Riyadh Cables Company, a subsidiary of Saudi-listed Riyadh Cables Group, has signed a non-binding memorandum of understanding (MoU) with the Syrian Sovereign Fund to support the development of Syria’s cable manufacturing sector.
A press release said that the agreement, announced in early November, outlines plans to manage, operate, and develop the facilities of Syrian Modern Cable Company, one of the country’s few established cable producers.
Per a filing with the Saudi stock exchange (Tadawul), the MoU is valid for six months and aims to localize technical expertise and enhance Syria’s capacity to produce power and electrical cables. While the deal does not involve an acquisition, it marks a rare instance of foreign industrial engagement in Syria’s post-conflict economy.
Syrian Modern Cable Company, founded in 1996 and based in Adra Industrial City, has historically exported to Europe and the Middle East, but its scale remains modest. With annual production capacity of 10,000 metric tons, it is a prominent Syrian cable manufacturer. The company produces an array of electrical cables, including enameled wire and PVC granules. It maintains international quality certifications such as ISO 9001-2015 and BASEC.
The Syrian Sovereign Fund has been actively courting foreign partners to revitalize key sectors, particularly those tied to infrastructure and energy. Per Reuters and Zawya, Gulf states and Turkey have pledged over $40 billion in reconstruction investments since 2024.
Syria’s cable industry includes a handful of domestic players such as Union Electrical Group and Universal Electric, which already export to Iraq, Lebanon and Jordan. However, international sanctions, banking restrictions, and logistical hurdles have limited foreign competition.
