Saudi Arabia and Syria are establishing a joint investment fund to serve as a central platform for structured, high-impact development projects in both nations. The initiative aims to accelerate sustainable investment growth and strengthen economic ties between the two countries.
Key Highlights
This move is part of a broader deepening of economic relations between the two nations:
- $6.4 Billion: The value (24 billion SAR) of agreements and memoranda of understanding signed during a recent Saudi delegation’s visit to Damascus.
- 47 Agreements: The number of deals inked during the July visit, paving the way for further collaboration.
- New Investment Fund: A central platform to finance and govern joint projects.
- Stock Market Study: Saudi Arabia’s stock exchange, Tadawul, will conduct a feasibility study on creating and operating a stock market in Damascus.
A Platform for Structured, High-Impact Projects
The announcement was made by Saudi Minister of Investment, Khalid Al-Falih, following a roundtable meeting in Riyadh with Syrian Minister of Economy, Mohammed Nidal Al-Shaar, and business leaders from both countries. The fund is designed to finance large-scale projects that meet the development needs of both nations, ensuring they are well-governed and capable of delivering exceptional results.
Creating an Attractive and Secure Investment Climate
Minister Al-Falih emphasized the commitment of both governments to building a safe and sustainable environment that encourages cross-border investments. “What has been announced so far is only the beginning. More investment waves will follow,” he stated. To support this, the two ministers signed an Investment Promotion and Protection Agreement, which establishes a legal framework to safeguard capital flows and ease investment procedures in vital sectors like industry, infrastructure, and tourism.
Looking Ahead: A New Chapter in Economic Cooperation
The creation of the joint fund, coupled with strategic initiatives like the feasibility study for a Damascus stock market, marks a significant new chapter in the economic partnership between Saudi Arabia and Syria. These efforts are aimed at building confidence among investors and stakeholders, unlocking new opportunities for growth, and driving sustainable development across the region.
Source: Zawya
