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Saudi Commerce Minister to Asharq Al-Awsat: ‘Shareek’ Boosts Private Sector Growth, Contribution to GDP

Saudi Minister of Commerce and Investment and Acting Minister of Media Majid bin Abdullah al-Qasabi.
Saudi Minister of Commerce and Investment and Acting Minister of Media Majid bin Abdullah al-Qasabi.
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Saudi Commerce Minister to Asharq Al-Awsat: ‘Shareek’ Boosts Private Sector Growth, Contribution to GDP

Saudi Minister of Commerce and Investment and Acting Minister of Media Majid bin Abdullah al-Qasabi.
Saudi Minister of Commerce and Investment and Acting Minister of Media Majid bin Abdullah al-Qasabi.

Saudi Minister of Commerce and Investment and Acting Minister of Media Majid bin Abdullah al-Qasabi emphasized the government’s trust in the role of the private sector in creating a giant economy in the next stage and generating major investment opportunities that enhance its contribution to the GDP.

In an interview with Asharq Al-Awsat, Qasabi talked about the “Shareek” program, which was recently launched by Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, to promote partnership between the private and public sectors.

“This program establishes a new phase and a serious partnership between the public and private sectors, and its launch by the Crown Prince is an affirmation of the state’s confidence in the private sector and its important role in creating a gigantic and pioneering economy in the next phase,” he said.

Earlier this month, Crown Prince Mohammed announced that the Kingdom would boost economic activity by means of a plan to increase private sector investment. Under the Shareek program, private sector businesses will be helped to invest 5 trillion riyals between now and 2030.

Underlining the objective to increase the private sector’s contribution to the GDP to 65 percent by 2030, Qasabi noted: “The state is working to empower and support the private sector, accelerate its growth, and create great opportunities for investment through the elements that the national economy possesses and promising sectors, such as tourism, mining, industry, petrochemicals, services and technology.”

Asked about the factors that would allow the public and private sectors to achieve the goals of Shareek program, Qasabi said: “The most important achievement over the past four years is the creation of a business model for government agencies under the supervision and leadership of Crown Prince Mohammed that enabled them to become flexible and fast in their dealings with investors.”

Other factors include, according to the minister, the big purchasing power of the Saudi market and the ability of leading companies to access global markets.

On the new program’s contribution in promoting the Kingdom’s status worldwide, he said: “The Saudi economy is large and Vision 2030 has opened the way for promising programs and projects to enhance its global position.”

He added that the Kingdom was part of the G20 countries and occupied the 18th rank in the world’s largest economies, stressing that the Shareek program would speed up the progress of the Saudi economy to reach the 15th position.

“The program will also strengthen the country’s regional position as a business enabler, through proactive, innovative, smart and unique steps, in addition to facilitating the opening of new global markets, and enhancing the presence of the Saudi products in more than 178 countries,” the minister told Asharq Al-Awsat.

As for Shareek’s role in increasing the value of investments, Qasabi remarked that boosting confidence in the investment system was a government priority.

In this regard, he revealed that the volume of local investments that the program would generate would reach 5 trillion riyals (USD 1.3 trillion) by the end of 2030.

According to the minister, the program enables major national companies to expand their investments by 50 percent, develop their investment capabilities and increase their competitiveness at the regional and global levels.

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Syrian Minister of Economy: Sanctions Relief Tied to Reforms

Syrian Minister of Economy and Industry Nidal Al-Shaar standing in line outside Al-Razi Bakery in Aleppo Province, listening to citizens’ concerns (Facebook page). 
Syrian Minister of Economy and Industry Nidal Al-Shaar standing in line outside Al-Razi Bakery in Aleppo Province, listening to citizens’ concerns (Facebook page). 
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Syrian Minister of Economy: Sanctions Relief Tied to Reforms

Syrian Minister of Economy and Industry Nidal Al-Shaar standing in line outside Al-Razi Bakery in Aleppo Province, listening to citizens’ concerns (Facebook page). 
Syrian Minister of Economy and Industry Nidal Al-Shaar standing in line outside Al-Razi Bakery in Aleppo Province, listening to citizens’ concerns (Facebook page). 

