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Greek Development Minister: Cooperation between Riyadh, Athens Has No Limits

Greek Minister of Development and Investment Adonis Giorgiadis (Asharq Al-Awsat)
Greek Minister of Development and Investment Adonis Giorgiadis (Asharq Al-Awsat)
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Greek Development Minister: Cooperation between Riyadh, Athens Has No Limits

Greek Minister of Development and Investment Adonis Giorgiadis (Asharq Al-Awsat)
Greek Minister of Development and Investment Adonis Giorgiadis (Asharq Al-Awsat)

A high-ranking Greek official said that the visit of Saudi Crown Prince Mohammed bin Salman to Greece would establish a strategic partnership between the two countries, in light of existing agreements that enhance cooperation in defense, security, economy and trade.

Minister of Development and Investment Adonis Giorgiadis told Asharq Al-Awsat that the visit would witness bilateral talks with the Greek prime minister to coordinate positions and sign cooperation agreements, pointing to the need to strengthening relations to enhance current and future partnerships.

Maximizing economic, commercial and investment cooperation

The Greek minister stressed the importance of Saudi Arabia’s new vital initiatives that promote the green economy and protect the environment, within the framework of Vision 2030.

He said that a memorandum of understanding was signed between the Greek Development Bank (HDB) and the Saudi Public Investment Fund to facilitate investment in the two countries

Giorgiadis noted that cooperation between Greece and Saudi Arabia was based on a long legacy of relations that date back to several centuries.

“There are Greek companies investing in Saudi Arabia, while we found signs of a real desire by a number of Saudi companies to invest in Greece,” he told Asharq Al-Awsat.
He added that the two countries have set up a joint investment forum in order to maximize economic, trade and investment cooperation.

“Our relationship is now at its best,” the Greek minister underlined.

He continued: “A few months ago, we signed a defense agreement with Saudi Arabia. It was the first time that Greece sent Patriot missiles to the Kingdom… to protect vital infrastructure in the field of energy.”

Giorgiadis added that it was the first Greek military presence outside the Mediterranean region in decades, except for operations within NATO.

Defense cooperation reflects the solidity of the bilateral relationship

The Greek minister pointed to important meetings with officials in the main sectors, noting that the investment forum that was held in Riyadh was attended by more than 200 participants, who represented the public and private sectors to discuss ways to push cooperation to broader horizons.

“On the investment level, we are working to attract Saudi investments to Greece and vice versa in various sectors, including tourism,” the minister said, adding: “We look forward in the near future to a huge Saudi investment in the sectors of renewable energy, cyber-security and agriculture. Through economic cooperation driven by military cooperation, we reach the highest level of bilateral strategic collaboration.”

The effects of the Russian-Ukrainian war on Europe are real

Regarding the Greek stance on the Russian-Ukrainian war and its impact on his country, Giorgiadis said: “Our position on the Russian war on Ukraine was clear. We denounced the Russian invasion of Ukraine as a violation of international laws.”

He added: “Greece is part of Europe, which means that it is directly affected by the war.”

However, the Greek minister of Development and Investment underlined the necessity to find an alternative to Russian gas and energy sources to create a state of balance.

He said that Saudi Arabia was able to find a way to stabilize the global energy market, which confirmed the depth of Saudi-European relations.

Regarding the challenges posed by the wave of migrants and refugees, Giorgiadis said: “We have welcomed the Ukrainian refugees and we are working to arrange their situation. As for refugees from different parts of the world, especially from areas of conflict and war, including migrants from Africa, their case represents a great dilemma for Greece.”

Securing maritime navigation in the region

On the importance of securing maritime navigation in the region, the Greek official said: “With regard to the waterways, we are working with Saudi Arabia to secure maritime navigation, and we have already sent soldiers for this purpose. We will continue to defend the Kingdom, and we believe that we all have to work for the stability of the region.”

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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.