Syria Requires USD 1 Trillion For Economic Reconstruction, Minister Highlights Importance Of UAE Cooperation

Dr. Mohammad Nidal Al-Shaar, Syria's Minister of Economy and Industry, praised the UAE's development model, particularly highlighting Dubai's achievements in technology and innovation. He views this model as a source of inspiration for Syria's future. Speaking at the Arab Media Summit (AMS) 2025 in Dubai, he emphasised the strong economic ties between the UAE and Syria, rooted in their historical fraternal relations.

The minister stressed that enhancing economic cooperation with the UAE is a strategic goal for Syria. This partnership offers promising opportunities for both nations and supports Syria's reconstruction efforts while stimulating growth. He expressed a desire to broaden this cooperation to include more diverse fields, benefiting both countries and their people.

During discussions at the AMS, Dr. Al-Shaar revealed that Syria requires at least $1 trillion to rebuild its economy. He stated that the World Bank's estimate of $400 billion is inadequate. "We need at least $1 trillion to reconstruct and rebuild a new Syria," he said. The minister remains optimistic about Syria's future strength and stability once sanctions are lifted.

The session was attended by notable figures including H.H. Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, President of the UAE Olympic Committee, and Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority. Dr. Al-Shaar noted a consensus within the international community, especially from the Middle East, on the importance of stabilising Syria to prevent further chaos.

"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," he said.

Future Prospects for Investment

The minister highlighted that foreign embassies are expected to reopen soon in Syria, enhancing security and attracting investors. With sanctions being lifted, there is hope that Syrian funds abroad will return home despite previous regime retrievals leaving limited amounts available.

"Right now for us, any amount is important, whether it is $20 million or $100 million," he stated. The government is developing an investment roadmap focusing on tourism and industry sectors while noting international interest in investing in Syrian ports and railways.

Her Excellency Mona Ghanem Al Marri also attended the session as Vice Chairperson and Managing Director of the Dubai Media Council and President of the Dubai Press Club. Dr. Al-Shaar expressed confidence that new partnerships will lead to a stronger and more stable Syria.

With inputs from WAM