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Saudi Investment Delegation Concludes Visit to Syria with Deals Worth Nearly $6.4 Billion

Officials are seen at the Syrian-Saudi Investment Forum in Damascus. (SPA)
Officials are seen at the Syrian-Saudi Investment Forum in Damascus. (SPA)
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Saudi Investment Delegation Concludes Visit to Syria with Deals Worth Nearly $6.4 Billion

Officials are seen at the Syrian-Saudi Investment Forum in Damascus. (SPA)
Officials are seen at the Syrian-Saudi Investment Forum in Damascus. (SPA)

Saudi Arabia announced $6.4 billion of investments in Syria on Thursday, reflecting the Kingdom's deepening ties with interim President Ahmed al-Sharaa's government as it seeks to rebuild Syria after a 14-year civil war.   

The deals were unveiled by Saudi Investment Minister Khalid Al-Falih at the Syrian-Saudi Investment Forum in Damascus.   

Al-Falih said his visit to Syria came at the directives of Prince Mohammed bin Salman, Crown Prince and Prime Minister, calling the trip "confirmation of the Kingdom's firm and supportive stance towards sisterly Syria".   

The investment deals included $2.93 billion for real estate and infrastructure projects and about $1.07 billion for the telecommunications and information technology sector, Al-Falih said.   

Businesses involved in the plans include telecommunications firms the Saudi Telecom Company (STC) and GO Telecom, digital security company Elm, cybersecurity firm Cipher, and Classera, an education technology company.   

Al-Falih said 47 agreements would be signed over the course of the conference, with more than 100 companies participating.   

Al-Falih also announced the establishment of a Saudi-Syrian Business Council at the event, which had been scheduled for June but was delayed due to the conflict between Iran and Israel.   

On the sidelines of the forum, a ministerial session was held featuring Al-Falih, Syrian Minister of Economy and Industry Dr. Mohammad Nidal Al-Shaar, Syrian Minister of Tourism Mazen Al-Salhani, and Saudi-Syrian Business Council and ACWA Power chairman Mohammad Abunayyan. 

The session highlighted the growing historical economic ties between Saudi Arabia and Syria and the support of the Saudi government, led by King Salman and Crown Prince Mohammed, to provide all means of support and facilitation that contribute to Syria’s prosperity and recovery. 

The session addressed the role of Saudi businessmen and leading companies in helping in Syria’s reconstruction and economic revival through partnerships, consultations, and urgent, effective efforts to develop promising economic sectors. 

During the forum, Al-Badia Cement Company announced investments exceeding $200 million to expand its grinding and packaging lines and power generation plant, increasing production capacity to more than 5 million tons of cement annually.  

The company also pledged to explore partnership opportunities with the Syrian government to improve the performance of state-owned cement factories and support market stability. 

As part of the visit, Al-Falih held a meeting with several Syrian ministers, who discussed ways to boost cooperation in support of comprehensive development between the two nations. 

The visit also included field tours to several Saudi investment projects in Syria. Al-Falih laid the foundation stone for Al-Fayhaa Cement Factory, with an estimated investment of SAR 100 million and an annual production capacity of 150,000 tons. The project aims to support local Syrian content and facilitate knowledge transfer. 

He also laid the foundation stone for the Al-Jawhara Commercial Tower in Damascus, a Saudi-Syrian project with a built-up area of 25,000 square meters and an investment exceeding SAR 375 million. The tower will include office spaces, retail shops, and hotel units. 

Riyadh has been a key ally of Sharaa's government, which came to power after longtime ruler Bashar al-Assad was toppled in December, using its diplomatic influence to persuade US President Donald Trump to lift sanctions.   

Companies, many from Gulf states and Türkiye, have expressed interest in rebuilding Syria's power generation capacity, roads, ports and other damaged infrastructure.   

Syria has signed a $7-billion power deal with Qatar and an $800-million agreement with UAE-based port company DP World in recent months. US energy firms are also set to draw up a master plan for the country's energy sector.   

In April, Saudi Arabia and Qatar announced they would pay off Syria's World Bank arrears, opening up the possibility of new lending. 

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Business

Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
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Crude Shipments from Saudi Arabia's Yanbu Port Near Maximum Levels

King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)
King Fahd Industrial Port in Yanbu, Saudi Arabia (SPA)

Daily crude loadings at Saudi Arabia's Red Sea port of Yanbu are close to maximum levels this week, according to data and industry sources.

Shipments from Yanbu reached 4.7 million barrels per day around July 13, up from 3.36 million bpd around July 10 and broadly in line with 4.6 million bpd around July 2, ⁠according to Signal Ocean data.

Loadings have averaged above four million bpd since June, compared with 973,000 bpd around the same period 2025, the data showed.

Kpler data also show daily loadings averaging around four million barrels in recent weeks.

Saudi Arabia has relied increasingly on Yanbu to export crude amid disruptions to shipping through the Strait of Hormuz during the US-Iran conflict.

