The recent rapid rapprochement between Abu Dhabi and Damascus highlights a significant shift in economic and investment collaboration between the United Arab Emirates and Syria. On Thursday, Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE, engaged in a telephone conversation with Syrian President Ahmad al-Sharaa to discuss strengthening economic relations. This discussion focused on development priorities and mutual interests that aim to benefit both nations amid evolving regional dynamics.
Strengthening Economic Ties
According to the Emirates News Agency (WAM), both leaders exchanged views on several regional issues of mutual interest, particularly the ongoing developments in the Middle East and their implications for regional and international security and stability. The dialogue also emphasized joint efforts to mitigate the impacts of crises and enhance opportunities for peace and stability across the region.
Increasing Economic Engagement
This telephone conversation occurs amid a noticeable increase in economic openness between Damascus and Abu Dhabi in recent months. Last week, President al-Sharaa welcomed an Emirati economic delegation led by business magnate Mohammed Alabbar, Chairman of Emaar Properties, to explore collaboration and investment opportunities across various sectors. Such visits signify a budding interest in cooperative ventures that cater to both nations’ developmental needs.
Trade Expansion and Future Prospects
During the second day of the first Syrian-Emirati Investment Forum, Minister of Trade Thani bin Ahmed Al Zeyoudi highlighted that trade volume between the two countries is projected to reach approximately $1.4 billion by 2025. He pointed out that trade relations are on an upward trajectory, presenting promising possibilities for broader economic partnerships in the near future. This growth underscores the significance of accelerating joint efforts in various economic avenues.
Tourism Potential in Syria
Mohammed Alabbar underscored the lucrative investment opportunities in Syria’s tourism sector during the first Syrian Business Forum in Damascus. He noted the potential to increase incoming tourists to around 8 million within the next five years, a scenario that would positively impact the Syrian economy and its development sectors. This aligns with the growing acknowledgment of Syria as a land ripe for tourism revival and investment.
Both leaders previously met in Abu Dhabi last April, where they reaffirmed their commitment to strengthening bilateral relations and expanding collaboration across various fields. This ongoing dialogue aims to support developmental pathways and fulfill the aspirations of both nations for a more stable and prosperous future. The economic relations between Damascus and Abu Dhabi are witnessing a swift thaw following years of stagnation due to the Syrian conflict and regional tensions, indicating a hopeful trajectory for mutual growth.