Dubai – The Saudi-Syrian Business Council is currently working on approximately three new pathways that are still under construction. These initiatives aim to facilitate the entry of Saudi companies into the Syrian market and prepare the ground for new sectoral projects in the coming stages.
Strengthening Economic Ties
Economic relations between Saudi Arabia and Syria have developed significantly since last year. This progress followed the arrival of a high-level Saudi delegation to Damascus, led by former Investment Minister Engineer Khaled Al-Falih. The delegation included more than 130 business leaders and investors, reflecting official interest in enhancing commercial ties.
The visit resulted in the signing of more than 47 agreements and memorandums of understanding across eleven vital sectors. Total investments exceeded 6.4 billion dollars, covering real estate, infrastructure, telecommunications, information technology, and industry. A coordination mechanism was established with the Syrian Investment Authority to form a joint team studying the development of land and sea logistics corridors.
Logistical and Regulatory Frameworks
This joint team aims to facilitate direct access for exports and streamline procedures for the temporary import of equipment used in project implementation. Simultaneously, the Saudi Chambers Union opened a direct channel with the Syrian Sovereign Fund. This move supports communication regarding available investment opportunities for the Saudi private sector and engagement with relevant authorities in the Syrian market.
The council’s establishment coincides with Syria preparing for a new phase of reconstruction and development. This environment allows the Saudi private sector to participate in various economic sectors, leveraging its financial capabilities and project development expertise. Since its inception, the council has prepared an action plan for the period from 2025 to 2030.
Strategic Action Plan
The plan targets sustainable economic cooperation, highlighting investment opportunities and supporting strategic partnerships. It focuses on enabling the Saudi private sector to benefit from reconstruction efforts through export support and simplified procedures. Priority sectors include infrastructure, trade, real estate development, tourism, industry, and food security.
Mohammed bin Abdullah Abu Nayan, Chairman of the Saudi-Syrian Business Council, stated that the council includes senior officials and internationally active investors. Their participation enhances the ability to support commercial relations and achieve objectives. In August last year, a delegation visited Damascus with 180 business leaders.
The visit included meetings with government officials and eight sectoral workshops discussing investment challenges. During this trip, the Sham View project by Thra Real Estate was announced with investments exceeding one billion dollars. Additionally, the Narcissus Damascus hotel by Boudl Group was launched, marking significant private sector involvement.
This story was produced in the newsroom from the disclosed sources named above.
