The Syrian Future Movement welcomes the issuance of Decree No. 33 by the Minister of Economy and Industry, Dr. Nidal al-Shaar, dated February 6, 2026 (Friday), which establishes the Syrian side of the Syrian-Saudi Business Council. The council will be chaired by businessman Haitham Subhi Joud, with members including Rifai Hamada (CEO), Samer Montaser Qalaaji (Deputy CEO), Nasser Youssef (Chief Operations Officer), and Antoine Nasri (Private Sector Coordinator). The council operates in accordance with the bylaws governing joint Syrian business councils with other countries and serves as a permanent executive mechanism to strengthen economic partnership with the Kingdom of Saudi Arabia.
The Syrian Future Movement considers this formation a crucial strategic step in the Syrian economic recovery process. It directly complements the Syrian-Saudi Investment Forum held in Damascus on July 24, 2025, which saw the signing of 47 agreements and memoranda of understanding with a total value of approximately 24 billion Saudi riyals (around 6.4 billion US dollars) in the energy, real estate, infrastructure, telecommunications, cybersecurity, and manufacturing sectors.
This is also linked to Minister Al-Shaar’s participation in the Saudi International Commercial Arbitration Center conference in Riyadh on February 4, 2026, where he emphasized the government’s commitment to a transparent and encouraging investment environment.
The Syrian Future Movement highlights the key economic advantages of this development:
- Facilitating the flow of foreign direct investment (FDI) from Saudi Arabia, which possesses high liquidity and expertise in reconstruction. This will contribute to revitalizing productive sectors and creating sustainable job opportunities, especially after the previous forum resulted in agreements worth $6.4 billion, including infrastructure projects worth $2.93 billion and telecommunications projects worth $1 billion.
- Improving the balance of payments by increasing Syrian exports to the Saudi market (the largest Arab economy) and facilitating the import of raw materials and technology to restart factories and projects.
- Building a long-term strategic partnership that supports the transformation of the Syrian economy towards a development model based on private investment, benefiting from Saudi Vision 2030, with the potential to expand cooperation to include additional sectors such as renewable energy and tourism.
- Strengthening confidence in the Syrian investment climate, especially given indications of potential Saudi investments exceeding $20 billion in later phases, according to previous official statements.
The Syrian Future Movement recognizes the accompanying economic challenges that must be addressed to fully capitalize on these opportunities. These challenges include:
- Ensuring a balanced geographical distribution of investments (including rural and industrial areas outside Damascus) and sector-wise, to avoid concentration solely in the capital.
- Overcoming structural obstacles such as energy shortages, weak infrastructure, inflation, exchange rate volatility, and a lack of banking liquidity, which could slow project implementation despite the high value of previous agreements.
- The need for immediate legislative reforms to streamline procedures, combat corruption, and protect investors’ rights, while ensuring the participation of the genuine Syrian private sector to prevent monopolies or economic dependence.
To maximize the benefits, the Syrian Future Movement recommends the following:
- Activating the council immediately by holding regular joint meetings and developing a clear timeline for implementing priority projects (reconstruction, renewable energy, and manufacturing), along with regular monitoring of the 47 previous agreements.
- Linking the Council’s activities to a comprehensive national economic reform plan, including liberalizing foreign trade, developing the banking sector, and enacting modern investment laws to attract more Gulf states.
- Strengthening the role of the Syrian private sector within the Council as a key partner, with training programs and facilitated financing for joint projects, to ensure knowledge transfer and the creation of high levels of local added value.
- Expanding the partnership to include sustainable development and technology, while adhering to standards of transparency and social justice to achieve inclusive growth that benefits all segments of society.
The Syrian Future Movement calls on the government and the private sector to seize this historic opportunity to rebuild a strong, independent, and regionally integrated national economy, restoring Syria’s leading economic role in the Arab region.
