Riyadh Cables to invest SAR 60M in operating, developing Syrian Modern Cables

Riyadh Cables Group Co. expects the financial impact of operating SMC to reflect in 2026.

Riyadh Cables Group Co. detailed its operations and development agreement for Syrian Modern Cables Co. (SMC), under which it will rehabilitate, operate, and develop the factory through the injection of a SAR 60 million capital investment over the contract period.

The agreement allows Riyadh Cables to use the facilities, assets, and machinery to manufacture and sell cables for the Syrian market. Revenues are expected to grow gradually with operational phases, potentially reaching SAR 750 million per annum at full capacity, depending on the product mix.

In a statement to Tadawul, the company said the contract lasts 18 years from signing, renewable by mutual agreement, with annual profits or losses shared 40% for the Syrian Sovereign Fund (SSF). The financial impact is expected in the 2026 fiscal year.

The agreement will be implemented in four main phases, each with specific objectives and milestones, with progression contingent on operational, technical, and financial evaluation and formal approval by both parties.

The contract supports production through an integrated program, including working capital financing, production line updates, increased capacity, and transfer of technical knowledge from Saudi Arabia, while enhancing technology localization and developing Syrian talent.

According to Argaam, Riyadh Cables signed the agreement with SSF on Jan. 14, 2026, via its subsidiary, Riyadh Cables.