The UAE Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi, announced that the UAE and Syria are moving toward renewed cooperation aimed at transforming potential into tangible achievements, including injecting investments into joint free zones to strengthen investment ties through vital partnerships in tourism, agriculture, and technology, with a pivotal role for the private sector.

The Syrian-UAE Investment Forum was launched yesterday in Damascus under the sponsorship of the Syrian Investment Authority to explore the prospects of this advanced partnership and translate opportunities into executive programs, including the development of free zones.

The two countries had announced a series of multi-billion-dollar projects over the year, most notably Eagle Hills’ $50 billion investment, Al Habtoor Group’s $1.5 billion tourism projects, a memorandum between DP World and Port of Tartus worth $800 million, and a $22 million stake by Abu Dhabi Ports in Port of Latakia, along with Dana Gas’s agreement to develop Syrian fields.

Mohammed Alabbar, founder of Emaar Properties, emphasized during the forum that tourism investment in Syria is promising, expecting the number of tourists to rise to 8 million over the next five years. He added that Emaar’s projects on the Syrian coast are set to commence within six months, with investments valued between $5 billion and $7 billion aimed at creating 400,000 jobs and establishing a company to manage investments in Syria.

Mazen Dirwan, Chairman of the Federation of Industry Chambers, stated that the current trade exchange of $1.3 billion is modest and should be multiplied by ten, predicting a Syrian economic growth of 10% this year after 5% last year, supported by the lifting of US sanctions.