Saudi Firm to Invest in Banias Development Complex

Syria's Ministry of Economy and Industry has signed a memorandum of understanding with the Saudi company Golden Buildings, aimed at investing in and developing the Deir al-Bashal development complex located in the Banias area of Tartus governorate. The signing took place under the auspices of the Governor of Tartus, marking a step in ongoing efforts to activate Arab investment partnerships in the governorate's development sector.

Signatories

The memorandum was signed on the Syrian side by Abdulwahab al-Saffar, Director of Internal Trade and Consumer Protection for Tartus and Latakia, and on the Saudi side by Musa al-Badr, General Manager of Golden Buildings.

Project Location

The Deir al-Bashal development complex is located in the Banias area of Tartus governorate, and it is among the existing development facilities the memorandum targets for reactivation and investment.

Objectives of the Memorandum

• Activating Arab investment and economic partnerships.
• Reactivating and investing in existing development facilities.
• Generating added economic value for the governorate.
• Supporting local development and opening new employment and investment opportunities.

Significance

The agreement falls within the Ministry of Economy and Industry's broader efforts to attract Arab investment toward development facilities in coastal governorates, contributing to the reactivation of existing assets and the expansion of local employment opportunities.