Saudi newspaper: Trade and investment relations between Saudi Arabia and Syria are expected to big recovery
The Saudi al Eqtisadiah newspaper, who is focus on economy, expected a significant leap in trade and investment between Saudi Arabia and Syria in the coming period, in light of the political and economic transformations that Syria is undergoing after the appointment of Ahmed al Sharaa as president of the country and the start of reconstruction operations.
The Saudi newspaper indicated, based on data from the General Authority for Statistics, that the volume of trade exchange between Saudi Arabia and Syria during the past decade amounted to 9.1 billion riyals (about $2.4 billion), with a trade surplus in favor of Syria amounting to 6.8 billion riyals (about $1.8 billion).
The report also showed that the volume of trade exchange between the two countries during 2024 and until November amounted to 1.2 billion riyals (about $320 million), with a trade surplus in favor of Syria amounting to 135 million riyals (about $36 million).
The Saudi newspaper indicated that this exchange includes various goods such as plastics, coffee and tea, spices, and chemical products.
At the level of investments, the volume of net foreign direct investment between the two countries during the past five years amounted to about 3.5 billion riyals (about $933 million), with 2023 alone recording investments worth 1 billion riyals (about $267 million), representing about a third of the total investments during that period.
The report confirmed that Syrian nationality came in fourth place among the nationalities that obtained licenses for foreign investment in Saudi Arabia during the third quarter of last year, as the number of licenses reached 246 licenses, which constitutes 6% of the total licenses.
The report also discussed the role played by Saudi Arabia in lifting the sanctions imposed on Syria, with the aim of improving the economic situation there and supporting the Syrian people.
During Syrian President Ahmed al Sharaa’s visit to Riyadh, he was received by Saudi Crown Prince Mohammed bin Salman, where they discussed ways to strengthen bilateral relations between the two countries and opportunities for cooperation in various fields, in addition to discussing regional conditions and efforts made to support stability in Syria.
