��ֱ�� keen to strengthen economic ties with Syria, Al-Falih tells investment forum

��ֱ��’s Minister of Investment Khalid Al-Falih speaking at the investment forum. X/@SPAeconomic

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Updated 8 min 56 sec ago

Miguel Hadchity

Nirmal Narayanan

July 24, 2025 12:48

��ֱ�� keen to strengthen economic ties with Syria, Al-Falih tells investment forum

Updated 8 min 56 sec ago

Miguel Hadchity Nirmal Narayanan

July 24, 2025 12:48

RIYADH: The Syrian-Saudi Investment Forum has commenced in Damascus, with over 120 investors and executives from the Kingdom’s public and private sectors participating in the event.

Speaking at the gathering, ��ֱ��’s Minister of Investment, Khalid Al-Falih, announced that the forum will witness the signing of 47 agreements and memorandums of understanding, totaling SR24 billion ($6.4 billion).

The investment conference marks a significant renewal of relations between the two countries, and in April, ��ֱ�� joined with Qatar to settle Syria’s $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the nation.

Speaking at the forum, Al-Falih said: “We are committed to strengthening relations with Syria, particularly in the economic and investment spheres. This forum is attended by over 20 government entities and 100 private sector companies.”

The minister further said that ��ֱ�� is preparing to invest in Syria across multiple sectors, including energy, real estate, industry, and infrastructure.

According to Al-Falih, other potential areas of collaboration include financial services, healthcare, agriculture, telecommunications, as well as information technology, construction, and education.

The minister added that agreements exceeding SR11 billion will be signed in the infrastructure sector during this forum, which includes the launch of three new cement production facilities.

On July 23, Al-Falih and Syrian Economy Minister Mohammed Al-Shaar inaugurated the Fayhaa White Cement Factory in Adra Industrial City, the first of its kind in Syria.

Backed by a $20 million investment from ��ֱ��’s Northern Region Cement Co., the plant is set to produce high-grade white cement while creating 130 direct jobs and more than 1,000 indirect employment opportunities.

In the latest speech, Al-Falih stated that this forum will also witness agreements worth SR4 billion in the telecommunications sector, as Syria’s Ministry of Communications and several Saudi telecom companies aim to deepen their ties.

“In the agricultural sector, we look forward to collaborating in Syria to develop high-quality joint projects, including model farms and processing industries,” said Al-Falih.

He added: “In the financial services and banking sector, this forum will witness the signing of a memorandum of understanding between ��ֱ��’s Tadawul Group and the Damascus Securities Exchange to enhance cooperation in fintech solutions.”

During the speech, Al-Falih also affirmed the Kingdom’s supportive stance to guide Syria toward the path of prosperity and sustainable development.

“In this forum, we are not building new bridges — because close social, economic, and cultural ties have long united our two nations. Since ancient times, the Arabian Peninsula and the Levant have been vital links in global trade,” said Al-Falih.

He further said that the relationship between ��ֱ�� and Syria will continue to flourish as “both nations are two sides of the same political, economic, and social coin.”

Syrian Minister of Economy and Industry Mohammad Al-Shaar called the forum a “historic milestone” in the journey of relations between the Kingdom and Syria.

“Syria is witnessing real momentum toward growth and prosperity, and we reaffirm our full commitment to providing all forms of support for the success of this forum, ensuring benefits for both the Syrian and Saudi people,” he said.

In a separate panel discussion during the forum, Al-Falih said that Syria is evolving as an investment-friendly destination, despite challenges.

“��ֱ�� continues to support Syria, and the investments and projects we announced today are just the tip of the iceberg,” said Al-Falih.

He added: “Syria is leaping forward as an investment-attractive country despite all challenges. Since the beginning of its new era, we have witnessed a genuine desire to provide investment opportunities for Saudi businessmen.”

Al-Shaar, speaking during the discussion, said that Syria will ensure the creation of a safe investment environment for investors from ��ֱ�� and other foreign entities.

For his part, Mazen Al-Salhani, Syria’s minister of tourism, said that the travel and leisure industry is one of the most important investment sectors in the country.

“To facilitate procedures for them, we launched the ministry’s new website, which includes all laws and regulations governing the sector,” added Al-Salhani.

