Damascus, Aug. 27 (SANA) Syria and Saudi Arabia agreed Thursday to establish a joint bank and develop direct, regulated banking channels to facilitate investment-related transfers between the two countries, the Central Bank of Syria said.
The agreement came during talks at the bank’s headquarters in Damascus between Central Bank Governor Mohammed Safwat Raslan and a Saudi-Syrian Business Council delegation headed by Mohammed bin Abdullah Abunayyan.
The two sides also agreed to develop a banking partnership involving Syrian and Saudi businesspeople and investors, aimed at providing more effective channels to support investment and strengthen links between the two countries’ business communities.
Banking channels for major projects
The talks focused on practical solutions for banking transfers and facilitating access to investment opportunities for investors inside and outside Syria, particularly for major projects in tourism and real estate.
Raslan stressed the importance of developing transfer mechanisms between Syrian and Saudi banks and establishing direct, regulated banking channels to facilitate the movement of funds linked to investment projects.
The two sides also agreed to strengthen the role of joint business councils in supporting the banking sector and facilitating Saudi investment in Syria.
Long-term Saudi investment
Abunayyan said the council was working to attract and implement long-term investment projects based on the needs of the Syrian economy and its priority sectors.
He stressed the importance of clear and regulated banking mechanisms that allow investors to manage transactions and access their investments safely and efficiently.
Abunayyan welcomed the Central Bank’s adoption of an electronic payment and transfer system, saying it would facilitate investment and improve banking services. He also praised measures aimed at strengthening market and price stability, saying they would help boost confidence and encourage investment.
Both sides stressed the importance of continued coordination between the Central Bank and the Saudi-Syrian Business Council to expand banking cooperation and facilitate Saudi investment in Syria.
Syrian-Saudi Business Council Chairman Haytham Joud attended the meeting.
The talks followed discussions Wednesday between General Authority for Borders and Customs Chairman Qutaiba Badawi and a Saudi-Syrian Business Council delegation headed by Abunayyan on investment opportunities in ports, free zones and logistics.
KA/MF
