Latest news with #KhalidAlFalih
Arab News
a day ago
- Business
- Arab News
From Tuwaiq to Qasioun: building a bright future with hearts before hands
It has been nearly 15 years since my last trip to Damascus as chairman of the Saudi-Syrian Businessmen Council. Since then, bilateral business and investment activities have been suspended due to the geopolitical situation. Last week, it was a delight to witness the tremendous success of the first investment forum between the two countries, held under the new Syrian leadership and its government. Led by Investment Minister Khalid Al-Falih on the Saudi side, more than 20 government agencies and more than 100 private sector companies from Saudi Arabia participated in the forum. These represented various sectors, including energy, infrastructure, financial services, healthcare, agriculture, and communications and information technology. Approximately 47 agreements worth SR24 billion ($6.4 billion) were signed, covering a wide range of fields, including energy, real estate, finance, logistics, healthcare, and tourism. In his speech, Al-Falih emphasized that the forum reflects the belief that the private sector is a key partner in achieving shared investment goals between the two countries. He encouraged Saudi and international investors to explore opportunities in the Syrian Arab Republic and contribute to its strategic projects, thereby fostering mutual benefits across vital sectors. It is worth noting that the timing of the forum was ideal, especially following the lifting of global sanctions on Syria and the release of the revised investment law. The updated law aims to enhance the investment climate by offering investors more guarantees and incentives, streamlining procedures, and improving transparency. One of the signed agreements was between the Saudi Tadawul Group and the Damascus Securities Exchange, aiming to enhance cooperation in financial technologies, dual listings, data exchange, and the creation of investment funds to boost investment in Syria. Subject to regulatory approval, we at BMG plan to reopen our offices in Damascus, establish a country fund, take family businesses public, and offer advisory services for dual listings between the two exchanges. The new chairman of the Saudi-Syrian Businessmen Council, Mohammed Abu Nayan, who is also the chairman of ACWA Power, said during the forum that Syria and Saudi Arabia are one nation, and that 'we came to Damascus as long-term partners, not just traders. We, as the private sector, are committed to investing in Syria, and we have already begun.' With the direct blessing and endorsement of Crown Prince Mohammed bin Salman and Syrian President Ahmed Al-Sharaa, the path to Syria's economic prosperity has already been laid. Between the iconic Mount Tuwaiq in Riyadh and Mount Qasioun in Damascus, a bright future will be built — by hearts before hands. • Basil M.K. Al-Ghalayini is chairman and CEO of BMG Financial Group.
Arab News
2 days ago
- Business
- Arab News
Saudi Arabia rekindles Syria's hopes for economic recovery
Following a directive from Crown Prince Mohammed bin Salman, Minister of Investment Khalid Al-Falih led a delegation of more than 120 Saudi business representatives to the Syrian Arab Republic last week in an attempt to boost cooperation across various investment sectors and promote economic growth, prosperity, and sustainable development. The visit concluded with a series of high-level meetings with Syrian officials and a joint investment forum held under the patronage of Syrian President Ahmed Al-Sharaa, attended by ministers and senior representatives from both sides. The forum resulted in the signing of 47 Saudi-Syrian investment agreements worth nearly SR24 billion ($6.4 billion), covering a wide range of sectors including real estate, infrastructure, finance, CIT, energy, industry, tourism, trade, and healthcare. The forum also highlighted the role of Saudi businessmen and leading companies in supporting Syria's reconstruction and economic revival through strategic partnerships, consultations, and swift, effective sectoral development. On the sidelines of the forum, a ministerial session underscored the deep-rooted economic ties between Saudi Arabia and Syria and reaffirmed the Kingdom's commitment to providing all possible support and facilitation for Syria's recovery and prosperity. Syria-based company Al-Badia Cement announced more than $200 million in investments during the forum to expand its grinding and packaging operations and upgrade its power generation plant, aiming to raise annual production capacity beyond 5 million tonnes. The company also pledged to work with the Syrian government to improve state-owned cement facilities and support market stability. The Saudi leadership's support for Syria's new leadership marks a significant turning point in bilateral relations. It signals a joint effort to accelerate Syria's economic recovery The foundation stone for Al-Fayhaa Cement Factory was laid, with an estimated investment of SR100 million and an annual production capacity of 150,000 tonnes. The foundation stone was also laid for the Al-Jawhara Commercial Tower in Damascus, a Saudi-Syrian project with investment exceeding SR375 million. Underscoring the Kingdom's commitment to fostering investment in Syria, a Saudi-Syrian Business Council was established, chaired by Mohammed Abu Nayan. The council will look to strengthen economic cooperation, promote private-sector partnerships, and expand Saudi investments in Syria. A high-level visit by a Saudi business delegation, led by a senior government official, underscores the Kingdom's commitment to supporting Syria's new leadership in its efforts to move beyond decades of authoritarian rule and toward recovery and stability. The establishment of the council marks the beginning of a new phase of cooperation between businessmen from both countries, at a time when Syria's new government needs strong support to rebuild and achieve security, stability, and prosperity. The council is also expected to play a key role in reshaping Syria's economy and business environment, with the Saudi private sector acting as a strategic partner. Leveraging its significant capabilities and resources, the Saudi private sector is well-positioned to tap into emerging opportunities in the Syrian market. I believe the council is well-positioned to succeed in its mission to help rebuild the