Syrian Minister of Economy and Industry Nidal Al-Shaar stated that while the serious lifting of US sanctions on Syria could gradually yield positive results for the country’s economy, expectations must remain realistic, as rebuilding trust in the Syrian economy is essential.

In an exclusive interview with Asharq Al-Awsat, Al-Shaar described the removal of sanctions as a necessary first step toward eliminating the obstacles that have long hindered Syria’s economic recovery. Although the immediate impact will likely be limited, he noted that in the medium term, improvements in trade activity and the resumption of some banking transactions could help create a more favorable environment for investment and production.

The breakthrough came after Saudi Crown Prince Mohammed bin Salman successfully facilitated a thaw in relations between Washington and Damascus, ultimately convincing the US president to lift sanctions on Syria. During his historic visit to Saudi Arabia last Wednesday, President Donald Trump announced he would order the removal of all sanctions on Syria to “give it a chance to thrive”—a move seen as a major opportunity for the country to begin a new chapter.

Al-Shaar cautioned, however, that Syrians should not expect an immediate improvement in living standards. “We need to manage the post-sanctions phase with an open and pragmatic economic mindset,” he said, stressing that real progress will only come if sanctions relief is accompanied by meaningful economic reforms, increased transparency, and support for the business climate.

He added that Syrians will begin to feel the difference when the cost of living declines and job opportunities grow—an outcome that requires time, planning, and stability.

According to Al-Shaar, the first tangible benefits of lifting sanctions are likely to be seen in the banking and trade sectors, through facilitated financial transfers, improved access to essential goods, and lower transportation and import costs. “We may also see initial interest from investors who were previously deterred by legal restrictions,” he said. “But it’s important to emphasize that political openness alone isn’t enough—there must also be genuine economic openness from within.”

He also underscored the importance of regional support, saying that any positive role played by neighboring countries in encouraging the US to lift sanctions and normalize ties with Damascus “must be met with appreciation and cooperation.” Al-Shaar emphasized that robust intra-Arab economic relations should form a cornerstone of any reconstruction phase. “We need an economic approach that is open to the Arab world, and we could see strategic partnerships that reignite the national economy—especially through the financing of major infrastructure and development projects.”

When asked whether he expects a surge in Arab and foreign investment following the lifting of sanctions, Al-Shaar responded: “Yes, there is growing interest in investing in Syria, and several companies have already entered the market. But investors first and foremost seek legal certainty and political guarantees.” He explained that investment is not driven solely by the removal of sanctions, but by the presence of an encouraging institutional environment. “If we can enhance transparency, streamline procedures, and ensure stability, we will gradually see greater capital inflows—especially in the service, industrial, and agricultural sectors.”

As for which countries may play a significant role in Syria’s reconstruction, Al-Shaar said: “Countries with long-term interests in regional stability will be at the forefront of the rebuilding process. But we must first rebuild our internal foundations and develop an economic model capable of attracting partners under balanced conditions—ones that protect economic sovereignty and promote inclusive development.”

The minister concluded by stressing that lifting sanctions, while significant, is not the end of the crisis. “Rather, it may mark the beginning of a new phase—one filled with challenges,” he said. “The greatest challenge isn’t securing funding, but managing resources wisely, upholding the principles of productivity, justice, and transparency. We need a proactive—not reactive—economy. We must restore the value of work and implement policies that put people at the center of development. Only then can we say we are beginning to emerge from the bottleneck.”

Last Wednesday, Riyadh hosted a landmark meeting between the Crown Prince, Trump, and Syrian President Ahmad Al-Sharaa—marking the first meeting between a Syrian and a US president since Hafez Al-Assad met Bill Clinton in Geneva in 2000.

Most US sanctions on Syria were imposed after the outbreak of the country’s conflict in 2011. These targeted deposed President Bashar Al-Assad, members of his family, and various political and economic figures. In 2020, additional sanctions came into effect under the Caesar Act, targeting Assad’s inner circle and imposing severe penalties on any entity or company dealing with the Syrian regime. The Act also sanctioned Syria’s construction, oil, and gas sectors and prohibited US funding for reconstruction—while exempting humanitarian organizations operating in the country.