The Minister of Economy and Industry, Dr. Muhammad al-Shaar, arrived in Riyadh on August 17, leading an official delegation, where the Saudi Minister of Commerce Majid al-Qasabi received him. The visit comes as part of efforts to enhance economic relations and trade exchange between the two countries. During the meeting, they discussed ways to strengthen bilateral cooperation and develop available investment opportunities.
They emphasized the importance of strengthening mutual cooperation and joint efforts to face global economic challenges. Discussions also took place regarding opening new avenues for cooperation in the fields of industry and trade, which would contribute to enhancing joint investments and developing both the Saudi and Syrian economies.
On August 18, a roundtable meeting was held in Riyadh, attended by Minister Shaar, the Saudi Minister of Investment Khalid al-Falih, and several investors and businessmen from Syria and Saudi Arabia. The gathering saw Shaar and Falih signing an agreement to encourage and protect investments between the two countries.
Both sides confirmed that the agreement is a culmination of ongoing efforts to activate strategic partnerships and expand the base of joint investments. It aims to create an attractive legal and investment environment, provide practical frameworks that ensure investment protection, and facilitate the flow of capital, contributing to the development of vital sectors including industry, services, infrastructure, and tourism.
July 24, an investment forum held in Damascus at the People’s Palace, was attended by ministers, businessmen, and investors from Syria and Saudi Arabia, where 47 agreements and memoranda of understanding were signed worth $6 billion, marking a significant step towards establishing a strategic partnership that enhances economic and investment cooperation between the two brotherly countries.
Shaar says this most recent agreement represents a qualitative leap in the course of economic relations between Syria and the Kingdom, opening wide horizons for fruitful investment cooperation achieving mutual benefit and strengthening the fraternal ties between the two peoples. He pointed out the importance of the Saudi role in supporting the economic recovery process in Syria.
For his part, the Saudi Minister of Investment explained that the agreement falls within the Kingdom’s vision to enhance its economic partnerships with Arab countries and prepare promising investment opportunities. He noted that signing the agreement with Syria reflects a trend towards sustainable cooperation supporting the stability and prosperity of the region.
