Interview: Hadi Nahas, Vice Chairman, Nahas Enterprises Group, on attracting capital, expanding private enterprise and unlocking long-term economic potential
How has the post-conflict transition reshaped the environment for diversified private sector groups?
HADI NAHAS: Over the past decade, the war disrupted supply chains, reduced demand and created significant operational challenges. Many businesses experienced substantial losses across their verticals. The strategy during the conflict focused on preservation where possible and diversification abroad.
Since stabilisation began, the business environment has shifted. Clearer procedures for Customs, money transfers and imports, along with a reduction of the informal practices that distorted pricing, have improved profitability. Energy availability is also key. Although energy costs are higher, supply is more reliable. For businesses, reliability is often more important than price, as it allows better utilisation and operational planning.
Challenges remain. While sanctions have been formally lifted, many international partners – particularly European firms with longstanding ties to Syria – remain cautious. Communication channels have reopened but decision-making is still slow. In contrast, Asian partners have shown greater willingness to engage. The priority now is to convert interest into concrete projects while gradually rebuilding trust through partnerships.
What structural constraints remain for private sector growth and development in Syria?
NAHAS: The most significant constraint remains access to financing. Access to growth financing is limited. Loan terms can be restrictive and processes complex, limiting a company’s ability to scale using domestic capital. Venture capital and regional investors have shown growing interest in start-ups but remain caution. Large-scale transactions – such as recent telecommunications agreements involving regional investors – are therefore important signals. They demonstrate that engagement is beginning to move from agreements towards execution. Consumer behaviour has evolved as well. Household spending has increased following stabilisation, reflecting both consumer change and improved liquidity. Remittances have become an important inflow supporting household consumption. Nevertheless, purchasing power is low by regional standards, meaning demand recovery continues to be accompanied by price sensitivity. Syria’s greatest asset is its human capital. The country has a strong entrepreneurial culture and a large diaspora with deep ties to the domestic market.
Where are the most compelling investment opportunities for broader growth currently?
NAHAS: Infrastructure offers significant potential for investors willing to accept emerging market risk. Reconstruction across transport, utilities and engineering systems will require both capital and expertise. Real estate is another area of interest, as relatively low land prices allow investors to secure strategic positions for future development. 2025 marked the first meaningful recovery in more than 15 years, with an increase in orders and project pipelines.
Hospitality saw a rebound in 2025, with hotel occupancy and airline traffic rising. However, capacity constraints are acute, particularly the shortage of hotel beds and modern hospitality infrastructure. This creates opportunities but also requires careful planning to avoid overexpansion driven by short-term demand.
The services sector represents another growth area. Digital services and e-commerce are underdeveloped compared with regional markets, with significant room to modernise user experience, payment systems and distribution networks. Digital platforms can also help formalise trade and improve efficiency. Manufacturing requires realistic assessment. Large-scale localisation is not viable without sufficient volume and supply-chain depth – both of which are currently absent. Nevertheless, selective opportunities exist in sectors such as food processing, where logistics costs make imports less competitive. Agriculture also holds potential if input costs and export logistics are managed effectively.
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