Syrian economy in the coming years, particularly as it has already begun developing an action plan for 2025–2030, which should strengthen sustainable economic cooperation between the Kingdom and Syria, identify investment opportunities, support strategic partnerships, and streamline trade and logistics procedures for Saudi exports. Syria also stands to benefit significantly from Saudi Vision 2030 by aligning with its strategic pathways, allowing the Syrian government to prioritize private-sector development in both countries, attract investment in reconstruction and sustainable development, support exports, simplify procedures, and establish good governance practices to protect investors. It is important to note that Syria's business environment is beginning to show signs of change under the new leadership, which has demonstrated a willingness to re-engage with regional and international investors — particularly from countries like Saudi Arabia, which played a major role in lifting economic sanctions. Finally, the Saudi leadership's support for Syria's new leadership marks a significant turning point in bilateral relations. It signals a joint effort to accelerate Syria's economic recovery and transition from a state-dominated model to a more open, participatory system guided by forward-looking and responsible leadership. • Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
New York Times
4 days ago
- Business
- New York Times
Saudi Arabia Pledges to Invest More Than $6 Billion in Syria
Saudi Arabia announced on Thursday $6.4 billion worth of investments in Syria, the latest sign of the two countries' deepening relationship under the new Syrian government led by President Ahmed al-Shara. The investment deals were unveiled by the Saudi investment minister, Khalid Al-Falih, at a forum involving more than 100 Saudi investors in Damascus, the Syrian capital. Mr. al-Falih said that Prince Mohammed bin Salman, the de facto Saudi ruler, had ordered up the visit to signal 'confirmation of the kingdom's firm and supportive stance towards sisterly Syria.' The investments, involving 47 agreements and more than 100 companies, would be an economic boon for Mr. al-Shara's nascent government. It faces the daunting task of rebuilding a country that was devastated by a nearly 14-year civil war and whose economy has been stifled by corruption and sanctions. The deals include nearly $3 billion for infrastructure projects as well as around $1 billion for the telecommunications sector, according to Mr. Al-Falih. They also underscore the shifting geopolitical landscape across the Middle East. Under the dictator Bashar al-Assad, who was ousted in December, Syria was closely allied with Iran, a Shiite theocracy often at odds with Saudi Arabia's Sunni monarchy. But under Mr. al-Shara, a former rebel leader with roots in a Sunni jihadist movement, Syria has pivoted away from Tehran and aligned closely with Gulf States. As part of those shifts, the Saudi government has emerged as a key backer of Syria's new leadership. President al-Shara, who was born in Saudi Arabia and spent part of his childhood in Riyadh, the Saudi capital, made the city the site of his first official foreign visit in February. 'We have been waiting for this moment with the Kingdom of Saudi Arabia for decades — a moment we were unfortunately deprived of for 60 years due to personal reasons tied to the former regime,' said Syria's minister of economy and industry, Dr. Mohammad Nidal al-Shaar, at the Syrian-Saudi Investment Forum. 'Today, we move forward in building the new Syria,' he added. The announcement comes during a broader wave of regional investment in Syria and follows President Trump's order last month lifting most U.S. sanctions against the country. The new Syrian government signed a $7 billion electricity-sector deal with Qatar in May. In July, Syrian authorities signed an $800 million agreement with DP World, a global port operator owned by the Gulf emirate of Dubai, to develop the strategically located Mediterranean port of Tartus, formerly home to a major Russian naval base. Saudi Arabia and Qatar have also jointly repaid Syria's $15.5 million debt to the World Bank, enabling it to qualify for new loans for badly needed reconstruction. Reham Mourshed contributed reporting.
Arab News
4 days ago
- Business
- Arab News
Saudi Arabia signs $6.4bn investment deals with Syria to boost reconstruction
RIYADH: Saudi Arabia has signed investment deals worth $6.4 billion with Syria, marking a significant step in the Kingdom's efforts to re-engage economically with the war-ravaged country and support its reconstruction drive. The agreements, spanning sectors such as real estate, telecommunications, and finance, were unveiled by Investment Minister Khalid Al-Falih during the Syrian-Saudi Investment Forum held in Damascus on July 25. The forum highlights Saudi Arabia's strong commitment to strengthening Syria's financial landscape. In April, the Kingdom joined Qatar in settling the country's $15 million debt to the World Bank. 'During this forum, we will witness the signing of 47 agreements and memoranda of understanding with a total value approaching SR24 billion ($6.4 billion), said Al-Falih. The deals include $1.07 billion in the telecommunications sector, with Syria's Ministry of Communications and several Saudi telecom companies aiming to deepen bilateral ties. Companies involved in the plans include Saudi Telecom Co., GO Telecom, digital security firm Elm, cybersecurity company Cipher, and education technology firm Classera. In the real estate and infrastructure sectors, deals worth $2.93 billion were announced, including the construction of three new Saudi-financed cement plants to support Syria's reconstruction efforts. The two nations also agreed to enhance cooperation in agriculture. '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. In finance, a memorandum of understanding was signed between the Saudi Tadawul Group and the Damascus Securities Exchange to boost cooperation in the fintech sector. Al-Falih also announced the formation of a Saudi-Syrian Business Council, which is expected to further strengthen trade and economic ties between the two countries. Speaking at a separate panel discussion during the forum, Al-Falih said Syria is evolving into a more investment-friendly destination, despite ongoing challenges. '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,' he added.
