Syrian-Saudi Investment Forum Commences In Damascus To Enhance Economic Cooperation

The Syrian-Saudi Investment Forum began in Damascus, under the auspices of Syrian President Ahmed al-Sharaa. The event saw participation from numerous ministers and officials from both nations. Saudi Minister of Investment Khalid Al-Falih opened the forum, expressing gratitude for Syria's hospitality and conveying greetings from King Salman and Crown Prince Mohammed bin Salman. He wished for Syria's security and prosperity.

Al-Falih highlighted that the directive from HRH the Crown Prince to visit Syria with a delegation underscores Saudi Arabia's support for Syria's economic growth. He stated, "We are not here to build new relationships; strong social, cultural, and economic ties have long connected our two countries." This visit aims to strengthen existing bonds and explore new cooperation opportunities.

The forum has attracted over 20 government entities and 100 leading private sector companies from Saudi Arabia. These entities are investing in sectors such as energy, infrastructure, financial services, healthcare, agriculture, communications, and information technology. Al-Falih announced that 47 agreements worth approximately SAR24 billion will be signed across various fields like real estate, finance, and tourism.

In infrastructure and real estate alone, agreements exceeding SAR11 billion will be signed. This includes plans to establish more than three new cement factories to secure essential raw materials for construction. Such initiatives aim to enhance self-sufficiency in this critical area.

The telecommunications sector is witnessing the beginning of cooperation between Syrian tech companies and leading Saudi firms like Elm, stc, GO Telecom, Cipher, and Classera. This collaboration focuses on developing digital infrastructure, enhancing cybersecurity capabilities, and building advanced ecosystems in artificial intelligence and data centers. Agreements in this sector are valued at around SAR4 billion.

Syria's agricultural sector holds significant potential in modern farming techniques, grain production, organic products, and food supply chains. Al-Falih expressed eagerness to collaborate on innovative joint projects such as model farms and processing industries while promoting knowledge exchange.

Financial Services Sector Developments

The financial services sector will see a memorandum of understanding signed between the Saudi Tadawul Group and the Damascus Securities Exchange during the event. This agreement aims to enhance cooperation in financial technologies, dual listings, data exchange, and establishing investment funds to stimulate investment in Syria.

Al-Falih praised over 2,600 Syrian entrepreneurs' positive role in Saudi Arabia. Direct investments by Syrian investors have reached nearly SAR10 billion. He emphasized their crucial role in building a new Syria with a growing economy.

Commitment to Economic Cooperation

The minister commended the Syrian government's steps to improve the investment climate through amendments to the Investment Law. These changes offer investors more guarantees and incentives while facilitating procedures and enhancing transparency.

Reflecting Saudi Arabia's commitment to fostering investment in Syria is the establishment of the Saudi-Syrian Business Council. Comprising select business leaders from both countries, this council aims to drive economic cooperation by activating partnerships among private sector institutions.

Al-Falih reiterated that successful Saudi companies' strong interest at the forum reflects enthusiasm from all sides in Syria. The resulting agreements across high-value fields promise a future filled with prosperity for both countries under their leaderships' guidance.

With inputs from SPA