Topics: saudi-syrian relations Saudi-Syrian ties Syrian-Saudi Investment Forum

UAE bank assets climb to $1.29tn in April as credit, deposits rise

Updated 54 sec ago

Nour El-Shaeri

July 24, 2025 14:30

UAE bank assets climb to $1.29tn in April as credit, deposits rise

Gross credit rose 0.9% to 2.26 trillion dirhams
Lending to the private sector rose 0.6%

Updated 54 sec ago

Nour El-Shaeri

July 24, 2025 14:30

RIYADH: The UAE’s banking sector expanded modestly in April, with total banking assets rising to 4.75 trillion dirhams ($1.29 trillion), driven by higher lending and a sharp increase in non-resident deposits.

According to data from the Central Bank of the UAE, total assets, which include bankers’ acceptances, increased by 0.6 percent from March, continuing an upward trend amid resilient credit activity and growing liquidity.

This comes amid diverging banking trends across the Gulf, with Kuwait reporting a 6.7 percent year-on-year rise in total assets to 93.51 billion dinars ($303 billion) in March, and ��ֱ�� recording a 7.4 percent increase to SR5.3 trillion ($1.41 trillion) in April.

Qatar, meanwhile, recorded a marginal 0.1 percent monthly decline, with assets slipping to 2.07 trillion Qatari riyals ($558.9 billion) due mainly to a 0.5 percent drop in domestic holdings.

In its latest report, CBUAE said “the increase in money supply aggregate M1 (which includes physical currency and demand deposits) by 2.6 percent, from AED 986.2 billion at the end of March 2025 to AED 1,011.9 billion at the end of April 2025.”

It added: “The increase was due to AED 26.9 billion growth in monetary deposits, overriding the AED 1.2 billion decrease in currency in circulation outside banks.”

The increase was driven by a 0.1 percent rise in resident deposits and a 10.9 percent increase in non-resident deposits, which rose to 275.6 billion dirhams.

Gross credit rose 0.9 percent to 2.26 trillion dirhams, supported by a 12.3 billion dirham increase in domestic credit and a 7.1 billion dirham gain in foreign credit.

Lending to the private sector rose 0.6 percent, while government and quasi-government sectors saw gains of 0.7 percent and 1.2 percent respectively. Credit to non-banking financial institutions fell 4.3 percent.

Within resident deposits, government sector deposits rose by 0.9 percent, private sector deposits by 1.1 percent, while deposits from non-banking financial institutions declined by 9.2 percent. Deposits from government-related entities fell by 6.5 percent.

M2, which includes M1 and quasi-monetary deposits, decreased by 0.1 percent to 2.44 trillion dirhams from 2.437.7 trillion dirhams, as quasi-monetary deposits fell by 27.8 billion dirhams.

Meanwhile, M3 — the broadest measure including government deposits — rose 0.2 percent to 2.90 trillion dirhams on the back of a 6.6 billion dirham increase in government balances.

The monetary base declined by 1.7 percent to 819 billion dirhams at the end of April, compared to 833.1 billion dirhams in March.

This was due to a 2.5 percent reduction in currency issued and a 32 percent decline in banks’ and financial institutions’ reserve accounts.

These were partially offset by a 159.8 percent surge in current accounts and overnight deposits held by banks and other financial corporations at the central bank, and a 3.1 percent increase in monetary bills and Islamic certificates of deposit.

Topics: UAE UAE economy

��ֱ�� launches $100m tower project in Syria

Updated 37 min 2 sec ago

Nour El-Shaeri

July 24, 2025 13:49

��ֱ�� launches $100m tower project in Syria

Updated 37 min 2 sec ago

Nour El-Shaeri

July 24, 2025 13:49

RIYADH: ��ֱ�� has launched a $100 million real estate project in Damascus, signaling renewed economic cooperation with Syria and growing investor interest in the country’s reconstruction phase.

The announcement was made during the Syrian-Saudi Investment Forum and Saudi Minister of Investment Khalid Al-Falih laid the foundation stone, marking a renewed phase of economic cooperation between the two nations.

Developed with support from the Saudi Ministry of Investment and backed by Ethraa Holding, the mixed-use tower will span 25,210 sq. meters and combine office, hospitality, and retail components. The project forms part of ��ֱ��’s broader engagement in Syria’s urban redevelopment efforts.

Located in Damascus, Al Jawhara Tower will include 15 floors of hotel units and 15 floors of office space, each with a built-up area of 6,500 sq. meters.

The development will also feature 1,300 sq. meters of retail space, along with four levels of underground parking spanning 2,400 sq. meters. A panoramic restaurant overlooking the city is also planned as part of the hospitality offering.

