Saudi-Syrian Investment Forum Opens in Damascus with Agreements Worth SAR24 Billion

PHOTOGRAPHY | COURTESY OF SPA

Damascus, July 24, 2025 (Saudi Arabia Breaking News) – Under the patronage of Syrian President Ahmed al-Sharaa, the Syrian-Saudi Investment Forum opened in Damascus on Wednesday, bringing together ministers and officials from both countries to discuss enhanced economic cooperation.

Saudi Minister of Investment Khalid Al-Falih delivered the opening address, conveying greetings from Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, alongside a message of support for Syria's security and prosperity.

Al-Falih stated that the Crown Prince had directed the visit to Syria, accompanied by a delegation representing both the government and private sectors of Saudi Arabia, to reaffirm the Kingdom’s commitment to Syria’s economic development and sustainable growth.

He emphasized the historic connections between the Arabian Peninsula and the Levant, noting that both regions were historically part of major global trade routes, including the Silk, Spice, and Incense Routes.

According to Al-Falih, the forum marks a new phase in bilateral economic relations. More than 20 government entities and over 100 leading Saudi private sector companies are participating, with planned investments in energy, infrastructure, healthcare, agriculture, financial services, and communications technology.

The minister announced that 47 agreements will be signed at the forum, with a total value of approximately SAR24 billion. These include SAR11 billion in infrastructure and real estate projects, such as the establishment of three new cement factories to enhance construction capacity and local material supply.

In the field of telecommunications, Al-Falih said new partnerships would be formed between the Syrian Ministry of Communications and Information Technology and several Saudi companies, including Elm, stc, GO Telecom, Cipher, and Classera. These agreements, valued at around SAR4 billion, aim to support Syria's digital transformation, improve cybersecurity, and develop AI ecosystems and educational platforms.

Al-Falih highlighted Syria’s agricultural potential, particularly in grain production, organic crops, and modern farming. He said joint initiatives would focus on establishing model farms, developing food supply chains, and advancing agro-industrial cooperation.

He also announced the signing of a memorandum of understanding between the Saudi Tadawul Group and the Damascus Securities Exchange. The agreement aims to strengthen cooperation in fintech, enable dual listings, and establish joint investment funds to facilitate capital flow.

Al-Falih noted the active contribution of Syrian entrepreneurs in Saudi Arabia, where over 2,600 business owners have invested nearly SAR10 billion. He called for further collaboration to expand these figures in line with the countries’ mutual development goals.

The minister welcomed recent legislative reforms introduced by the Syrian government, including the amended Investment Law adopted on June 24, 2025. The new law provides increased guarantees, streamlined procedures, and improved investor protections.

To institutionalize long-term cooperation, Al-Falih announced the creation of a Saudi-Syrian Business Council composed of prominent business figures. The council is expected to play a key role in expanding private sector partnerships and promoting Saudi investment in Syria.

The minister concluded by emphasizing the promising outcomes of the forum, underscoring the commitment of both countries’ leaderships to strengthening economic ties and laying the foundation for shared growth and prosperity.

(Source: Saudi Press Agency)