Hajraf: Volume of Intra-GCC Trade Does Not Live Up to Expectations

Gulf officials at the 55TH meeting of the Federation of GCC Chambers hosted by the UAE from June 7-9, 2021 (Asharq Al-Awsat)
Gulf officials at the 55TH meeting of the Federation of GCC Chambers hosted by the UAE from June 7-9, 2021 (Asharq Al-Awsat)
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Hajraf: Volume of Intra-GCC Trade Does Not Live Up to Expectations

Gulf officials at the 55TH meeting of the Federation of GCC Chambers hosted by the UAE from June 7-9, 2021 (Asharq Al-Awsat)
Gulf officials at the 55TH meeting of the Federation of GCC Chambers hosted by the UAE from June 7-9, 2021 (Asharq Al-Awsat)

Gulf Cooperation Council (GCC) Secretary-General Dr. Nayef al-Hajraf said that the start of post-pandemic economic recovery requires joint efforts from both public and private sectors in GCC countries.

If Gulf states wished to preserve pre-pandemic gains and ensure their continued growth, public and private sectors must work together to advance the progress on the lifting of related restrictions and lockdowns, resuming commercial activities and reinforcing the surge in spending.

In his statement to the Emirates News Agency (WAM), on the sidelines of the 55th meeting of the Federation of GCC Chambers hosted by the UAE from June 7-9, 2021, Al Hajraf said that the value of trade between GCC countries exceeded $90 billion in 2019, which does not meet the aspirations of the GCC’s leaders and peoples.

There is an urgent need to encourage more trade between GCC countries, which constitute a market of over 58 million people with a combined GDP totaling some $1.590 trillion in 2019, he added while highlighting the private sector’s key role in increasing GCC trade.

He also affirmed the need to explore the challenges and obstacles facing the private sector in GCC countries, which are working together to overcome various challenges and create adequate appropriate solutions, to enhance the role of the private sector in supporting GCC exports.

He noted the ongoing cooperation between the GCC Secretariat-General and the Federation of GCC Chambers, which formed a high-level joint action team that holds regular meetings to discuss and monitor all related issues.

The previous consultative meeting of the heads of federations and chambers of GCC countries and ministers of commerce took place on Nov. 4, 2020, and there are ongoing meetings with members of the GCC Customs Union Authority, he noted.

Al-Hajraf further highlighted the keenness of the leaders of GCC countries to enhance their overall cooperation, most notably in economic and development areas and stressed the importance of prioritizing relevant strategic projects while expressing his appreciation for the significant efforts to hold the joint meeting.



Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 
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Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 

In a symbolic and strategic move, Syria and Saudi Arabia took a major step toward deepening economic ties this week with the launch of the Syrian-Saudi Investment Forum 2025, held at the People’s Palace in Damascus. The event brought together top officials from both countries, including Syrian President Ahmad Al-Sharaa and Saudi Minister of Investment Khalid Al-Falih, along with over 120 Saudi investors and business leaders.

The forum marks the most significant Saudi economic delegation to visit Syria in over a decade, and comes amid a broader push by Damascus to attract regional and international investment to rebuild the war-torn country.

Speaking to Asharq Al-Awsat, Osama Qadi, Senior Advisor to Syria’s Ministry of Economy and Industry, described the forum as a turning point.

“Saudi Arabia is helping to write a new chapter in Syria’s economic history,” he said. “The Kingdom is not only a political and security partner, it will be remembered as the driving force behind what could become Syria’s economic miracle.”

Qadi said Saudi Arabia’s presence signaled deep trust in Syria’s post-conflict potential. “This initial delegation of over 120 Saudi business leaders is just the beginning,” he noted. “Minister Al-Falih has committed to encouraging investment not only from the Kingdom but from countries across the globe.”

According to Qadi, Saudi investments send a powerful signal to the international business community that Syria is stable and open for investment.

“The presence of Saudi capital builds trust,” he said. “It shows that Syria is safe, serious about reform, and prepared to welcome global partnerships.”

He emphasized that the large-scale destruction resulting from years of conflict has created opportunities in reconstruction, particularly for real estate developers, contractors, and urban planners.

In this context, he said: “The ruins can be rebuilt into a modern Syria... Before 2011, Syria already had widespread informal housing. Now, we have the opportunity to design cities with green spaces, modern infrastructure, and sustainable architecture - all while preserving local heritage.”

Qadi added that the Syrian government sees this as a chance to rebuild in line with global standards.

“Together with our partners, we can build a Syria of 2025, with smart cities, environmentally friendly construction, and livable communities for the next generation,” he underlined.

The timing of the forum, he noted, sends a strong political message to skeptics.

“Even as some areas of the country, like Sweida, remain unstable and US lawmakers debate the future of the Caesar Act sanctions, this forum shows that serious investors believe in Syria’s future,” he remarked.

Qadi expressed hope that Saudi engagement would trigger a ripple effect, saying: “Together with the Kingdom, we can attract the largest number of investors, companies, and projects. This will create jobs and help Syria become one of the region’s most attractive investment destinations.”

At a press conference Wednesday night, Syrian Minister of Information Hamza Al-Mustafa officially launched the forum under the auspices of the Supreme Council for Economic Development and in partnership with the Syrian Investment Agency. Al-Mustafa praised Saudi Arabia’s role as “a key player in the Arab regional order and a very important global actor.”

He also highlighted the strong historical and cultural ties between the two countries.

“Saudi Arabia holds a special place in the hearts of all Syrians. That’s why President Al-Sharaa’s first official visit abroad was to Riyadh. Syria received a warm welcome and a clear signal of Saudi commitment to our recovery,” the minister stated.

Al-Mustafa further said the forum reflects Syria’s readiness to turn the page.

“After decades of authoritarian rule and economic stagnation, Damascus is now presenting itself as a serious opportunity for investors. The soil is fertile, the environment is right, and we welcome all those who want to be part of Syria’s renewal,” he affirmed.