On the investment climate and mobilising financing for local companies
How would you characterise the current macroeconomic transition and the investment climate?
ANTOUN HABIB BETINJANEH: Syria is moving from a wartime economy defined by scarcity into a transition phase where availability is improving, but demand and purchasing power remain uneven. Many goods that were difficult to source – including car parts, household goods and food products – are now broadly present in the market. However, consumption remains constrained and the economy is only beginning to reactivate.
There are visible early signals of renewed economic momentum. Business planning is gradually returning, market activity is increasing in certain sectors, and there is clear interest in reconstruction and rehabilitation projects – particularly those linked to services, logistics and supply chains. Foreign engagement is also re-emerging, although it is important to distinguish between announcements and capital actually deployed on the ground.
Saudi Arabia, for example, has publicly announced investment packages for Syria, including a $6.4bn package in July 2025 and an additional $2bn package in February 2026 focused on sectors such as energy, aviation, real estate and telecommunications. Gulf partners have also supported short-term stabilisation, including the Saudi-Qatari pledge of $89m to help cover public-sector wages and essential services.
Beyond headline figures, what matters is whether these commitments translate into predictable project execution, supply contracts and functioning payment channels. While external capital is important, long-term momentum will be anchored in domestic enterprise. Syrian companies need technical support, stronger marketing channels, and better access to both local and export markets.
What is the current reality for mobilising investment into Syrian companies and where do you see the main opportunities?
BETINJANEH: Syria’s financial intermediation capacity is still being rebuilt. Capital markets are not yet able to absorb significant foreign inflows in a transparent and liquid way, and the ecosystem is still moving through a transition in regulation, institutional confidence and market infrastructure.
However, there is meaningful underlying opportunity. Syria has a large base of private companies, many of them small and medium-sized enterprises, that continued operating through extremely difficult years. Some are now seeking strategic partners, fresh capital, new distribution channels or outright buyers. This creates potential for structured transactions, including minority investments, joint ventures and acquisitions, especially in sectors linked to essential demand and reconstruction such as logistics, industrial inputs, consumer distribution, health care supply chains and services.
Financial institutions should not merely observe this transition but help structure it. Banks and investment institutions can act as bridges between domestic private-sector resilience and regional capital seeking controlled entry points. This requires advisory capacity, risk structuring and governance support, not only liquidity.
Investability in Syria is also about connectivity. Where foreign capital is beginning to appear, it is often tied to assets that can be integrated into regional trade and transport routes. Recent port-related activity illustrates this trend: DP World has moved forward with a long-term concession to develop Tartus Port, while AD Ports Group has agreed to acquire a 20% stake in Syria’s Latakia International Container Terminal from CMA CGM for $22m. These moves highlight the strategic importance of location, infrastructure and the enabling layers of commerce.
Where do you identify constraints still affecting foreign capital flows and how do you see these evolving over the next 12 to 24 months?
BETINJANEH: Even when policy signals are positive, cross-border payments, correspondent banking and trade finance can remain difficult. International banks and counterparties are moving cautiously, and channels tend to reopen bank by bank and jurisdiction by jurisdiction. As a result, investment can move more slowly than headlines suggest, and investors need clarity on payments, documentation and compliance.
Regulatory transition is also central. Investors look for predictable rules governing capital inflows, profit repatriation, legal protections and dispute resolution mechanisms. Case-by-case decision-making may offer flexibility but it can reduce predictability. Syria would benefit from a clearer investment framework that standardises procedures and limits discretionary elements.
Domestic financial institutions also carry responsibility. Strengthening governance, upgrading risk frameworks and aligning with international compliance standards will be critical to rebuilding correspondent relationships and restoring capital confidence.
The next two years will test not only investor appetite but institutional maturity. If payment channels become more reliable, regulations more transparent and early projects demonstrate credible delivery, confidence can build quickly. If not, investment will remain cautious and selective.
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