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Saudi investment minister takes business leaders on Syria mission

Saudi Investment Minister Khalid Al Falih is leading a trade delegation to Syria that touched down in Damascus on Wednesday with the goal of signing some $4 billion in deals.

At least 120 investors and a cross-section of Saudi officials are part of the group that aims to jumpstart business and assist in Syria’s economic recovery after 14 years of civil war, Arab News reports.

With a meeting between Al Falih and Syrian Economy Minister Mohammad Nidal Al Shaar on the agenda, the delegation was also scheduled to participate in a Syrian-Saudi investment forum and witness the launch of a large cement factory on the outskirts of Damascus. 

Syria’s new President Ahmed Al Sharaa traveled to Riyadh in February for talks with Crown Prince Mohammed bin Salman that included plans for cooperation in the fields of energy, technology, education and health.

The Saudi Embassy in Damascus announced the introduction on Tuesday of special travel permits enabling business people and investors to visit each other’s countries and stimulate economic engagement.

Saudi Arabia’s Future Aviation Forum tallies $19 billion in deals

Saudi Arabia’s Future Aviation Forum entered its second day after tallying 47 separate deals worth $19 billion.

Leading the dealmakers was Saudia Group, which owns flag carrier Saudia Airline and low-cost flyadeal, announcing an order with Airbus on Monday for 105 narrow-body aircraft.

The deal for an undisclosed price was described as the largest purchase ever from a Saudi airline. Saudia’s Airbus order was a setback for Boeing, which has yet to close a deal being negotiated with the kingdom’s new airline, Riyadh Air.

Other transactions included national air service agreements, aircraft orders, cargo and logistics, advanced air mobility, human capability, information technology, and maintenance, repair and overhaul agreements.

Abdulaziz Al-Duailej, President of the Saudi General Authority on Commercial Aviation, called the forum’s first day a “tremendous success, in terms of commercial deals, policy initiatives and agreements to elevate global connectivity.”