Syria is a “cornerstone of regional stability,” and restoring ties with Riyadh was a “strategic step” toward Damascus’ reintegration into its Arab and international surroundings, Syrian Transitional President Ahmed al-Sharaa said at Future Investment Initiative (FII) in Riyadh on Wednesday, 29 October.
Al-Sharaa argued that “the world has tried Syria’s failure” over the past 14 years, resulting in crises, displacement, and narcotics proliferation. Given Syria’s geography and historic role as a trade corridor between East and West, he said, the country’s success would be a strategic gain for the region and beyond.
On the investment climate, al-Sharaa said inbound investments in the first six months exceeded 28 billion US dollars. “Every calamity Syria endured in the past is an investment opportunity for reconstruction,” he said.
He stressed that improving the business environment requires “new, attractive legislation.” Amendments to the new Investment Law proposed by Syria’s Ministry of Finance, he added, tilt the framework in favor of both local and foreign investors by allowing profit repatriation and the transfer of most capital abroad.
Rich opportunities, he said, help reduce risk and accelerate returns. Projects that typically take seven years to break even could become profitable in three to four years in today’s Syrian market due to strong unmet demand.
Syria’s current trade policy, he noted, still “somewhat” protects domestic producers by raising tariffs on equivalent imports and, at times, restricting similar goods, especially agricultural products. With weak domestic output, “opening the market now” would flood the country with imports at the expense of local production.
According to al-Sharaa, the draft Investment Law was reviewed by major global firms such as McKinsey, examined by Saudi Arabia’s Ministry of Investment, and vetted by international economists. He described it as “among the world’s top ten laws,” while acknowledging that the real challenge lies in implementation.
He identified real estate as one of Syria’s largest investment avenues given the extensive destruction in recent years. The government, he said, has opted for reconstruction through investment rather than reliance on external aid, arguing that an aid-dependent culture breeds complacency. Instead, Syria will focus on its diverse human resources as its most important capital for building a sustainable economy.
Al-Sharaa added that Syria is a tourism and agriculture destination with a diversified economy. He claimed the country can feed roughly 250 to 300 million people despite a current population of about 25 million. On energy, he said Syria has a surplus in oil and gas production, in addition to substantial offshore and desert gas reserves.
He pointed to the entry of major companies into the Syrian market, citing Saudi investments he valued at around 7 billion US dollars, as well as Qatari projects at Damascus International Airport and in power generation, alongside hotel, real-estate, and new housing-city ventures.
Looking ahead, al-Sharaa said his primary bet is on Syrians themselves after 14 years of war and loss. Their endurance and adherence to principles, he argued, position them to rebuild Syria.
As for a roadmap, he said the first step is the return of Syrians from displacement and exile. Syria can then reclaim its economic standing and move up the ranks globally “within a few years.”
Al-Sharaa’s participation in “Davos in the Desert”
Al-Sharaa arrived in Saudi Arabia on 28 October for a working visit during which he met Crown Prince Mohammed bin Salman and took part in the ninth FII, also known as “Davos in the Desert,” hosted in Riyadh.
The forum takes its nickname from the annual World Economic Forum in Davos, Switzerland. It convenes leading business figures, politicians, and academics to debate global economic and political challenges and potential solutions.
A high-level Syrian delegation of ministers, experts, and business leaders accompanied al-Sharaa. Some arrived in Riyadh two days earlier for meetings with major investors and global companies to build partnerships in infrastructure, housing, energy, health, technology, and sustainable industries.
This year’s forum is held under the theme “The Key to Prosperity,” featuring more than 8,000 participants and 650 speakers from around the world in 250 sessions on investment in the economy and technology and future development paths.
What is “Davos in the Desert”?
The Future Investment Initiative, often dubbed “Davos in the Desert,” was launched by Crown Prince Mohammed bin Salman in 2017 to attract foreign investors and promote Saudi Vision 2030 for diversifying the Kingdom’s oil-dependent economy.
The event gathers investors, leaders, and CEOs from numerous countries to present and debate global investment trends and opportunities, boost economic development, and address its challenges.
During its first edition, Saudi Arabia announced the planned “city of the future,” NEOM, a flagship Vision 2030 project valued at over 500 billion US dollars.
Nibal Najmeh, Standard Chartered’s Global Head of Banking Services, wrote on Facebook that the forum has become one of Saudi Arabia’s most prominent annual economic events under the Public Investment Fund’s patronage, serving as a leading global platform that brings together government leaders, major investors, entrepreneurs, and innovators to anticipate the global economy’s future and explore promising opportunities across sectors.
