Syria, Saudi Arabia agree to establish joint bank to boost investment

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, Report informs via SANA.

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.

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.