Business

BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
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BP Sees Boost from Energy Prices in Second Quarter, Expects Lower Net Debt

An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)
An illuminated BP logo is seen at a petrol station in Gateshead, Britain September 23, 2021. (Reuters)

BP expects its oil trading result to be slightly higher in the second quarter after an exceptionally strong first quarter, as it continues to profit from a surge in oil prices caused by the Iran war.

The British major flagged higher oil realizations said stronger prices were expected to add a $1.8 billion to $2.1 billion boost to earnings in its oil production and operations business compared with the first quarter.

In its gas and low carbon energy segment, realizations are expected to add a further $500 million to $700 million, it said on Tuesday.

Gas trading results are expected to be broadly unchanged from the previous quarter.

Global benchmark Brent crude prices hit multi-year highs and averaged around $97 per barrel during the April-to-June quarter, up from around $78 in the first quarter and about $67 a year earlier.

BP said refining margins averaged $29.6 per barrel, versus $16.9 in the first quarter.

The company expects upstream production to fall in the second quarter to between 2.17 million and 2.22 million barrels of oil equivalent per day from around 2.34 million boed in the previous three months, due in part to the effects of the crisis.

BP expects net debt to stand at $22 billion to $23 billion at end-June, down from $25.3 billion at the end of March, with a target to reduce this further to $14 billion to $18 billion by the end of next year.

The company made a $2.9 billion payment to redeem €2.5 billion of perpetual hybrid bonds, leaving it with a total of about $13 billion outstanding. It also paid $1.1 billion in Gulf of Mexico settlement liabilities.

Overall, BP expects net debt, hybrid bonds and Gulf of Mexico settlement liabilities to decrease by around a combined $6.3 billion to $7.3 billion from the previous quarter.

Exploration write-offs are seen totaling around $500 million in the second quarter, primarily related to the sale of its stake in the Bay du Nord project offshore Canada.

Business

China's Economy Grew at 4.3% Annual Pace in the 2nd Quarter, Slowest Since Late 2022

People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO
People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO
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China's Economy Grew at 4.3% Annual Pace in the 2nd Quarter, Slowest Since Late 2022

People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO
People walk in the Central Business District (CBD) area in Beijing, China, 15 July 2026. EPA/WU HAO

China’s economy slowed sharply to a 4.3% annualized pace of growth in the April-June quarter, the government said Wednesday, the weakest in over three years.

The official data fell short of forecasts and was far below the economy's strong 5% pace of growth in January-March, despite a surge in exports driven partly by the boom in artificial intelligence, and by robust global demand for Chinese electric vehicles.

China has largely shrugged off wider economic impacts from the Iran war as soaring energy prices pushed up global inflation. Exports rose 17.6% in the first half of the year from a year earlier, and 27% in June, according to customs data.

But domestic spending and investment have lagged, limiting the boost from export manufacturing for an economy that has struggled to regain momentum since parts of China were locked down during the COVID-19 pandemic, The Associated Press reported.

“This was the slowest growth in any quarter since the lockdown-impacted fourth quarter of 2022,” said Lynn Song, chief economist for Greater China at ING Bank in a note.

Some economists say China’s economy is becoming increasingly unbalanced as heavy state support and private investments pour into frontier technologies like AI, computer chips and robotics while other areas such as lower-value manufacturing and jobs creating services industries languish.

Exports of high-tech products such as electric vehicles, computer chips and other electronic equipment have risen sharply, helped by hefty government support since China’s leaders have made development of advanced technologies a top priority.

China ran a record $1.2 trillion global trade surplus last year, drawing complaints from policymakers in other countries over their trade imbalances with the world’s second-largest economy. Many have pointed to those heavy state subsidies, which they say contribute to an oversupply of manufactured goods that end up being exported overseas.

As is true in many countries, the expansion of AI and robotics has also raised worries at home over whether businesses will create enough jobs to sustain growth in the longer term.

Chinese families have cut back on big purchases, their appetite for spending constrained by a prolonged property slump and uncertainties over jobs and wages.

As China remains reliant on its exports to sustain overall growth, “China’s growth model has become increasingly imbalanced,” said Eswar Prasad, a professor of economics and trade policy at Cornell University. Substantially increasing domestic demand will be tough as confidence remains weak, he added.

Mao Shengyong, deputy head of China's National Bureau of Statistics, told reporters that given the increasingly unstable and uncertain global situation, the imbalance between strong supply and weak demand “remains acute” at home.

As China focuses on high-tech manufacturing and pursues “higher-quality economic growth,” it will work to build a robust domestic market and offer support to keep employment stable, he said.

China’s economy is going through a “significant transition,” said Wei Li, Head of Multi-Asset Investments at BNP Paribas Securities (China).

For the whole of 2026, Chinese leaders have set a growth target of 4.5% to 5%, slower than last year’s 5%. Overall economic growth for the first half of the year was at 4.7%, the data released Wednesday showed.

The International Monetary Fund recently raised its forecast for China’s annual growth by 0.2 percentage point to 4.6%. It expects China’s economy to expand just 4.1% in 2027.