BEIRUT, Lebanon, Oct. 29 (UPI) — Syrian President Ahmad Sharaa said Wednesday that his country has opened up to the world and attracted investments worth $28 billion since the toppling of President Bashar Assad in December.
Speaking during a panel at the Future Investment Initiative conference in the Saudi city of Riyadh, Sharaa said Syria constitutes a “fundamental pillar” of the region’s stability.
“Today, Syria has opened up to the world and begun a new chapter in a short period of time,” he said during the session that Saudi Crown Prince Mohammed bin Salman attended.
He said that his war‑ravaged country had managed to regain its regional and international standing in just 10 months, with the support of many countries, most notably Saudi Arabia.
Sharaa said Syrian investment laws have been amended to grant foreign investors the right to transfer their funds abroad, making them among the best in the world, while acknowledging the challenges in implementing them.
He noted that investments totaling $28 billion entered the country in the first six months, emphasizing that investment opportunities in Syria are “abundant,” as recognized by leading economists worldwide.
“Investments have already begun to grow steadily. … Today, investors have a historic and significant opportunity in Syria,” he said, referring to investment projects with Bahrain and Jordan, numerous partnerships with Saudi Arabia, Qatar, the United Arab Emirates and Turkey, in addition to certain investments by U.S. companies.
Sharaa, a former Jihadist, has gradually gained Arab and international support since he ascended to power after toppling Assad. But the most significant shift came from the United States when President Donald Trump met with him in Saudi Arabia in May and announced the lifting of sanctions that had been imposed during Assad’s rule.
Last week, the World Bank estimated Syria’s reconstruction costs at $216 billion, highlighting the “immense need” for international support. Earlier estimates had ranged between $250 billion and $400 billion.
According to the World Bank, infrastructure was the hardest hit, accounting for 48% of total damage ($52 billion), followed by residential buildings ($33 billion) and non-residential buildings ($23 billion).
Sharaa said the world stands to benefit from a stable Syria, after it experienced “its failure” during 14 years of civil war and 60 years under the Assad family’s rule, which turned the country into one that “generated crises, human migration and Captagon [an illegal synthetic stimulant] production,” posing “strategic risks” for the region.
Syria, he emphasized, occupies a vital strategic position in the region, historically serving as the gateway to the East and as a key part of the Silk Road.
“We will rebuild everything that was destroyed. … We want to rebuild Syria through investment, not through aid or donations,” he said, adding that his country is poised to become one of the world’s major economic powers within a few years.