Syrian-Saudi Investment Forum kicks off at People’s Palace in Damascus

Damascus, SANA- In the presence of President Ahmad al-Sharaa, Syrian-Saudi Investment Forum kicks off at People’s Palace in Damascus.

Minister of Economy and Industry Dr. Mohammad Nidal al-Shaar, in a speech at Syrian-Saudi Investment Forum said: “The forum is a historic milestone in the history of relations between our two brotherly countries. The bonds of brotherhood and shared destiny that unite us form a solid foundation for strategic partnerships that serve the interests of our two peoples”.

Minister al-Shaar went on saying that Syria is witnessing a real move toward growth and prosperity, and we affirm our full commitment to providing all forms of support for the success of this forum, for the benefit of both Syrian and Saudi peoples.

In turn, Saudi Minister of Investment Khalid bin Abdulaziz al-Falih said: “ I extend my sincere thanks to Syria, on behalf of Saudi delegation that arrived in Damascus, for the warm welcome, gracious hospitality, and genuine kindness”.

Minister al-Falih added: “I convey to Syria and its beloved people the greetings of the King and Crown Prince, along with their reaffirmation of the Kingdom’s steadfast and supportive stance toward it in its blessed journey toward growth, prosperity, and sustainable development”

He went on saying that at this forum, we are not working to build new bridges, for the strong social, economic, and cultural ties between our two countries have connected us for ages, stressing relations between the two countries will continue to flourish over time, as Saudi Arabia and Syria are two sides of the same political, economic, and social coin.

“We are poised to make significant investments in Syria in all sectors, as this forum will witness signing of 47 agreements and MoU worth nearly 24 billion Saudi riyals”, minister al-Falih said.

He noted that the forum represents our firm belief that the private sectors in Saudi Arabia and Syria are key partners in achieving the two countries’ shared development goals, and we will work to encourage international investors to explore investment opportunities in Syria.

The minister stressed as for the infrastructure sector, agreements that will be singed, worth more than 11 billion Saudi riyals, such establishment of three new cement factories.

In communications and information technology sector, forum will witness cooperation projects between Syrian Communications Ministry and a number of Saudi telecommunications companies estimated at 4 billion Saudi riyals, with aim of developing infrastructure and enhancing cybersecurity capabilities.

In agricultural sector, we look forward to develop qualitative projects with Syria, including model farms and processing industries.

He hailed the positive and courageous steps taken by Syrian government to facilitate investment procedures.

The minster asserted that Crown Prince Mohammed bin Salman has urgently ordered the establishment of a Saudi-Syrian Business Council comprises the highest-level businessmen.

For his part, Assistant Governor of Damascus said “We have investment plans across three key tracks: war-affected areas, urbanized areas, and land ready for new construction, and these plans include reconstruction of destroyed neighborhoods, development of tourist facilities and other investments projects”.

Board member of Saudi al-Muhaidib Group, Musaab al-Muhaidib said: “We will establish new investments in Syria in the field of heavy industries valued $200 million”.

For his part, Ayman al-Mutlaq, Director of Housing Foundation, said: “We have devastated areas and stalled projects in Syria that could present investment opportunities through partnerships with our brothers in Saudi Arabia”.

In turn, Omar al-Hosari, Chairman of General Authority of Civil Aviation, said, “we need to rehabilitate our five existing airports, as we are planning to build a new airport in Damascus with a capacity of 30 million passengers, in parallel with rehabilitating the current airports”.

Rafah al-Allouni/ Manar Salameh