Saudi Arabia signed an agreement to encourage and protect mutual investments with Syria during a joint roundtable meeting held in the capital, Riyadh, today.
The Saudi-Syrian business roundtable follows the visit of the Saudi delegation to Damascus a few weeks ago.
Saudi Investment Minister Khalid Al-Falih noted the significant progress in economic relations between the two countries, which resulted in the signing of joint agreements and memoranda of understanding.
Al-Falih said that the announced investments aim to provide an attractive investment environment for investors, and he affirmed Saudi Arabia’s support for the establishment of an investment fund in Syria.
During the meeting, which included a Syrian delegation led by Economy Minister Mohammad al-Shaar, Al-Falih invited Saudi companies to participate in the Damascus International Fair, which will be held in the Syrian capital after a period of hiatus. He added that 80 Saudi companies have already registered to participate.
In this context, Al-Falih said that Bin Dawood Investment Company signed its updated agreement with the Syrian Ministry of Tourism last week, as part of advanced steps for an investment fund focused on tourism and real estate projects, with the dual goal of attracting Saudi and international investors to work together in Syria.
Study of the operation of the Damascus Stock Exchange
Al-Falih pointed out that 47 agreements have been signed between Saudi Arabia and Syria, a number of which have entered into immediate effect. Perhaps the most important of these agreements is between the Saudi Tadawul and the Damascus Securities Exchange, where “Tadawul has begun a comprehensive study of the feasibility of establishing and operating this stock exchange.”
The visit builds on the outcomes of the Saudi-Syrian Investment Forum, held last month under the patronage of Syrian President Ahmed al-Sharaa. The forum saw the participation of more than 100 companies and 20 Saudi government agencies. The signed agreements included 47 investment projects, with total investments exceeding 24 billion riyals.
Fund of Funds Initiative
Al-Falih also revealed his ministry’s support for the private sector’s initiative to establish a “Fund of Funds,” explaining that the fund “will be a cornerstone of sound investment practice and aims to achieve exceptional results with funding volumes that meet the growing needs of several sectors in Syria.”
Developing industrial relations between Riyadh and Damascus
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef met with Syrian Minister of Economy and Industry Dr. Mohammad Al-Shaar at the ministry’s headquarters in Riyadh. The two sides discussed enhancing industrial cooperation between the two countries and paving the way for industrial integration, with a focus on joint investment opportunities and the exchange of expertise.
Al-Khorayef emphasized the strategic ties between Saudi Arabia and Syria, noting the importance of developing joint action and strengthening economic relations in the fields of industry and mining. He also highlighted the importance of the Saudi-Syrian Investment Forum, which was recently held in Damascus under the patronage of Syrian President Ahmad al-Sharaa, and witnessed the signing of investment agreements in vital sectors such as industry and mining.
Al-Khorayef highlighted the objectives of the National Industrial Strategy in Saudi Arabia and its role in facilitating industrial integration with Arab countries, calling on the private sector to take advantage of available investment opportunities. He also extended an invitation to his Syrian counterpart to attend the 21st General Conference of the United Nations Industrial Development Organization (UNIDO) in Riyadh next November.
For his part, the Syrian minister stressed the need to strengthen industrial partnerships with Saudi Arabia, pointing to the outstanding investment opportunities offered by Syria’s reconstruction phase. The two sides agreed to form joint technical working groups to enhance industrial integration paths, in the presence of senior officials from both sides.
