Miguel Hadchity - Nirmal Narayanan

RIYADH: The Syrian-Saudi Investment Forum has commenced in Damascus, with over 120 investors and executives from the Kingdom’s public and private sectors participating in the event. 

Speaking at the gathering, Saudi Arabia’s Minister of Investment, Khalid Al-Falih, announced that the forum will witness the signing of 47 agreements and memorandums of understanding, totaling SR24 billion ($6.4 billion). 

Speaking at the forum, Al-Falih said: “We are committed to strengthening relations with Syria, particularly in the economic and investment spheres. This forum is attended by over 20 government entities and 100 private sector companies.”

The minister further said that Saudi Arabia is preparing to invest in Syria across multiple sectors, including energy, real estate, industry, and infrastructure. 

According to Al-Falih, other potential areas of collaboration include financial services, healthcare, agriculture, telecommunications, as well as information technology, construction, and education. 

The minister added that agreements exceeding SR11 billion will be signed in the infrastructure sector during this forum, which includes the launch of three new cement production facilities. 

On July 23, Al-Falih and Syrian Economy Minister Mohammed Al-Shaar inaugurated the Fayhaa White Cement Factory in Adra Industrial City, the first of its kind in Syria. 

Backed by a $20 million investment from Saudi Arabia’s Northern Region Cement Co., the plant is set to produce high-grade white cement while creating 130 direct jobs and more than 1,000 indirect employment opportunities. 

In the latest speech, Al-Falih stated that this forum will also witness agreements worth SR4 billion in the telecommunications sector, as Syria’s Ministry of Communications and several Saudi telecom companies aim to deepen their ties. 

“In the agricultural sector, we look forward to collaborating in Syria to develop high-quality joint projects, including model farms and processing industries,” said Al-Falih. 

He added: “In the financial services and banking sector, this forum will witness the signing of a memorandum of understanding between Saudi Arabia’s Tadawul Group and the Damascus Securities Exchange to enhance cooperation in fintech solutions.” 

During the speech, Al-Falih also affirmed the Kingdom’s supportive stance to guide Syria toward the path of prosperity and sustainable development. 

“In this forum, we are not building new bridges — because close social, economic, and cultural ties have long united our two nations. Since ancient times, the Arabian Peninsula and the Levant have been vital links in global trade,” said Al-Falih. 

He further said that the relationship between Saudi Arabia and Syria will continue to flourish as “both nations are two sides of the same political, economic, and social coin.” 

Syrian Minister of Economy and Industry Mohammad Al-Shaar called the forum a “historic milestone” in the journey of relations between the Kingdom and Syria. 

“Syria is witnessing real momentum toward growth and prosperity, and we reaffirm our full commitment to providing all forms of support for the success of this forum, ensuring benefits for both the Syrian and Saudi people,” he said. 

In a separate panel discussion during the forum, Al-Falih said that Syria is evolving as an investment-friendly destination, despite challenges. 

“Saudi Arabia continues to support Syria, and the investments and projects we announced today are just the tip of the iceberg,” said Al-Falih. 

He added: “Syria is leaping forward as an investment-attractive country despite all challenges. Since the beginning of its new era, we have witnessed a genuine desire to provide investment opportunities for Saudi businessmen.” 

Al-Shaar, speaking during the discussion, said that Syria will ensure the creation of a safe investment environment for investors from Saudi Arabia and other foreign entities. 

For his part, Mazen Al-Salhani, Syria’s minister of tourism, said that the travel and leisure industry is one of the most important investment sectors in the country. 

“To facilitate procedures for them, we launched the ministry’s new website, which includes all laws and regulations governing the sector,” added Al-Salhani.