The UAE and Syria have revived their joint business council to boost trade and investment ties, as Damascus seeks Gulf capital to help rebuild an economy battered by years of civil war and sanctions.
The restructured UAE-Syria Business Council is to serve as a platform to develop new partnerships between businesses and investors across key sectors, the UAE Ministry of Foreign Trade said on Tuesday. The decision followed a meeting between Dr Thani Al Zeyoudi, UAE Minister of Foreign Trade, and Dr Mohammed Al Shaar, Syrian Minister of Economy and Industry, in Abu Dhabi.
In July, the countries held their first bilateral business forum since the downfall of former Syrian president Bashar Al Assad in December 2024. The restructuring of the council was led by the Federation of UAE Chambers of Commerce and Industry, with Essa Al Ghurair appointed chairman of the UAE side and Yahya Lootah to serve as vice chairman.
Dr Al Zeyoudi said the move to restart the council reflected the "desire of both countries to restore trade and investment relations to their full potential”. He added the move would help create a roadmap to deepen ties and expand private sector co-operation in line with the development goals of both countries.
Syria's economy continues to be opened up following the toppling of the Assad regime and the lifting of western sanctions last year. Gulf states and other regional countries are moving quickly to invest in Syria’s future by launching diplomatic, financial and infrastructure support.
The UAE, in particular, has accelerated its push into Syria. Dubai logistics company DP World ha started operations in Syria's Tartus port, which includes about $800 million in infrastructure upgrades.
Humaid bin Salem, secretary general of the Federation of UAE Chambers of Commerce and Industry, said the appointment of Emirati members to the business council was an “important step towards strengthening institutional co-operation between the business communities of both countries”.
He said the council’s reactivation would help to deepen ties between companies and investors, while creating new trade and investment opportunities across priority sectors.
Syria has also held trade talks with Lebanon as the countries repair their political and economic relationship.
