Syria has attracted nearly $16 billion in investment and international aid in the six months since the ouster of former President Bashar al-Assad, according to calculations by The National.
The largest investor was Qatari company UCC Holding, which will spend $7 billion to build four gas-fired and one solar power plant with a capacity of 1 GW in Syria.
The United Nations Development Program has developed a three-year plan worth $1.3 billion aimed at rebuilding infrastructure, launching a social protection system and supporting digital start-ups. After a conference held in Brussels in March, European donors pledged $6.5 billion for the country’s reconstruction.
The Gulf states are the most actively involved in rebuilding the Syrian economy. Saudi Arabia and Qatar, as part of a joint initiative, have repaid Syria’s $15.5 million debt to the World Bank. In May, Emirati logistics operator DP World and the new Syrian government signed an $800 million memorandum of understanding to develop, manage and operate a multi-purpose terminal at the port of Tartus. Shortly before that, French shipping company CMA CGM signed a 30-year concession agreement worth $260 million to manage the port of Latakia.
The sharp inflow of investment “contrasts years of economic decline and isolation“, as regional and international investors have been actively involved in rebuilding the Syrian economy since the overthrow of Assad in December last year.
The World Bank estimates that Syria needs $400 billion to rebuild its economy. Meanwhile, the Minister of Economy in the transitional government of the republic, Nidal al-Shaar, believes that the amount needed for reconstruction could be close to 1 trillion USD.
According to the World Bank, in 2011, Syria's gross domestic product reached 67.5 billion USD, which ranks it in 68th place and is on the same level as countries such as Paraguay and Slovenia. However, by 2023, as a result of the long conflict and sanctions, the Syrian economy had shrunk by 85% - to just 9 billion USD, which puts the country in 129th place in the world ranking.