The Report: Syria 2026

Economy

Syria entered 2026 in a markedly improved economic position from the final years of conflict, with the post-transition period opening space for sanctions relief, renewed donor and investor engagement, financial reintegration and the gradual restoration of public services. However, the recovery remains at an early and uneven stage. Economic conditions showed tentative signs of stabilisation in 2025 as inflation moderated and economic growth prospects improved. However, macroeconomic pressures persist, including exchange rate imbalances and renewed inflationary pressures, while the country’s substantial reconstruction needs continue to shape the broader economic outlook. Diaspora financing is expected to play a role in recovery.

This chapter includes insights from Mohammed Al Shaar, Mohamed Haykal, Ahmad Jamal Zidan and Kinda Chebib.

Banking

Syria’s banking sector entered 2026 with a clearer legal path to global reintegration and recovery, although liquidity, capital quality and depositor confidence have yet to return to levels needed to support the sector’s overall growth. After more than a decade of conflict, the easing of US and EU restrictions reopened scope for financial relationships, while the resumption of SWIFT connectivity and the Central Bank of Syria’s (CBS) reform strategy provide signs of institutional normalisation. Legal permissibility does not automatically translate into correspondent-bank confidence. Syria remains under Financial Action Task Force (FATF) monitoring. Banks continue to assess risks relating to know your customer (KYC), anti-money laundering and counter-terrorist financing (AML/CFT), beneficial ownership and transaction screening. Balance-sheet repair is critical to the sector recovery, as is a policy roadmap to rebuild monetary credibility.

This chapter includes insights from Mohammad Safwat Raslan, Omar Barhamji, Amir Rahwan, Michel Azzam, Sami Mounayer and Karam Bechara.

Capital Markets

Syria’s capital markets are showing signs of momentum as the country works to rebuild its economy and re-engage with regional and global investors. Trading value on the Damascus Securities Exchange (DSE) surged to over SP1trn ($70m) in 2024, while market capitalisation rose from around SP3trn ($845m) in 2021 to SP25trn ($2bn) by the end of 2025 — growth that, even after accounting for currency effects, points to a meaningful rise in equity valuations. With a clear legal and regulatory framework in place under the Syrian Commission on Financial Markets and Securities (SCFMS), a functioning multi-tier exchange, and 52,500 registered shareholders as of September 2026, the foundations of a modern capital market are firmly established. The period has seen regulators lay the groundwork for a more diversified market. Digitalisation efforts are reshaping financial services.

This chapter features an interview with Issa Chami.

Insurance

Syria’s insurance sector is entering a new chapter as the country looks to rebuild and reconnect with international markets after years of conflict and isolation. While the industry remains modest in scale, gross written premium (GWP) nearly doubled in nominal terms in 2024, signalling renewed activity in a market that private insurers have helped diversify since liberalisation began in 2005. With a well-established regulatory framework overseen by the Syrian Insurance Supervisory Commission (SISC), a growing roster of licensed brokers and agents, and specialised administrators supporting the fast-expanding health segment, the foundations are in place for the sector to play a larger role in Syria’s economic recovery.

Energy & Utilities

Syria is gradually rebuilding its energy sector as the country seeks to position its oil and gas industry as a vital engine for post-war reconstruction and economic recovery after the nearly 14 years of civil war. The lifting of sanctions, the recovery of oil fields, a new consolidated energy ministry and the re-established Syrian Petroleum Company (SPC) will allow Syria to embark on restructuring its energy sector. Syria’s degraded and conflict-related damaged energy infrastructure offers significant opportunities for investors to repair oil fields, pipelines and refineries. The country’s emerging upstream sector is reopening with the government welcoming back international energy companies and signalling new exploration, including in Syria’s nascent offshore sector.

This chapter features insights from Manaf Arnous and Ayman Bashi.

Transport

Syria’s transport network is beginning to enter a period of reconstruction in which restoring connectivity is as important as expanding capacity. Roads, railways, ports, airports and border facilities underpin domestic commerce while linking production centres to neighbouring markets and Mediterranean trade routes. With large parts of the infrastructure base in disrepair or inoperative, current priorities centre on rehabilitation, regulatory reform, and the mobilisation of private and development finance to re-establish Syria’s regional transit role. Ports and airports are attracting private investment while digital freight systems are gaining ground.

