Saudi Arabia is participating prominently as a guest honor at the 62nd Damascus International Fair held in the Syrian capital from 27 August to 5 September. This engagement is an important step in supporting the state’s Vision 2030 Economic Diversion Goals through bilateral trade and investment relations, showing Saudi competition and high-level cooperation and strategic agreements.
Saudi Arabia’s strong participation and strategic objective
The Saudi Arabian delegation at the Damascus International Fair includes major government bodies such as the Ministry of Energy, the Ministry of Investment, Saudi Export Development Authority, Saudi-Sardian Business Council and Representatives of the Saudi Export-Ayat Bank. They are accompanied by over 80 companies from different regions, collectively to increase trade and investment relations between Saudi Arabia and Syria.Saudi participation focuses on highlighting the competition of Saudi products and services within the regional markets. The delegation plans to sign several agreements and signed a memorandum of understanding in areas such as energy, renewable energy, investment and trade. These agreements are expected to open new avenues for cooperation and integration between the two countries.The move aligns with a broad strategy to expand its appearance in Saudi Arabia’s broad regional and international exhibitions, which enhances trade participation worldwide. These efforts directly contribute to the objectives of the Saudi Vision 2030, which prefer economic diversification and increases the share of non-oil exports in the state’s GDP.
Damascus International Fair: Historical Importance and Economic Role
Established in 1954 under President Adeeb Chirakali, Damascus International Fair Arab is one of the oldest and most important business exhibitions in the world. The inauguration incident attracted more than a million visitors and participants from several countries, setting an example as an important platform for commerce, culture and diplomacy.Historically, the fair has played an important role in showing Syria’s economic capacity and promoting international cooperation. During the Cold War, it attracted exhibitions from both eastern and western blocks and depicted cultural performance by leading artists, including Lebanese singer Fairuz.The main objectives of the fair have been continuously to promote international trade, encourage economic growth and promote cultural exchange. It acts as an important site for companies – for both local and international -network, finalizes professional deals, and introduces innovations and new products.Despite failures and disruption due to Syrian civil war from 2012 to 2016, Damascus International Fair was revived at a modern exhibition site in 2017. This revival underline Syrian’s commitment to economic reforms and the aspiration to be a regional center for trade and cooperation.
Economic and strategic impact of Saudi participation
The role of Saudi Arabia as a guest of honor in this version of Damascus International Fair emphasizes its commitment to deepen economic cooperation with Syria. The participation of various ministries and business councils has underlined the versatile approach. Saudi Arabia is tolerating public sector engagement with private sector dynamics.Agreements to be signed during the fair are expected to cover important sectors, especially energy and renewable energy, reflecting the ambitions of the two countries for sustainable development. These steps not only enhance bilateral relations, but also contribute to widespread regional economic integration.In addition, Saudi Arabia’s engagement at the fair is a practical expression of its vision 2030, which tries to diversify the economic base of the Kingdom beyond oil, increase non-oil exports and diversify Saudi businesses more prominently in regional markets.
