In a pivotal move to strengthen economic ties, the UAE and Syria are exploring economic cooperation through the first Emirati-Syrian Investment Forum, recently launched in Damascus. Organized by the Syrian Investment Authority, this event underscores the commitment of both nations to bolster their economic and investment relations, which are rich with historical significance. The enthusiastic reception of the Emirati delegation illustrates the deep-rooted connections and the promising future of collaboration across various economic sectors.
Significant Participation and Historical Context
The forum was led by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade for the UAE. In his remarks, Al Zeyoudi highlighted the special bond that the Syrian capital holds in the hearts of Emiratis, emphasizing shared historical ties. “Our aim is to enhance bilateral relations across various investment and trade sectors, serving common interests,” he noted. Al Zeyoudi stressed that the upcoming phase requires strengthening cooperation, fostering genuine partnerships, and developing comprehensive projects based on mutual benefits, which would genuinely add value to the economies of both nations.
The Path Forward: Collaborative Opportunities
Al Zeyoudi elaborated on the forum’s objective, which included a series of diverse sessions that saw extensive participation from both public and private sectors. He expressed a shared belief that economic integration and direct dialogue are key to achieving growth, enhancing competitiveness, and creating quality opportunities for mutual prosperity. “The initiatives we undertake are not just projects but pathways to a shared future,” he affirmed.
Syria’s Vision for Economic Transformation
Syrian Minister of Economy, Nidal Al Shaar, noted that the potential for collaboration between Syria and the UAE exceeds mere economic projects. “When the UAE aligns with Syrian talents, we are not just creating a project; we are building a future,” he emphasized. This underscores a broader vision that aims to leverage both nations’ strengths in advancing economic development.
Forum Discussions and Future Investments
The Emirati delegation’s official visit commenced with a focus on exploring avenues for economic and investment collaboration, expanding partnership opportunities in developmental and production sectors. The forum included panel discussions featuring officials and investors from both countries, aimed at fostering direct conversations about partnership opportunities in trade, investment, education, financial services, tourism, real estate, urban development, agriculture, food security, energy, aviation, logistics, healthcare, technology, and digital transformation.
Over the past year, both countries have announced several multi-billion-dollar projects and memoranda of understanding. Noteworthy projects include investments by Eagle Hills, projected to be valued at $50 billion, potential tourism investments by the Al Habtoor Group worth $1.5 billion, and a memorandum of understanding between DP World and the Port of Tartus estimated at $800 million. Additionally, an agreement with Dana Gas aims to develop Syrian gas fields, reflecting a robust trading relationship, which saw a bilateral exchange of $1.3 billion last year, with approximately 40,000 Syrian businesses operating in the UAE.