JEDDAH: Over the past five years, there has been a significant improvement in the relations between Saudi Arabia and Syria. The credit largely goes to the Saudi-Syrian Business Council (SSBC), the BMG Financial Group and the BMG Foundation.
Speaking to Arab News in an interview, Basil Al-Ghalayini, who is president of the SSBC, and chairman of the BMG Financial Group and the BMG Foundation, said Custodian of the Two Holy Mosque King Abdullah’s visit to Syria would further strengthen the bilateral ties.
Syrian exports to the Kingdom increased fivefold from SR555 million in 2003 to around SR2.711 billion in 2007, while Syrian imports from the Kingdom rose from SR1.564 billion to SR1.866 billion over the same period, a 19 percent increase.
There are currently over 631 bilateral projects, of which 238 are industrial and 393 service related, with a cumulative value of SR6.65 billion.
Tourism is a growing sector in Syria, with special emphasis on four-star hotel accommodation. This is being offered at reasonable prices, Al-Ghalayini said.
Similarly, banking and financial institutions have real potential for growth, he said and mentioned that the agricultural sector has always been a cornerstone of the Syrian economy and will continue to witness demand.
The manufacturing sector, particularly that of construction materials, is also experiencing a strong demand.
The investment climate in Syria has undergone a series of developments in an attempt to encourage overseas investors into the country, Al-Ghalayini said.
An area that has experienced a significant change is that of tourism. Syria has been hosting several initiatives to highlight the value of real estate used for the purpose of tourism within the country, with British companies entering this market. The Ministry of Tourism has implemented competitive incentives such as facilitating the building process, in addition to hiring and attracting the appropriate work force, which has led to a greater return on investment, he added.
Both regional and international names and financial institutions including banks have been establishing their presence in Syria. Also, many more insurance companies are making inroads into the market.
Currently, over 10 insurance companies exist in Syria, both public and private, Al-Ghalayini said.
“As an entrepreneur and businessman, I commend our leadership for their progressive stance on creating a favorable business environment.
This is a broad area but includes a local infrastructure that creates an open competitive market that in turn places our nation as an important global player,” he added.
While the technological infrastructure has grown in line with global standards, the related dissemination of information has room for further growth and development. “The development of world-class learning institutions such as King Abdullah University for Science and Technology (KAUST) serves as an important testimony of our efforts to be the regional hub for higher education. Alongside such efforts, we need to also facilitate the availability of information for research in the form of libraries,” Al-Ghalayini said.
He also said the BMG Foundation has been playing a significant role in bridging the ties between the two counties. One of the Foundation’s initiatives is to preserve and provide drinkable water in Syria. “We have this as a new initiative globally, but we are starting a pilot project in Syria. We are having an event on water preservation in Syria, coupled with a cultural program.