.
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).
This investment conference marks a significant renewal of relations between the two countries, with Saudi Arabia — along with Qatar — settling Syria’s $15 million debt to the World Bank in April as part of broader efforts to support the financial recovery of the nation.
Al-Falih stressed that the Kingdom is committed to strengthening economic and investment relations with Syria.
The minister highlighted potential areas for collaboration, including energy, real estate, industry, infrastructure, financial services, healthcare, agriculture, telecommunications, information technology, construction, and education.
Agreements exceeding SR11 billion will be signed in the infrastructure sector during this forum, which includes the launch of three new cement production facilities.
Additionally, agreements worth SR4 billion are expected in the telecommunications sector as Syria’s Ministry of Communications seeks to deepen ties with Saudi telecom companies.
In agriculture, Al-Falih mentioned plans for high-quality joint projects such as model farms and processing industries.
A memorandum of understanding between Saudi Arabia’s Tadawul Group and the Damascus Securities Exchange will also be signed in the financial services sector to enhance cooperation in fintech solutions.
The Kingdom’s supportive stance aims to guide Syria toward prosperity and sustainable development.
Both nations share historical social, economic, and cultural ties.
Syrian Minister of Economy and Industry Mohammad Al-Shaar called the forum a “historic milestone”, emphasizing Syria's momentum towards growth and its commitment to supporting the event for the benefit of both countries.
Despite challenges, Al-Falih stated that Syria is evolving into an investment-friendly destination, supported by genuine desire to offer opportunities for Saudi businessmen.
Syrian authorities are working on creating a safe investment environment.
The minister of tourism highlighted the industry’s importance and efforts to facilitate investments in the sector through a new website featuring relevant laws and regulation.
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).
This investment conference marks a significant renewal of relations between the two countries, with Saudi Arabia — along with Qatar — settling Syria’s $15 million debt to the World Bank in April as part of broader efforts to support the financial recovery of the nation.
Al-Falih stressed that the Kingdom is committed to strengthening economic and investment relations with Syria.
The minister highlighted potential areas for collaboration, including energy, real estate, industry, infrastructure, financial services, healthcare, agriculture, telecommunications, information technology, construction, and education.
Agreements exceeding SR11 billion will be signed in the infrastructure sector during this forum, which includes the launch of three new cement production facilities.
Additionally, agreements worth SR4 billion are expected in the telecommunications sector as Syria’s Ministry of Communications seeks to deepen ties with Saudi telecom companies.
In agriculture, Al-Falih mentioned plans for high-quality joint projects such as model farms and processing industries.
A memorandum of understanding between Saudi Arabia’s Tadawul Group and the Damascus Securities Exchange will also be signed in the financial services sector to enhance cooperation in fintech solutions.
The Kingdom’s supportive stance aims to guide Syria toward prosperity and sustainable development.
Both nations share historical social, economic, and cultural ties.
Syrian Minister of Economy and Industry Mohammad Al-Shaar called the forum a “historic milestone”, emphasizing Syria's momentum towards growth and its commitment to supporting the event for the benefit of both countries.
Despite challenges, Al-Falih stated that Syria is evolving into an investment-friendly destination, supported by genuine desire to offer opportunities for Saudi businessmen.
Syrian authorities are working on creating a safe investment environment.
The minister of tourism highlighted the industry’s importance and efforts to facilitate investments in the sector through a new website featuring relevant laws and regulation.
