RIYADH: Saudi and Syrian business leaders affirmed their readiness to support the redevelopment of Syria’s energy infrastructure following a high-level meeting in Riyadh.
The participants presented proposals for joint projects focused on conventional and renewable energy sectors, signaling a potential shift toward greater regional investment collaboration.
During the meeting, which included members of the Syrian expatriate community and Saudi business executives, Syrian Minister of Energy Mohammed Al-Bashir outlined the ministry’s recent achievements and its strategic direction despite prevailing challenges, the Syrian Arab News Agency reported.
He said economic partnerships and investor engagement are essential to advancing the energy sector and welcomed collaborative initiatives aimed at bolstering development efforts.
The talks coincide with a broader renewal of Saudi-Syrian relations, underlined by the July Syrian-Saudi Investment Forum held in Damascus.
In a follow-up to that momentum, business leaders at the recent Riyadh meeting “affirmed their readiness to help rebuild infrastructure and expand investment opportunities in both conventional and renewable energy,” according to the report by SANA.
The forum united over 120 investors and executives from the Kingdom’s public and private sectors and witnessed the signing of 47 agreements and memoranda of understanding valued at SR24 billion ($6.4 billion).
The conference also marked a significant deepening of bilateral cooperation across various sectors, including energy, real estate, infrastructure, telecommunications, and finance.
The recent meeting builds on the SR11 billion in infrastructure commitments made during the forum, notably the inauguration of the Fayhaa White Cement Factory in Adra Industrial City.
The plant, backed by a $20 million investment from Northern Region Cement Co., is the first of its kind in Syria and is projected to create over 1,100 direct and indirect jobs.
Additional agreements worth SR4 billion targeted the telecommunications sector, while cooperation in agriculture, financial services, health care, education, and IT were also highlighted.
The forum’s economic significance builds upon recent diplomatic and financial milestones.
ֱ officially reopened its embassy in Damascus in 2024 after a 12-year hiatus.
In April, the Kingdom, in coordination with Qatar, settled Syria’s $15 million debt to the World Bank, enabling access to multilateral funding for redevelopment.
Syrian and Saudi officials emphasized the historical and cultural ties between the two nations, framing the forum as a key moment in rebuilding economic cooperation.
Syrian Economy Minister Mohammad Al-Shaar described the event as a “historic milestone,” while Saudi Minister of Investment Khalid Al-Falih underscored the Kingdom’s long-term commitment to supporting Syria’s path to recovery and sustainable growth.