Al Jawhara Tower represents one of the most prominent Saudi-led real estate investments in Syria in recent years, signaling growing interest in the country’s post-crisis recovery and urban development.

Topics: saudi-syrian relations Saudi-Syrian ties Syrian-Saudi Investment Forum

Egypt records 69.6% YoY rise in remittances

Updated 54 min 29 sec ago

Reem Walid

July 24, 2025 13:40

Egypt records 69.6% YoY rise in remittances

Updated 54 min 29 sec ago

Reem Walid

July 24, 2025 13:40

RIYADH: Remittances from Egyptians working abroad rose by 69.6 percent year on year between July and May of the 2024-25 fiscal period, reaching a record $32.8 billion, new figures showed.

Data released by the country’s central bank show that remittances in May increased 24.2 percent annually to reach about $3.4 billion, representing the highest level of inflows ever recorded in the fifth month of the year, according to a statement.

The sharp increase underscores growing confidence among expatriates in the country’s financial system and reflects a broader improvement in Egypt’s external economic position.

This improvement is also linked to recent measures to stabilize the exchange rate and promote formal remittance channels. These policies have contributed to Egypt’s net international reserves rising to $48.5 billion at the end of May, up from $47.8 billion in March.

In a statement, the central bank noted: “Likewise, remittances increased during the period January/May 2025 by 59 percent YoY to record around $15.8 billion (compared to about $9.9 billion).”

The rebound in remittance flows comes amid broader economic reforms pursued under an International Monetary Fund-backed stabilization program.

These reforms have bolstered Egypt’s foreign currency position and helped attract more international capital.

In May, Prime Minister Mostafa Madbouly announced that Egypt recorded real gross domestic product growth of 3.9 percent during the first half of the fiscal year. Private sector investment surged by 80 percent, while foreign direct investment rose by around 17 percent.

Inflation, however, remains a key challenge. The annual urban headline inflation rate accelerated to 16.8 percent in May, up from 13.9 percent in the previous month, mainly driven by continued pressure on non-food prices.

These inflation trends come as Egypt’s broader economic landscape continues to be shaped by both domestic and global pressures. The government is navigating a delicate recovery amid external shocks, ongoing structural reforms, and efforts to manage public debt.

In February, Moody’s affirmed Egypt’s “Caa1” long-term foreign and local currency ratings with a positive outlook, citing improved debt servicing capacity, higher reserves, and falling borrowing costs.

The ratings agency noted that recent currency devaluation and flotation helped boost foreign exchange reserves and reduce debt vulnerabilities. While a “Caa1” rating denotes high credit risk, the positive outlook reflects the government’s efforts to control inflation and stabilize interest rates.

Egypt’s credit rating is much lower than that of its Middle East and North African neighbors, such as ��ֱ��, which was ranked Aa3 with a stable outlook in November, and the UAE, which was rated Aa2 in the same month.

Topics: egypt remittances

Pakistan, ��ֱ�� agree to promote investments, expand cooperation in key sectors

Updated 24 July 2025

Shahjahan Khurram

July 24, 2025 12:38

Pakistan, ��ֱ�� agree to promote investments, expand cooperation in key sectors

Pakistan's Deputy PM Ishaq Dar meets Saudi Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, in New York
Both discuss expanding cooperation in food security, manufacturing and mines & minerals, says Pakistan’s FO

Updated 24 July 2025

Shahjahan Khurram

July 24, 2025 12:38

ISLAMABAD: Deputy Prime Minister Ishaq Dar met ��ֱ��’s Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, on Wednesday to discuss promoting bilateral investments and expanding cooperation in key economic sectors, Pakistan’s foreign ministry said.

Pakistan and ��ֱ�� enjoy cordial relations and strong ties in defense, military, tourism and various other sectors. The two countries have eyed closer cooperation in mines and minerals, agriculture, tourism, IT and other sectors in recent years.

Islamabad and Riyadh last year signed 34 business-to-business deals worth $2.8 billion amid Islamabad’s increasing focus to shore up its foreign reserves and bolster its economic revival with the help of its Gulf allies.

Deputy Prime Minister/Foreign Minister, Senator Ishaq Dar , met with Saudi Minister of Economy and Planning, Faisal Fadhil Al-Ibrahim, on the sidelines of high-level events during Pakistan’s Presidency of the UN Security Council.

