Saudi Investment Delegation Finalises Nearly SAR 24 Billion In Agreements During Visit To Syria

The Saudi investment delegation, led by Minister of Investment Eng. Khalid Al-Falih, has wrapped up its visit to Syria. The trip focused on strengthening cooperation in various investment sectors to boost economic growth and sustainable development in Syria. A key event was the Syrian-Saudi Investment Forum, which saw the signing of 47 agreements valued at nearly SAR 24 billion.

During the forum, significant agreements were made across diverse sectors such as real estate, infrastructure, finance, communications and information technology (CIT), energy, industry, tourism, trade and investment, and healthcare. These agreements aim to foster collaboration and drive economic progress in both nations.

Minister Al-Falih also participated in a ministerial session alongside Syrian officials like Dr. Mohammad Nidal Al-Shaar and Mazen Al-Salhani. The session underscored the historical economic ties between Saudi Arabia and Syria. It highlighted the support from King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman for Syria's prosperity.

Al-Badia Cement Company announced plans to invest over $200 million to expand its facilities. This includes enhancing grinding and packaging lines and increasing power generation capacity. The expansion aims to boost production to over 5 million tons of cement annually.

Minister Al-Falih laid the foundation stone for two major projects during his visit. One is the Al-Fayhaa Cement Factory with an investment of SAR 100 million. This factory will have an annual production capacity of 150,000 tons, supporting local content and knowledge transfer in Syria.

The other project is the Al-Jawhara Commercial Tower in Damascus. This Saudi-Syrian venture involves an investment exceeding SAR 375 million. The tower will feature office spaces, retail shops, and hotel units within a built-up area of 25,000 square meters.

Strengthening Bilateral Relations

The visit included meetings with several Syrian ministers to discuss enhancing cooperation for comprehensive development between the two countries. Field tours were conducted at various Saudi investment projects in Syria to assess ongoing developments.

The ministerial session also emphasized the role of Saudi businessmen and companies in aiding Syria's reconstruction efforts through partnerships and consultations. These efforts are crucial for developing promising economic sectors in Syria.

The forum was held under the patronage of Syrian President Ahmad al-Sharaa and attended by numerous ministers from both nations. It served as a platform for discussing ways to support Syria’s recovery through strategic investments.

This visit marks a significant step towards rebuilding Syria's economy with substantial support from Saudi Arabia. The initiatives discussed are expected to play a pivotal role in fostering long-term economic stability and growth in Syria.

With inputs from SPA