Prime Highlights:

• Saudi Arabia and Syria sign an agreement to safeguard and promote mutual investments, marking a key step in strengthening economic ties.
• The agreement supports initiatives such as establishing a Saudi investment fund in Damascus to boost bilateral cooperation.

Key Highlights:

• Last month’s Syrian-Saudi Investment Forum saw over 100 Saudi companies and 20 government agencies sign 47 deals worth $6.4 billion across sectors including infrastructure, finance, and energy.
• Saudi-based Khashoggi Holding Co. and Syria’s Radiant Structures partnered with Sinoma to set up a cement plant with a daily capacity of 6,000 tonnes.

Key Background:

Saudi Arabia and Syria have signed an agreement to protect and promote mutual investments, representing an important move to enhance economic collaboration between the two countries.

The agreement was signed during a roundtable in Riyadh, following the visit of a Syrian delegation led by Economy and Industry Minister Mohammad Nidal Al-Shaar, which included a group of government officials and business leaders.

The agreement comes after the last month Syrian Saudi Investment Forum took place in Damascus and Saudi companies sign more than 100 Saudi companies signed 47 general agreements worth 6.4 billion dollars with more than 20 government agencies. The deals spanned sectors including real estate, infrastructure, finance, telecommunications, energy, and industry.

The Saudi Ministry of Investment, in a post on its official X account, described the agreement as a move that demonstrates the strength of investment relations and meaningful cooperation between the two countries. The ministry highlighted that the pact aims to protect investors, accelerate economic integration, provide a secure investment environment under favorable laws, and increase capital flow into key sectors.

Saudi Minister of Investment Khalid Al-Falih gave voice to the idea of establishing a so-called “Fund of Funds” in order to manage Saudi investments in Syria at the Riyadh roundtable.

Speaking about the infrastructure sector, al-Falih said that Saudi-based Khashoggi Holding Co. and Syria’s Radiant Structures have formed a strategic partnership with Sinoma to undertake a joint project, which involves setting up a cement plant with a daily production capacity of 6,000 tonnes. He also noted that 80 Saudi companies have registered to participate in the Damascus International Fair, scheduled from August 27 to September 5, after a six-year hiatus.

Al-Falih noted that their goal is to tackle Syria’s economic challenges and back the creation of a Saudi investment fund in Damascus, emphasizing that Syria’s new investment law reflects the country’s dedication to building an investment-focused future.