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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. 

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.

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.

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)