Syrian minister shares plans for new economy, commends UAE's support in rebuilding efforts
29 May 2025 00:16
MAYS IBRAHIM (DUBAI)Syria is exploring the introduction of a new national currency, said Dr. Muhammad Nidal Al-Shaar, Syria's Minister of Economy and Industry, at the Arab Media Summit in Dubai.Syria is entering a transformative economic period following the lifting of US and European sanctions, according to Dr. Al-Shaar.The minister described the country's current phase as a "historic turning point" that marks the beginning of Syria's recovery and reconstruction."The sanctions were the primary obstacle facing the Syrian economy," Dr. Al-Shaar stated, noting that their removal has already triggered strong interest from international investors.In the two weeks following the announcement, Syria received investment commitments exceeding $1.2 billion.These include an $800 million investment by the UAE to develop the port of Tartous; a deal Dr. Al-Shaar described as the "starting point of a new era of cooperation."He commended the UAE for its support in rebuilding efforts and promoting sustainable development across key sectors.With sanctions withdrawn, the government is prioritising the creation of a stable and transparent investment environment.Dr. Al-Shaar stressed Syria's commitment to attracting investors while protecting them from the kind of "investment chaos" seen in earlier phases of instability.He noted the government's selectivity in choosing investment partners, aiming to maintain strategic alignment and avoid disruption.Moreover, a new investment law is currently being prepared to guarantee a safe environment for both Syrian and foreign investors, Dr. Al-Shaar said.The law seeks to protect private ownership in line with the constitution and offers financial and regulatory incentives, as well as technical and administrative support.Tourism is also emerging as a key pillar of Syria's economic strategy.Al-Shaar announced the upcoming release of a comprehensive national investment map for the tourism sector. "Tourism will be one of the main foundations of the Syrian economy," he said.
The government is working with specialists to reshape the sector in a way that reflects Syria's historical and cultural identity, he added.
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