Saudi, Iranian FMs discuss regional developments
JEDDAH — Saudi Minister of Foreign Affairs Prince Faisal bin Farhan met with his Iranian counterpart Abbas Araghchi at the ministry's office in the Makkah region on Tuesday.
During the meeting, they discussed bilateral relations between the two countries, as well as the latest developments and efforts to achieve security and stability in the region.
The meeting was attended by Prince Musab Al-Farhan, advisor to the minister of foreign affairs for political affairs; Mohammed Al-Yahya, advisor to the minister; Nasser Al-Ghannoum, director general of the General Administration for Asian Countries; and Dr. Manal Radwan, advisor at the ministry of foreign affairs.
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Asharq Al-Awsat
2 hours ago
- Asharq Al-Awsat
Saudi-Syrian Investment Forum 2025 Aims for Lasting Economic Partnership
Saudi Arabia's growing role in Syria's post-war reconstruction took a major step on Thursday with the launch of the 2025 Saudi-Syrian Investment Forum in Damascus, underscoring Crown Prince Mohammed bin Salman's push to anchor Riyadh's influence in shaping Syria's future economy. Held under the Crown Prince's directive, the forum marks a significant political and economic milestone, signaling the Kingdom's intent to forge a sustainable partnership with the Syrian government and position itself as a key driver of reconstruction and development in the war-ravaged country. High-Level Delegation and Billion-Dollar Deals A Saudi delegation led by Investment Minister Khalid Al-Falih arrived in Damascus on Wednesday, accompanied by more than 120 investors. The high-level visit, expected to result in the signing of dozens of agreements worth billions of dollars, was met with an official reception by Syria's ministers of economy, energy, and telecommunications. Also greeting the delegation were Saudi Ambassador to Syria Faisal Al-Mujfel, embassy officials, and figures from both public and private sectors. The forum, announced earlier by Saudi Arabia's Ministry of Investment, aims to deepen bilateral economic ties and identify joint investment opportunities across key sectors. Saudi Investment on the Ground During the visit, Al-Falih laid the foundation stone for the ''Fayhaa'' white cement factory in Adra Industrial City, northeast of Damascus. The facility, slated for completion within months, is among the first major Saudi investments in Syria following a series of exploratory business visits. Speaking to reporters at the site, Al-Falih said dozens of Saudi companies were ready to invest in Syria across construction, energy, agriculture, IT, and industrial sectors. 'We will announce tomorrow the planned investment volumes for the Syrian market,' he added. The white cement plant is valued at around 100 million riyals ($27 million) with a projected annual output of 150,000 tons. It is expected to create 130 direct jobs and more than 1,000 indirect positions. Reviving a War-Torn Economy The forum comes as the Syrian government, now led by President Ahmed Al-Sharaa following the ouster of Bashar al-Assad late last year, seeks to attract international investors to help rebuild a country devastated by 14 years of war. While UN estimates put Syria's reconstruction needs at $400 billion, Damascus says the actual cost could reach $600 billion. Riyadh has also led high-level diplomatic efforts to ease Western sanctions on Syria. The campaign culminated in US President Donald Trump's decision to lift certain restrictions during his recent visit to Riyadh, following discussions with the Saudi Crown Prince. "Start of a New Chapter" Issam Zuhair Al-Ghreiwati, Deputy Chairman of the Syrian Chambers of Commerce and head of Damascus's Chamber of Commerce, called the Saudi delegation 'the largest and most significant from any Arab country.' 'This is the most important economic event in Syria since the liberation and the relaunch of our economy,' Al-Ghreiwati told Asharq Al-Awsat. He said Saudi investors were returning after 14 years of absence, marking a 'new era of cooperation' between the two countries. 'Syria was off the investment map due to the previous regime,' he said. 'Now, with the rise of a new government and the immense financial surpluses in Saudi Arabia looking for emerging markets, we are entering what could become the largest Arab economic partnership.' Al-Ghreiwati said Syria had reformed investment laws, liberalized foreign exchange controls, and modernized trade regulations, rapidly shifting toward a free-market economy. 'We now have one of the most attractive investment landscapes in the region,' he said. Saudi Commitment Seen as Transformational He added that the most critical takeaway from the forum was Saudi Arabia's confidence in Syria's recovery. 'This isn't just about money; it's about belief in Syria's future,' he said. 