2 days ago
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.
