Syria adopts Saudi investment protection agreement to attract investors

Saudi Gazette

3 days ago

Saudi Gazette report
DAMASCUS — Syria has formally adopted a Saudi-developed agreement for the protection of foreign investors, laying the foundation for future investments flowing into the country.
The move marks a key milestone in Syria's efforts to rebuild its economy with support from Saudi expertise, which has driven transformative growth in multiple sectors in recent years.
The announcement was made during a ministerial session of the Syrian-Saudi Investment Forum 2025, held Thursday with the participation of senior ministers and officials from both countries.
Saudi Minister of Investment Eng. Khalid Al-Falih said Syria was entering a new phase with strong appetite for investment and discovery of opportunities.
'We are confident that Syrians will revive their country's economy. Transparency and investor guarantees are essential and encouraging,' he said. 'What we're witnessing today will spark a wave of projects in Damascus.'
Syria's Minister of Economy, Mohammad Al-Shaar, emphasized that the country had waited decades for this moment to initiate a genuine economic partnership with Saudi Arabia.
'We were deprived of this relationship for 60 years due to personal interests on the Syrian side,' he said, praising Saudi Arabia's model of economic transformation as one to emulate.
Al-Shaar explained that every investment project passes through three phases: opportunity exploration, investor consultation, and a final decision leading to execution.
He confirmed that Syria would secure the investment environment through a combination of constitutional guarantees, investment laws, and the adoption of the Saudi-developed foreign investment protection framework.
Tourism Minister Mazen Al-Salehani announced the preparation of new four- and five-star resorts and hotels, alongside the launch of a revamped ministry website to facilitate investor engagement. He highlighted Syria's vast archaeological and heritage sites, and the growing interest in "return tourism" — a term for Syrians abroad returning to reassess past assets and reinvest.
He also emphasized community inclusion in new tourism projects: 'Every investment will involve the local population in building the future.'
Saudi-Syrian Business Council Chairman Mohammed Abunayyan underscored the Kingdom's efforts to form global alliances to invest in Syria.
He praised Syrian President Ahmad Al-Sharaa's comprehensive economic vision and called it a reassuring sign for strategic development.
'Saudi investors are here as long-term partners, not merchants,' he said, adding that Saudi Arabia aims to lead international investment coalitions into Syria.
Director General of the Syrian Investment Authority, Talal Al-Hilali, affirmed Syria's intent to work hand-in-hand with Saudi Arabia to ensure investor confidence, saying the top priority now is to protect investors and provide business certainty.