Syrian Delegation to Arrive in Riyadh as Saudi Investment in Syria Increases
RIYADH: A senior Syrian delegation made up of government officials and private sector representatives will arrive in Riyadh on Monday, another indication of Saudi Arabia’s bid to re-engage with Syria and contribute towards its reconstruction.
Headed by Syria’s Economy and Industry Minister Mohammad Nidal Al-Shaar, the visit to the UAE is a sign of increasing economic cooperation between the two countries, the Saudi Press Agency said.
The visit comes after the Syrian-Saudi Investment Forum last month in Damascus, where over 100 Saudi companies and 20 government agencies met. The forum saw $6.4 billion worth of investment deals, an indicator of Saudi Arabia’s increasing influence in Syria’s post-war reconstruction.
The 47 investment commitments cut across numerous sectors, ranging from real estate, infrastructure, and finance to telecommunications and IT, energy, industry, tourism, trade, and healthcare.
Some of the highlights include Saudi telecom tycoons Saudi Telecom Co., GO Telecom, Elm, and Cipher committing $1.07 billion to digital infrastructure and cybersecurity projects. Also, $2.93 billion of deals were in relation to developing three new cement factories with a view to supporting Syria’s rebuilding mission.
The visit is likely to bolster the bilateral cooperation, setting the stage for increased trade and investment ties as Saudi Arabia continues to support Syria’s long-term stability and reconstruction.
verified from sources:arabnews,dailysabah
