Saudi Arabia set to sign 47 deals worth SAR 24B: Al-Falih

Khalid Al-Falih, Minister of Investment

Saudi Arabia’s Minister of Investment Khalid Al-Falih said that 47 agreements and memoranda of understanding will be signed in various sectors at a total value of nearly SAR 24 billion during the Saudi-Syrian Investment Forum.

In his speech during the forum, Al-Falih indicated that agreements worth more than SAR 11 billion will be signed in the infrastructure and real estate development sectors, including the establishment of more than three new cement plants.

Additionally, Saudi telecommunications and technology companies will sign agreements worth nearly SAR 4 billion to develop digital infrastructure and automation, enhance cybersecurity capabilities, and build advanced systems in programming, artificial intelligence (AI), and data centers in Syria.

Moreover, Beit Al-Ibaa Co. will sign an agreement to build a residential and commercial project in Homs, at an estimated cost of more than billions of riyals. An agreement will also be signed between the Saudi Tadawul Group and the Damascus Securities Exchange to strengthen joint cooperation in the field of fintech, dual listings, financial data exchange, and the launch of investment and financing funds, which will stimulate investment in Syria, the minister said.

He pointed out that the agricultural sector in Syria is vital and has promising potential, adding that the Kingdom is ready to work with Syria to develop joint projects, including model farms and manufacturing industries, as well as exchanging knowledge and technical expertise.

Al-Falih also stated that Crown Prince Mohammed bin Salman has directed the immediate establishment of a Saudi-Syrian Business Council.

He highlighted the steps taken by the Syrian government to boost the investment climate, most notably the amendment of the Investment Law, and initiatives to urgently finalize the investment protection agreement between Saudi Arabia and Syria, which is expected to enter into force soon.