'The Kingdom sees Syria as a nation rebounding from crisis, not a liability. There's no turning back.' The private sector, he said, sees this event as 'the official green light for reconstruction, with Saudi Arabia leading the economic charge.' Challenges Remain Despite the optimism, experts warn that Syria's fragile economy faces major hurdles, including inflation, currency volatility, and limited purchasing power. Mohammad Al-Hallak, deputy head of the Economic Sciences Association and former vice president of Damascus's Chamber of Commerce, said the focus now must be on restoring industrial output and job creation. 'We need to restart the production cycle quickly,' Al-Hallak told Asharq Al-Awsat. 'This forum must go beyond talks. We need actionable partnerships.' He urged Saudi Arabia to support Syrian exports through specialized exhibitions and to foster demand for Syrian products. 'Increased demand drives production, which creates jobs and strengthens purchasing power,' he said. Al-Hallak also called for the creation of a Saudi-Syrian joint bank to facilitate cross-border financial transactions and investment flows. 'That would be the most practical first step to convert goodwill into real momentum,' he said. 'Syria Is Thirsty for Investment' 'There are enormous investment opportunities here—in tourism, trade, industry, agriculture, insurance, banking, and the stock market,' Al-Hallak said. 'Syria is one of the most investment-hungry nations in the world right now.' He emphasized that Riyadh's leadership sees Syria not through a lens of transactional interest but as a country to support and integrate into a shared economic future. 'Crown Prince Mohammed bin Salman is not dealing with Syria as an equal party in negotiation,' he said. 'He sees it as a responsibility—Saudi Arabia is stepping in to help rebuild, not to exploit.' When asked if there was an estimate of the total investment Syria needs in the next phase, Al-Hallak replied: 'There's no ceiling. Syria will absorb every dollar that comes its way. This is just the beginning.'
Saudi Gazette
2 hours ago
- Saudi Gazette
Saudi-Syrian Investment Forum 2025 seals $6.4 billion in deals, new joint business council formed
Saudi Gazette report DAMASCUS — The Saudi-Syrian Investment Forum 2025 concluded in Damascus on Thursday with the signing of 47 agreements and memorandums of understanding valued at SR24 billion ($6.4 billion). Minister of Investment Khalid Al-Falih announced during the opening that Crown Prince Mohammed bin Salman had ordered the formation of a high-level Saudi-Syrian Joint Business Council, emphasizing the Kingdom's commitment to supporting Syria's reconstruction and economic integration. The forum was held in the presence of Syrian President Ahmed Al-Sharaa and attended by more than 100 Saudi private companies and 20 government entities. The forum is seen as the launch of a new investment era, aiming to foster partnerships across energy, infrastructure, industry, real estate, finance, health, agriculture, and ICT. Al-Falih stated that the new business council would be chaired by prominent businessman Mohammed Abunayyan and include top Saudi executives.'The private sector is ready to play a key role in Syria's economic recovery,' he agreements included over SR11 billion ($2.9 billion) in infrastructure and real estate deals, including three new Saudi-financed cement plants to support Syria's collaborations were also announced, including partnerships between the Syrian Ministry of Communications and major Saudi tech firms such as STC and Elm, valued at SR4 billion ($1.06 billion).The two sides also agreed to deepen cooperation in agriculture, with plans to develop model farms, food supply chains, and organic finance, a key MoU was signed between the Saudi Tadawul Group and the Damascus Securities Exchange to explore dual listings, fintech, and new investment praised the Syrian government's recent reforms, including amendments to the investment law enacted in June, which enhanced investor protections and streamlined regulatory also highlighted that Syrian investments in Saudi Arabia currently total SR10 billion ($2.66 billion), signaling a path toward strategic economic forum concluded with a showcase of Syrian investment opportunities, setting the stage for what both sides described as a 'transformative partnership' rooted in shared history and mutual economic goals.
Arab News
2 hours ago
- Arab News
Saudi Arabia keen to strengthen economic ties with Syria, Al-Falih tells investment forum
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). The investment conference marks a significant renewal of relations between the two countries, and in April, Saudi Arabia joined with Qatar to settle Syria's $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the nation. 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.
