According to UAE Minister of Foreign Trade Thani Al Zeyoudi, the UAE and Syria are anticipating a new stage of economic cooperation with the goal of converting investment ideas and prospects into cooperative initiatives on the ground, including the creation of free zones in Syria.

The inaugural Syrian-Emirati Investment Forum took place on May 11-12, 2026, in Damascus’ Conference Palace. The Syrian Investment Authority (SIA) hosted the event, which was intended to strengthen business connections and encourage international investment in Syria’s improving economy to explore potential business and economic cooperation opportunities between the two nations.

After being decimated by the conflict that broke out in 2011 and finished with the toppling of the Assad family dictatorship after decades in power, the Syrian economy is making a significant comeback. Damascus is trying to draw in international capital for infrastructure and business sector revitalisation as well as rehabilitation.

Turning Concepts into Actual Projects

In his opening remarks at the event, Al Zeyoudi noted, “We are currently working on transforming discussions into joint projects and projects into concrete actions,” highlighting the UAE’s belief that economic relationships are founded on collaboration with the private sector.

A year ago, Al Zeyoudi indicated that the UAE is open to negotiating a comprehensive economic partnership with Syria, contingent on the lifting of US sanctions that hindered economic cooperation and integration.

During the forum, Al Zeyoudi stated that his country aims to invest in free zones in Syria, with further discussions anticipated. He emphasised that an agreement would lead to the provision of necessary facilities for swift signing and implementation.

UAE-Syria Initiatives Valued at Tens of Billions

The two nations have initiated several projects and memoranda of understanding worth billions over the past year, including an $800 million deal between DP World and the port of Tartus, a $50 billion investment by Eagle Hills, potential $1.5 billion tourism investments by the Al Habtoor Group, and a $22 million stake by Abu Dhabi Ports in the port of Latakia. Additionally, Dana Gas has signed a memorandum of understanding to develop Syrian gas reserves.

The UAE Minister of Foreign Trade announced plans to explore investment opportunities in various sectors in Syria, including agriculture, food processing, healthcare, education, technology, telecommunications, and digital transformation.

Trade exchange between the UAE and Syria totalled $1.3 billion last year, with around 40,000 Syrian companies operating in the UAE, as stated by Al Zeyoudi.

Syria Is Looking for Allies, Not Money

Syrian Economy Minister Nidal al-Shaar underscored that the collaboration between Syria and the UAE transcends mere economic projects, asserting that it represents the construction of a shared future through the synergy of their respective capabilities.

The head of the Syrian Investment Authority, Talal al-Hilali, announced that Syria is entering a new phase focused on rebuilding a modern, competitive economy. He highlighted improvements in the investment environment, simplification of investor procedures, and ongoing work on the investment law.

Furthermore, Al-Hilali stated that Syria has established a flexible legal and investment framework enabling full foreign ownership without mandatory partnerships. He noted that the focus is on seeking genuine partners rather than just capital, stressing the importance of real implementation in the next phase.

Intra-Syrian Trade’s Limited Size

According to the International Monetary Fund (IMF), the Syrian economy is still showing signs of recovery, with inflation slowing and a minor budget surplus expected in 2025. According to the IMF, these changes indicate improved fiscal and monetary policy management.

Mazen Derwan, chairman of the Federation of Syrian Chambers of Industry, stated that the $1.3 billion trade with the UAE is minimal compared to the two countries’ economies, suggesting a tenfold increase. He advocates for enhanced collaboration to access new markets through joint production and export initiatives.

Syria anticipates economic growth to nearly double this year to almost 10%, up from 5% last year, aided by the lifting of US sanctions and recovery following over a decade of war and unrest.

Syria: An Intriguing Market

Sultan Al-Falahi, CEO of Sultan Investments, stated that Sultan Holding and Royce Hotels have been exploring investment opportunities in the industry, real estate development, and tourism in Syria, viewing the country as a promising market.

A source revealed that the Emirati company Eagle Hills is planning to initiate two significant real estate projects in Syria, with a total development cost exceeding $50 billion.

The first project in Damascus spans 33 million square metres, featuring around 73,000 residential units and nearly 3,200 hotel rooms. The second project in Latakia covers 15 million square metres and aims for over 29,000 residential units and 2,800 hotel rooms within an integrated residential and tourism development.

Syria Begins a New Stage

Faisal bin Sulaiti, CEO of the Dubai Centre for Economic Security, noted changes in Syrian laws indicating a shift towards an economy focused on financial technology, food security, agriculture, banking, and new sovereign wealth funds, expressing anticipation for upcoming contract signings.

Fujairah Chamber of Commerce and Industry’s Director General, Sultan Jumaa Al-Hindasi, announced that the organisation is seeking investment opportunities across tourism, infrastructure, logistics, services, and industrial sectors.

Meanwhile, Mazen Alloush, Director of Public Relations at the Syrian General Authority for Land and Sea Ports, stated that they are looking to strengthen their relationship with Dubai Ports and Abu Dhabi Ports, as well as to develop additional port and free zone collaborations.

A year ago, Syria’s General Authority for Maritime and Land Ports signed an $800 million memorandum of understanding with DP World to develop and operate a container terminal at Tartus. This aligns with the UAE’s growing investment in Syrian ports, highlighted by Abu Dhabi Ports Group’s acquisition of a 20% stake in Latakia International Container Terminal for $22 million.