Saudi Arabia and Syria Strengthen Economic Ties with New Investment Agreement
Saudi Arabia and Syria have signed a new agreement aimed at safeguarding and encouraging mutual investments, marking another step forward in rebuilding economic cooperation between the two nations.
The deal was finalized during a roundtable meeting in Riyadh, attended by a Syrian delegation of government officials and private sector representatives, led by Economy and Industry Minister Mohammad Nidal Al-Shaar.
This development follows last month’s Saudi-Syrian Investment Forum in Damascus, where over 100 Saudi companies and 20 government agencies struck 47 agreements worth $6.4 billion in sectors such as real estate, energy, telecom, infrastructure, and finance.
In a statement on X (formerly Twitter), Saudi Arabia’s Ministry of Investment described the agreement as “a step that deepens bilateral investment ties and opens the door for stronger cooperation.” The ministry noted that the deal includes measures to protect investors, ensure a safe legal framework, enhance capital flow, and address barriers to business growth.
Speaking at the event, Saudi Minister of Investment Khalid Al-Falih expressed support for a private sector proposal to create a “Fund of Funds” to manage and expand Saudi investments in Syria. He also confirmed an upcoming partnership involving Khashoggi Holding Co., Radiant Structures, and Sinoma to establish a cement plant with a daily capacity of 6,000 tonnes.
Al-Falih announced that nearly 80 Saudi companies have confirmed their participation in the upcoming Damascus International Fair, scheduled from August 27 to September, returning after a six-year hiatus. He emphasized that Saudi investments would play a role in overcoming Syria’s economic difficulties while benefiting from the country’s new investment law designed to attract international capital.
Further talks were held between Minister Al-Shaar and Saudi Commerce Minister Majid Al-Qasabi, focusing on expanding trade, enhancing industrial partnerships, and boosting joint investments. Both sides highlighted the importance of stronger ties to tackle global economic challenges.
Several agreements are already in motion:
- Al-Makan Real Estate has teamed up with Syria’s Ministry of Tourism to manage historic hotels in Damascus.
- Meanwhile, Cotroc inked a deal with the Syrian General Organization for Sugar to set up a sugar factory in Hama.
- Ghreiwal International Group began work on a $2 billion real estate venture, Falak City, in Damascus.
- Jawharat Al-Sharq and the Syrian Investment Authority announced new joint projects.
- Al-Asas Co. is conducting feasibility studies for phosphate mining rights.
- Nayifat Finance Co. secured approval to open offices in Damascus.
- Al-Bassam Group revealed plans to build a residential-commercial complex in Homs.
Trade figures reflect the growing relationship: by 2023, Syrian investments in Saudi Arabia reached SR8.4 billion ($2.24 billion), and more than 3,000 business licenses were issued to Syrian firms operating in the Kingdom by 2024.
Al-Shaar’s visit signals ongoing efforts to deepen bilateral cooperation, expand trade, and strengthen economic relations between Saudi Arabia and Syria.
— Reporting by Naqsh News and other Agencies
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