The Saudi investment delegation, headed by Minister of Investment Eng. Khalid Al-Falih, concluded its visit to Syria after a series of meetings with Syrian officials aimed at fostering cooperation across various investment sectors to drive economic growth, prosperity, and sustainable development in Syria.

The visit included the organization of the Syrian-Saudi Investment Forum, held under the patronage of Syrian President Ahmad al-Sharaa and attended by several ministers and senior officials from both countries.

During the forum, 47 Saudi-Syrian investment agreements were signed with a total value nearing SAR 24 billion.

The agreements span a wide range of sectors, including real estate, infrastructure, finance, communications and information technology (CIT), energy, industry, tourism, trade and investment, healthcare, and others.

On the sidelines of the forum, a ministerial session was held featuring Minister of Investment Eng. Khalid Al-Falih, Syrian Minister of Economy and Industry Dr. Mohammad Nidal Al-Shaar, Syrian Minister of Tourism Mazen Al-Salhani, and Saudi-Syrian Business Council and ACWA Power chairman Mohammad Abunayyan.

The session highlighted the growing historical economic ties between Saudi Arabia and Syria and the sincere support of the Saudi government, led by the 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, to provide all means of support and facilitation that contribute to Syria’s prosperity and recovery.

The session addressed the role of Saudi businessmen and leading companies in contributing to Syria’s reconstruction and economic revival through partnerships, consultations, and urgent, effective efforts to develop promising economic sectors.

During the forum, Al-Badia Cement Company announced investments exceeding $200 million to expand its grinding and packaging lines and power generation plant, increasing production capacity to more than 5 million tons of cement annually. The company also pledged to explore partnership opportunities with the Syrian government to improve the performance of state-owned cement factories and support market stability.

As part of the visit, Minister Al-Falih held a meeting with several Syrian government ministers, who discussed ways to enhance cooperation in support of comprehensive development between the two nations.

The visit also included field tours to several Saudi investment projects in Syria. Minister Al-Falih laid the foundation stone for Al-Fayhaa Cement Factory, with an estimated investment of SAR 100 million and an annual production capacity of 150,000 tons. The project aims to support local Syrian content and facilitate knowledge transfer.

He also laid the foundation stone for the Al-Jawhara Commercial Tower in Damascus, a Saudi-Syrian project with a built-up area of 25,000 square meters and an investment exceeding SAR 375 million. The tower will include office spaces, retail shops, and hotel units.

(Courtesy: SPA, Saudi Arabia)