Syria Needs $1 Trillion to Rebuild Economy, Says Minister

Post by : Layla Badr

Photo: Dubai Government Media Office 

Dr. Mohammad Nidal al-Shaar, Syria’s Minister of Economy and Industry, said that Syria needs at least $1 trillion to rebuild its economy. He spoke at the Arab Media Summit. The World Bank had earlier estimated that $400 billion would be enough to rebuild Syria, but the minister said this amount is too low.

He said, “We need at least $1 trillion to reconstruct and build a new Syria.”

The minister is hopeful that Syria will become stronger and more stable soon, especially if the international sanctions on the country are lifted.

The meeting was attended by important guests, including Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, President of the UAE Olympic Committee, and Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority.

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Dr. al-Shaar explained that many countries, especially in the Middle East, agree that Syria must become stable again. He said, “There is an understanding and agreement in the world that Syria needs to be a stable country. Our people cannot live with chaos anymore. We have reached a point where chaos cannot continue. The moral support is there, and soon the physical support will come.”

He also mentioned that the northern part of Syria will return under government control very soon. This will help the country become safer and stronger.

“Soon, foreign embassies will open again in Syria,” the minister said. This will help improve security and make investors feel safe about putting money into Syria.

Dr. al-Shaar also talked about money Syria has abroad. He said that while some money was taken back by the previous regime, there is still some money left that Syria can get. Even small amounts, like $20 million or $100 million, are important for Syria right now.

His government is working on plans to attract investments, especially in tourism and industry. He said many international companies want to invest in Syria.

“There are ports and dry ports in Syria where people can invest. There is also a railway that can be developed, which will help shared real estate projects,” he added.

The minister was confident that new partnerships will help Syria become stronger and more stable.

Also present at the meeting was Her Excellency Mona Ghanem Al Marri, Vice Chairperson and Managing Director of the Dubai Media Council and President of the Dubai Press Club.