Deal Signed in Damascus
The Syrian Sovereign Fund and the Syrian Investment Authority signed a memorandum of understanding with Saudi Arabia's Al-Muhaidib Group on 8 July 2026 to study and develop investment in the country's food-industries sector. The signing took place at the Sovereign Fund's headquarters in Damascus.
The Sovereign Fund is chaired by the minister of tourism, Mazen al-Salehani, while the Investment Authority is led by Talal al-Halali. The Saudi delegation was headed by Emad al-Muhaidib, the group's deputy chairman, alongside its chief executive, Issam al-Muhaidib.
Dairy and Cattle Focus
The agreement centers on cattle-breeding and the production of milk and cheese, in cooperation with a European company specialized in dairy manufacturing. Officials said the aim is to transfer technology, train farmers, strengthen local supply chains and expand food production. The parties described the venture as a way to bolster food security and localize dairy manufacturing inside the country.
Al-Halali described the memorandum as an important step for the sector, spanning milk output, agriculture, cattle-breeding, farmer training and equipment, and said it would create a large number of jobs.
Restarting Two Milk Plants
Under the plan, two of Syria's largest milk-production factories that halted during the war years would return to service. Al-Salehani said the projects target higher yields and improved production methods, with foreign firms transferring expertise to local farmers.
He added that the Sovereign Fund is committed to maximizing returns for the Syrian public and delivering sustainable revenue to the state treasury.
Wider Gulf Investment Push
The memorandum follows a broader wave of Saudi interest in Syria. In July 2025, the two countries signed 47 investment memoranda valued at about 24 billion Saudi riyals, roughly 6.4 billion US dollars (USD), spanning industry, energy, infrastructure, real estate and financial technology.
Emad al-Muhaidib said Syria offered strong investment fundamentals, citing its natural resources, workforce and geographic location. Al-Muhaidib, a family group founded in 1946, already operates in Syria across several sectors, including food, consumer goods, manufacturing and infrastructure.