Jun 10 13:02:24 aresdb-new.alshaya.com syslogd: line 14: WARNING: 172.16.200.50:5000 could not be resolved
Jun 10 13:02:24 aresdb-new.alshaya.com syslogd: line 25: WARNING: loghost could not be resolved
You did not get an ERROR but a WARNING, which states it cannot resolve the specifed address. Can you resolve 172.16.200.50 via nslookup from command line ?
Have you checked if the central syslog server is receiving logs from the box ?
MadeInGermany is right. Either your central log server has to listen on port 514 to receive messages from solaris box or you have to install another syslogd on solaris.