RIYADH: The UAE and Syria are looking toward a new phase of economic cooperation aimed at transforming ideas and investment opportunities into joint projects on the ground, including the development of free zones in Syria, UAE Minister of State for Foreign Trade Thani Al-Zeyoudi said.
This comes as the first “Syrian-UAE Investment Forum,” organized in Damascus by the Syrian Investment Authority, kicked off to explore prospects for investment and economic cooperation between the two countries.
The Syrian economy has witnessed a notable recovery after being devastated by the war that erupted in 2011 and ended with the overthrow of the Assad family regime, which had lasted for decades.
Damascus is seeking to attract foreign investments for reconstruction and to revitalize its economic sectors and infrastructure.
Turning ideas into real projects
Al-Zeyoudi said in his speech during the forum’s opening session: “We are currently working on transforming discussions into joint projects and projects into tangible measures,” noting that the UAE believes economic partnerships are built on joint cooperation with the private sector.
A year ago, Al-Zeyoudi stated that the UAE does not rule out starting negotiations with Syria to reach a Comprehensive Economic Partnership Agreement, confirming in an interview with Asharq that the UAE is open to economic cooperation and integration with Syria following the lifting of US sanctions, which had represented the main obstacle to such economic rapprochement.
Al-Zeyoudi expressed his country’s desire to invest in free zones in Syria, noting that more details will be discussed and that “if we reach an agreement, we will provide them with all facilities to expedite the signing and implementation of this agreement.”
Emirati-Syrian projects worth tens of billions
Over roughly the past year, the two countries announced several projects and memoranda of understanding worth billions of dollars.
Among the most prominent are projects by Eagle Hills with an expected investment value of $50 billion, potential tourism investments by Al Habtoor Group worth $1.5 billion, a memorandum of understanding between DP World and the Port of Tartous valued at around $800 million, a stake for AD Ports Group in the Port of Latakia worth $22 million, in addition to a memorandum of understanding with Dana Gas to develop Syrian gas fields.
The UAE minister also indicated that efforts will be made to explore investment opportunities in the sectors of agriculture, food industries, healthcare, education, technology, telecommunications, and digital transformation in Syria.
Trade exchange between the two countries reached $1.3 billion last year, and there are around 40,000 Syrian companies in the UAE, according to Al-Zeyoudi.
Syria seeks partners, not capital
For his part, Syrian Economy Minister Nedal Al Shaar considered that what can be built between Syria and the UAE is greater than economic projects, noting that “when the UAE meets Syrian capabilities, a project is not created, but a future is built.”
Talal Al Hilali, head of the Syrian Investment Authority, noted that Syria is entering a new phase of rebuilding a modern, competitive economy open to the world, adding that the investment environment has been developed, procedures for investors have been simplified, and work is underway on the investment law.
Al Hilali added: “Today we have a flexible legal and investment framework that allows full ownership for the foreign investor without imposing any government or private partnership on him,” stressing that “Syria today is not looking for capital, but for real partners, and we believe that the coming phase is based on real implementation.”
Weak bilateral trade
The Syrian economy continues to show clear signs of recovery, with a noticeable slowdown in inflation and the achievement of a slight surplus in the 2025 state budget, according to the International Monetary Fund, which described these developments as reflecting an improvement in fiscal and monetary policy management.
Mazen Dirwan, head of the Federation of Syrian Chambers of Industry, said in an interview with Asharq on the sidelines of the forum that the trade exchange figure with the UAE of $1.3 billion is “very small compared to the size of the economies and markets of the two countries,” adding that it should increase at least tenfold
He called for cooperation between the two countries so that their economies can enter new markets by manufacturing products and exporting them to other countries.
Syria expects economic growth to double this year to nearly 10 percent, up from 5 percent last year, with the lifting of US sanctions contributing to supporting the recovery after more than a decade of war and unrest.
Syria is a promising market
Sultan Al Falahi, CEO of Sultan Investments, revealed to Asharq that his companies, Sultan Holding and Ruwais Hotels, have been present in Syria for several months to explore investment opportunities in tourism, real estate development, and industry, considering Syria a promising market.
A person familiar with the matter revealed to Asharq days ago that UAE-based Eagle Hills is studying the launch of two massive urban development projects in Syria under two master plans with development costs exceeding $50 billion.
The first project is located in Damascus on an area of 33 million sq. meters and includes around 73,000 residential units and nearly 3,200 hotel rooms.
The second project is located in Latakia on an area of 15 million sq. meters and includes integrated residential and tourism development, with the plan comprising more than 29,000 residential units and 2,800 hotel rooms.
Syria heading toward a new phase
Meanwhile, Faisal bin Sulaitin, CEO of the Dubai Economic Security Center, told Asharq: “We have noticed changes in laws and legislative flexibility, and we see a direction in Syria toward a new phase of the economy that depends on financial technology, food security, agriculture, banks, and new sovereign portfolios,” expressing hope for signing contracts in the coming period.
Sultan Al-Hindassi, director general of the Fujairah Chamber of Commerce and Industry, said: “We are exploring investment opportunities in tourism, infrastructure, logistics, services, and industry.”
Meanwhile, Mazen Alloush, director of relations at Syria’s General Authority for Land and Sea Ports, told Asharq during the forum: “We are working on expanding our partnership with DP World and AD Ports Group, and there are discussions about new partnerships with them in the fields of ports and free zones.”
A year ago, Syria’s General Authority for Land and Sea Ports signed a memorandum of understanding worth $800 million with DP World, under which the Emirati company will develop and operate a multipurpose container terminal at the Port of Tartous.
This coincided with the UAE strengthening its investments and presence in Syrian ports, as AD Ports Group acquired a 20 percent stake in Syria’s Latakia International Container Terminal Co. for $22 million.
