RIYADH: On Wednesday, a Saudi delegation visiting Damascus announced $5 billion in investment and partnership agreements to help rebuild war-torn Syria. A delegation of approximately 150 investors and representatives from the Saudi public and private sectors, led by Minister of Investment Khalid Al-Falih, attended a forum in Damascus.
According to AFP, the Investment Ministry announced investments worth SR19 billion (approximately $5 billion) in vital and strategic sectors, including real estate, infrastructure, communications and IT, transportation and logistics, industry, tourism, energy, trade, and others.
On Tuesday, the ministry stated that the Damascus conference sought to “explore cooperation opportunities and sign agreements that enhance sustainable development and serve the interests of the two brotherly peoples. The Saudi delegation’s visit demonstrates the Kingdom’s growing commitment to Syria’s economic recovery and reconstruction efforts.
During their visit, Al-Falih and Syrian Economy Minister Mohammed Nidal Al-Shaar opened the Fayhaa White Cement Factory in Adra Industrial City, Syria’s first of its type.The project, which has received a $20 million investment from Saudi Arabia’s Northern Region Cement Co., is expected to create high-quality white cement while producing 130 direct jobs and over 1,000 indirect jobs.
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