Plans to establish a new joint Saudi-Syrian real-estate company were agreed upon earlier this week after a memo of understanding was signed between Syria's General Establishment for Housing and Saudi Arabia's First Company for Saudi Real-Estate Development.
The memo for the Euro 350 million project was signed by Omar Ghlawenji, Syria's Director General of the General Establishment for Housing and A'aed Al Qahtani, Executive Director for the 1st Company for Saudi Real–Estate Development, according to SANA.
The project will help boost joint projects in the two countries to benefit the peoples of both Saudi Arabia and Syria. Syria's Prime Minister Mohammed Naji Ottri stressed that the Syrian government is interested in improving housing conditions for all Syrian residents and citizens. He also called on Arab investors to invest in the country.