Damascus lays groundwork for fresh wave of foreign investment

Shafaq News – Damascus

Syria is preparing to attract new local and foreign investments as reconstruction efforts resume and production and real estate sectors recover.

Marwan Orfali, head of the Investment and Real Estate Development Committee at the Damascus Chamber of Commerce, told Shafaq News that “supporting the real estate and investment sectors is essential for national economic growth,” noting growing confidence among investors from the Gulf, Turkiye, and the Syrian diaspora.

Orfali highlighted past challenges, including restrictions on financial transfers, which limited foreign capital inflows. Widespread damage to infrastructure, industrial, and production sectors, he added, has negatively affected the trade balance, increasing imports relative to exports, and directly impacting the national economy and the value of the Syrian pound. The World Bank estimates Syria’s reconstruction needs at over $200 billion, with more than 300,000 homes damaged during the conflict.

Despite these challenges, Orfali said that “the current investment environment is increasingly attractive, citing transparency, security, and fairness as key factors encouraging foreign investors.” Neighboring countries are expected to play a significant role in reconstruction, while local initiatives are being developed to overcome financial obstacles.

The official stressed the importance of collaboration between the government and the private sector to streamline procedures and provide a stable investment environment. The real estate projects, he noted, “can generate significant employment,” engaging over 20% of the workforce, and stressed that successful projects must balance investor returns with citizens’ needs.

Reconstruction is now a reality, he concluded, calling for joint efforts to establish a secure legislative and financial framework to accelerate economic recovery and comprehensive development.

To support reconstruction, Damascus has launched a national Development Fund. In its first hours, the fund drew more than $12 million in donations, with pledges totaling around $70 million. Meanwhile, the industrial sector shows signs of recovery, with around 1,500 new factories under construction and plans for joint industrial zones involving Chinese and Turkish partners.