During his participation at the Arab Media Summit 2025, Dr. Mohammad Nidal Al-Shaar, Syria’s Minister of Economy and Industry, said that Syria needs at least $1 trillion to reconstruct its economy.
The minister added that the World Bank’s estimate of $400 billion for rebuilding the economy is insufficient. “We need at least $1 trillion to reconstruct and rebuild a new Syria,” he said. The minister was confident that his country would be stronger and stable again with the sanctions being lifted.
UAE-Syria ties in focus
Speaking to WAM, on the sidelines of the summit in Dubai, the minister lauded the development model adopted by the UAE, specifically commending Dubai’s experience in technology and innovation. He considered this model an inspiration for Syria in the coming phase.
Al-Shaar also affirmed that economic cooperation between the UAE and Syria is based on historical fraternal relations that bind the two brotherly countries. He noted that this cooperation represents a key driver in the reconstruction of Syria’s economy.
Strengthening economic cooperation with the UAE is a strategic direction for Syria, he added, given the promising opportunities this partnership holds for both countries, alongside its contribution to supporting reconstruction efforts and stimulating growth. He expressed his aspiration to expand the horizons of this cooperation to include deeper and more diverse fields, serving the interests of both brotherly countries and peoples.
“There is an understanding and consensus within the international community, especially from the Middle East, that Syria has to become a stable country. They are all looking forward to protecting Syria from further chaos,” the minister said.
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“We are now able to talk about the new Syria and to build new partnerships. Very soon, you will see foreign embassies opening again in Syria, and all this means that you are enhancing security, and investors can become more comfortable in Syria,” he added.
He said his government is currently working on an investment roadmap for tourism and industry, and added that international companies are interested in investing in Syria. “There are ports and dry ports in Syria that one can invest in. There’s also the railway that can be invested in the interest of shared real estate development sector,” he added.
Earlier this month, the Syrian government signed a memorandum of understanding worth $800 million with DP World to develop the port of Tartous. The agreement encompasses a thorough investment in the development, management and operation of a multi-purpose terminal at Tartous Port, aimed at improving the port’s efficiency, boosting its operational capacity and strengthening its position as a crucial hub for regional and international trade.
To further support Syria’s economy, Saudi Arabia and Qatar reached an agreement in April to jointly pay approximately $15 million to settle Syria’s arrears with the World Bank. This commitment will help allow the World Bank Group to resume its support and operations in Syria after a suspension lasting more than 14 years. It will also unlock Syria’s access to crucial financial assistance in the near term, which is essential for the development of critical sectors. Additionally, this support will provide technical assistance that contributes to institutional rebuilding, capacity development, and policy formulation and reform to drive sustainable development.
