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RIYADH: A Saudi business delegation led by Investment Minister Khalid Al-Falih has arrived in Damascus ahead of a forum set to generate trade deals worth SR15 billion ($4 billion).

More than 120 potential investors have travelled to Syria, as the Kingdom continues to support the country’s economic recovery and financial landscape. 

Syrian news agency SANA reported that the agreements will contribute to promoting sustainable development and economic interests between Syria and ������Ƶ.

The Saudi-Syria Investment Forum is set to generate the multi-billion trade deals, Al Ekhbariya reported, while the Kingdom’s Ministry of Investment wrote on X that the event is expected to witness significant participation from public and private sector entities on both sides.

������Ƶ and Syria have made significant strides in restoring diplomatic ties in recent months, with the Kingdom reopening its embassy in Damascus in 2024 after a 12-year hiatus.

In April, ������Ƶ and Qatar announced a joint initiative to settle Syria’s $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the war-torn nation.

Last month, Al-Falih conducted a virtual meeting with Syrian Economy Minister Mohammad Al-Shaar, and discussed opportunities for collaboration in both public and private sectors.

The forum is also expected to set out joint projects and the signing of memorandums of understanding between the two sides in various fields, SANA reported.

That includes the launch of the Fayhaa White Cement Factory project in the Adra Industrial City in Damascus, which will expand cement production and support the country’s reconstruction, the news agency said.

The Syrian government this month also amended the country’s investment law, in a move that is expected to support more domestic and foreign investment.

During a visit by a Saudi delegation last week, Al-Shaar said that the new law provides an attractive legal environment that promotes the entry of capital, SANA reported.

The law will support the investment process and enhance the role of the private sector in reconstruction and economic development, the minister added. 

NEW DELHI: Oil prices were little changed on Wednesday after falling for three consecutive sessions as a US tariff deal with Japan improved global trade sentiment.

Brent crude futures were down 2 cents, or 0.03 percent, at $68.57 a barrel as of 8:54 a.m. Saudi time. US West Texas Intermediate crude futures were also down 2 cents, at $65.29 per barrel.

Both benchmarks lost about 1 percent in the previous session after the EU said it was considering countermeasures against US tariffs, as hope faded for a deal ahead of an AuG. 1 deadline. 

President Donald Trump said on Tuesday that the US and Japan had struck a trade deal that includes a 15 percent tariff on US imports from Japan. He also said Japan had agreed to invest $550 billion in the US.

Meanwhile, industry expectations are low for Thursday’s EU-China summit, which will test the bloc’s unity and resolve amid mounting trade tensions with both Beijing and Washington.

“The slide (in prices) of the past three sessions appears to have abated but I don’t expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.

China’s commerce minister and the European Union’s trade chief had a “candid and in-depth” discussion on economic and trade cooperation as well as other issues that both sides face ahead of the summit, the Chinese ministry said on Wednesday.

Separately, US crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. Distillate stocks rose by 3.48 million barrels, they added.

“This will offer some relief to the middle distillate market, which has been looking increasingly tight,” ING analysts wrote in a note, adding that low crude inventories will offer some support to prices even as a large surplus is expected to hit the market later in the year.

In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine.

The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. But analysts said a lack of US participation would hinder the effectiveness of the package.