They reaffirmed the fraternal ties…
— Ministry of Foreign Affairs - Pakistan (@ForeignOfficePk)

Dar, who is in the United States till July 28 to lead “high-level signature events” under Pakistan’s presidency of the UN Security Council, met Alibrahim on the sidelines of the events.

“Discussions focused on expanding cooperation across key sectors, including food security, manufacturing, and mines & minerals,” the Pakistani foreign ministry said.

“They also agreed to advance investments and technical collaboration for mutual benefit of the two nations,” it added.

The two reaffirmed brotherly ties between Pakistan and ��ֱ�� and their shared vision for lasting peace, prosperity and regional harmony, the foreign ministry said.

Apart from being a key regional ally and close business partner, ��ֱ�� also happens to be the largest source of foreign remittances for Pakistan.

These remittances are a lifeline for Pakistan’s cash-strapped economy, playing a critical role in stabilizing foreign exchange reserves and supporting balance of payments.

Topics: Saudi Pakistan Investment

China’s BYD to assemble EVs in Pakistan from 2026

Updated 24 July 2025

Reuters

July 24, 2025 12:17

China’s BYD to assemble EVs in Pakistan from 2026

BYD, the world’s top EV maker, has been expanding rapidly outside its home market
Its plant in Pakistan will initially have the capacity to produce 25,000 units a year

Updated 24 July 2025

Reuters

July 24, 2025 12:17

KARACHI: Chinese electric vehicle giant BYD plans to roll out its first car assembled in Pakistan by July or August 2026 to capture growing demand for electric and plug-in hybrid vehicles in the region, a company executive said on Wednesday.

BYD, the world’s top EV maker, has been expanding rapidly outside its home market, where it is in a strong price war. The Pakistan plant addresses rising demand from emerging markets and allows the company to take advantage of incentives offered by the Pakistani government.

The plant has been under construction since April near Karachi in a partnership between BYD and Mega Motor Company, a subsidiary of Pakistani utility Hub Power, Danish Khaliq, vice president of sales and strategy at BYD Pakistan, told Reuters.

A BYD ATTO 3 electric vehicle is displayed at the BYD Pakistan Metropole Experience Center, in Karachi, Pakistan, on July 23, 2025. (REUTERS)

It would initially have the capacity to produce 25,000 units a year on a double shift, he said. He did not elaborate on when the plant would achieve full capacity or say when mass production would begin there.

The plant will start by assembling imported parts, with some local production of non-electric components, Khaliq said, adding it would initially produce vehicles for the domestic market, with potential to export to right-hand drive countries in the region depending on freight costs and business economics.

“We do not foresee excess capacity in our system as demand in Pakistan will catch up,” he said.

Danish Khaliq, Vice President of the BYD Pakistan Sales and Strategy, poses for a picture after an interview with Reuters in Karachi, Pakistan, on July 23, 2025. (REUTERS)

BYD started delivering imported EVs in Pakistan in March. Khaliq did not give an exact sales number but said the sales of a few hundred cars had exceeded internal targets by 30 percent.

Khaliq said he expected the market size of EVs and plug-in hybrid cars in Pakistan to grow three to four times in 2025 from around 1,000 total units in 2024. BYD is targeting a 30-35 percent share of the segment, Khaliq said.

Based on a HUBCO filing, BYD Pakistan made around 444 million rupees ($1.56 million) in profit in the 2025 March quarter.

BYD will launch its Shark 6 plug-in hybrid pickup truck in Pakistan on Friday. China’s MG already sells a PHEV SUV, while rival Haval is set to join the segment soon.

Plug-in hybrids offer a more practical option in Pakistan as the country faces a lack of charging stations for all-electric vehicles. The government slashed power tariffs for chargers by 45 percent in January to encourage EV uptake and private charging stations.

($1 = 284.0000 Pakistani rupees)

Topics: Pakistan China Ties BYD cars China Pakistan Arab News Pakistan

��ֱ��

��ֱ�� keen to strengthen economic ties with Syria, Al-Falih tells investment forum

��ֱ�� keen to strengthen economic ties with Syria, Al-Falih tells investment forum

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China’s BYD to assemble EVs in Pakistan from 2026

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����ֱ�� keen to strengthen economic ties with Syria, Al-Falih tells investment forum

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��ֱ�� keen to strengthen economic ties with Syria, Al-Falih tells investment forum

��ֱ�� keen to strengthen economic ties with Syria, Al-Falih tells investment forum

��ֱ�� launches $100m tower project in Syria

Pakistan, ��ֱ�� agree to promote investments, expand cooperation in key sectors