Syrian Central Bank Governor: Saudi Investments Will Support the Lira and Revitalize the Economy

In a significant economic development, Dr. Abdul Qader Al-Husari, the Governor of the Syrian Central Bank, announced that the massive Saudi investments being injected into Syria will have a positive impact on the stability and strength of the Syrian Lira, emphasizing that achieving exchange rate stability is a strategic goal for the bank.

Al-Husari's statement came on the sidelines of the Saudi-Syrian Investment Forum held in the capital, Damascus, with notable attendance from senior officials and business leaders from both sides, reflecting a new beginning in economic relations between the two countries after years of estrangement.

The forum, held at the People's Palace in Damascus, witnessed the signing of 47 agreements and memoranda of understanding between governmental and private entities from Saudi Arabia and Syria, totaling over 24 billion Saudi Riyals, focusing on various sectors such as sustainable development, infrastructure, and industry.

On his part, Saudi Minister of Investment, Engineer Khalid Al-Falih, affirmed that the participation of over 100 private Saudi companies and 20 governmental entities in the forum underscores the Kingdom's commitment to supporting Syria in its recovery and reconstruction journey.

Al-Falih added: "We are confident that Syria is steadily moving towards prosperity, and the Saudi leadership is committed to supporting this journey".

He also revealed that over 500 Saudi businessmen have expressed serious interest in entering the Syrian market and investing in it.

Al-Falih explained that the signed agreements will not remain on paper but will be swiftly implemented, pointing to the formation of the Saudi-Syrian Business Council chaired by Saudi businessman Mohammed Abu Nayan, to serve as a permanent platform for mutual cooperation.

In a symbolic move on the ground, the Saudi Northern Cement Company inaugurated a new factory in Syria with an investment of 20 million dollars, with a production capacity of up to 150,000 tons annually.