JEDDAH, 27 May 2006 — Saudi Syrian Business Council (SSBC) officials and Syrian Deputy Prime Minister for Economic Affairs Dr. Abdullah Al-Dardari held talks, which were mainly focused on the investment climate in Syria.
The meeting, which was held on Thursday in Damascus, focused on the difficulties and obstacles that the Saudi businessmen are facing. They also announced the launch of “Barada Capital One”, a 100-million euros fund managed by BMG Financial Advisors.
This investment fund will focus on investing in financial services, real estate, tourism and telecommunications, in addition to companies whose direction is toward going public. The fund will be Shariah-compliant and the investment horizon will be between 3 and 5 years.
Basil Al-Ghalayini, CEO of BMG, told Arab News, “The establishment of this investment fund will provide great support to the participating sectors and its development and performance will reflect positively on the investment setting and the economy in Syria.”
Al-Dardari expressed his pleasure and interest in BMG’s initiative to establish the fund that was officially launched at the Syria International Forum for Trade and Investment last week in Damascus.
He also pointed out that the investment environment is improving in Syria and the government is ready and willing to resolve outstanding issues. Members of the Saudi Syrian Business Council also showed their interest in investing in Syria and in the fund.
The Saudi Syrian Business Council also met with their counterparts from the Damascus Chamber of Commerce to try and resolve issues and obstacles faced by Saudi investors in Syria such as visa requirements to enter the Kingdom. The Syrian side of the council discussed the visa difficulties and Munnir Sanadi, first secretary in the Saudi Embassy in Damascus, answered the queries and advised that a six-month multiple visa will be granted to Syrian businessmen.