Arabian Business
4 days ago
- Business
- Arabian Business
Saudi Arabia launches $5bn investment drive in Syria, unveils flagship tower project in Damascus
Saudi Arabia has announced $5 billion in investment and partnership agreements with Syria during a high-level visit aimed at deepening economic ties and supporting the country's post-conflict recovery. The delegation, led by Investment Minister Khalid Al-Falih, includes around 150 officials and investors from the Kingdom's public and private sectors. The visit was organised by the Ministry of Investment in coordination with the Federation of Saudi Chambers, in line with directives from Crown Prince Mohammed bin Salman. بتوجيه قيادتنا الرشيدة، أيّدها الله، وصلت مع وفد رفيع المستوى إلى الجمهورية العربية السورية الشقيقة، لتعزيز العلاقات الثنائية واستكشاف الفرص الاستثمارية. ونعقد غدًا #المنتدى_الاستثماري_السوري_السعودي ، تأكيدًا لشراكتنا الاستراتيجية وتمكينًا للشركات السعودية من التّوسع إقليميًا. — خالد الفالح | Khalid Al Falih (@Khalid_AlFalih) July 23, 2025 A key highlight of the visit was the official launch of Al-Jawhara (Jewel) Tower, a landmark 32-storey real estate development in central Damascus, in the Al-Bahsa district. The project, valued at over $100 million, was inaugurated by Minister Al-Falih and Syrian Economy Minister Mohammad Nidal Al-Shaar during the Syrian-Saudi Investment Forum, held on Wednesday in the Syrian capital. According to the Ministry, the Jewel Tower spans over 25,210 square metres, with an investment exceeding SAR 375 million ($100 million). The mixed-use project will include: Administrative offices (15 floors, 6,500 m²), Retail units (1,300 m²), Hotel accommodation (15 floors, 6,500 m²), A panoramic rooftop restaurant, and A four-level underground car park (2,400 m²). The tower aims to serve as a commercial and hospitality hub, offering premium-grade business, leisure and tourism infrastructure. وضع معالي وزير الاستثمار @Khalid_AlFalih حجر الأساس لمشروع "برج الجوهرة" الذي يُعد من أبرز المشاريع العقارية في المنطقة؛ ليكون انطلاقة جديدة نحو شراكات إقليمية واستثمارات عقارية واعدة. #منتدى_الاستثمار_السوري_السعودي2025 — وزارة الاستثمار (@MISA) July 23, 2025 'Our visit to the brotherly Syrian Arab Republic is under the guidance of our wise leadership,' Al-Falih wrote on social media platform X. 'We aim to strengthen bilateral relations and explore promising investment opportunities. The forum reaffirms our strategic partnership and empowers Saudi companies to expand regionally.' The broader investment package includes deals across real estate, infrastructure, telecoms, logistics, energy, tourism, industry, and trade, according to the ministry. Also inaugurated during the visit was the Fayhaa White Cement Factory in Adra Industrial City, backed by a $20 million investment from Northern Region Cement Co. of Saudi Arabia. The facility is expected to generate 130 direct and over 1,000 indirect jobs. دشنت اليوم، برفقة وزير الاقتصاد السوري الدكتور محمد نضال الشعار، أول مصنع للأسمنت الأبيض في ريف دمشق، باستثمارات تبلغ 100 مليون ريال. يهدف هذا المشروع إلى توسيع القاعدة الإنتاجية لقطاع الأسمنت في سوريا بما يدعم مرحلة الإعمار المقبلة التي نراهن على نجاحها بعون الله. — خالد الفالح | Khalid Al Falih (@Khalid_AlFalih) July 23, 2025 The visit comes amid a thaw in Saudi-Syrian relations, marked by the reopening of the Kingdom's embassy in Damascus in May 2024 after a 12-year closure. Syria recently amended its investment laws to attract more foreign capital — changes welcomed by Saudi officials as facilitating smoother entry for businesses. 'The Syrian government wants to prove to the world that Syria is a safe and attractive zone for all investments and investors,' said Syria's Minister of Information, Dr. Hamza al-Mustafa. Bilateral trade has also seen a sharp uptick. In April, Saudi non-oil exports to Syria surged over 150 per cent year-on-year to SAR 81.9 million, while imports from Syria rose nearly 150 per cent to SAR 78.5 million, according to the Saudi General Authority for Statistics. Key exports include plastics, foodstuffs, and agricultural products, while imports are largely agricultural and processed food items. Before Syria's civil war erupted in 2011, the two countries enjoyed robust trade relations worth $1.3 billion annually.