This chapter features insights from both Khaled Toumeh and Fahad Al Banna.

Construction

Syria’s construction sector is entering a period of recovery following years of conflict and extensive damage to the built environment. The World Bank estimates reconstruction costs at $216bn, underscoring the scale of demand for housing, infrastructure and other assets. The reconstruction effort is expected to create opportunities for investment and employment while supporting wider economic activity as recovery progresses. In the early stages, activity is likely to centre on restoring essential services, preparing projects and converting investment agreements into funded projects. Infrastructure, utilities, transport and real estate projects are generating renewed investor interest, although many remain at the memorandum of understanding (MoU) stage. The pace of recovery is likely to depend on access to finance, construction materials, contractor capacity, land and permits, as well as the restoration of reliable power and transport networks.

This chapter features insights from Moutaz Al Khayyat, Abdul Karim, Ayoub Agha and Hayssam Atassi.

Real Estate

Demand in Syria’s real estate sector is demonstrating early signs of recovery, supported by returning households, diaspora capital, business reopening and renewed investor interest. The sector is emerging from years of displacement, physical destruction and limited formal financing, leaving substantial pent-up demand alongside constraints on affordability, ownership documentation and access to suitable housing. In the coming years recovery is likely to be uneven, with activity initially concentrated in relatively secure areas and locations benefiting from infrastructure rehabilitation, population returns and commercial activity. Severely damaged neighbourhoods face a longer process of clearance, land verification, service restoration and reconstruction, creating opportunities for developers and investors as well as demand for housing, commercial space and property rehabilitation.

This chapter features an interview with Moafaq Ahmad Al Gaddah.

Industry

Syria entered the post-December 2024 transition with a broad but severely diminished manufacturing base, surviving industrial clusters and substantial idle or underutilised capacity. The subsequent institutional reset, easing of US sanctions and renewed policy engagement have created greater scope to restore production and import machinery and inputs more efficiently. However, the gap between renewed investment activity and the return of productive capacity remains substantial. Converting new investment into operating capacity will depend on resolving persistent constraints. The need for greater power reliability, working capital, machinery, purchasing power and protection from abrupt finished-goods competition remain key priorities. The most credible route is therefore to reconnect agri-food, textiles, pharmaceuticals, mineral-based materials, chemicals and light engineering around existing skills and local inputs, while sequencing market opening with rehabilitation, quality upgrading and export reconnection.

This chapter features insights from Helmut von Struve, Hadi Nahas, Joseph Bahri, Omar Al Sokhni, Mounzer Nazha and Hassan Daaboul.

ICT

The ICT sector is entering a new phase following more than a decade of conflict that disrupted infrastructure and constrained network expansion and digitalisation. As Syrians return and reconstruction gathers pace, there is an opportunity to modernise telecommunications infrastructure and expand digital services access. Strengthening connectivity will be an important foundation for economic recovery, supporting businesses, public services and wider digitalisation. The government has opened the doors to private investment and aims to establish the country as a major digital destination between Asia and Europe. The predominantly young demographic is expected to drive innovation, with training programmes helping to develop a highly skilled workforce to support digitalisation efforts.

This chapter features interviews with Abdulsalam Haykal and Bader Al Kharafi.

Agriculture

Agriculture in Syria has been a major contributor to GDP thanks to the large quantity of exports the sector produces and the jobs it creates. However, during the conflict, many farmers were forced to leave their land, while a large quantity of agricultural infrastructure was destroyed. The government is now concentrating on rehabilitation efforts and supporting farmers seeking to return to their livelihoods through targeted policy, further supported by funding and guidance from private and international actors. The Ministry of Agriculture and Agrarian Reform (MAAR) is continuing its efforts to rehabilitate agricultural infrastructure and assess climate-related damage, following several severe periods of drought. Foreign investment boosts agro-processing capacity.

Education & Health

Reconstruction has laid solid foundations for the revitalisation of Syria’s education and health care sectors, setting the stage for a new chapter of growth and opportunity. Building on this early momentum, the government is working to design comprehensive sectoral reforms, drawing on international best practices to ensure lasting impact. While realising the full potential of these sectors will likely require sustained support from global partners, Syria’s broader drive towards political stability and economic growth is expected to create fertile ground for progress. Digital tools are creating ways to expand access to learning, while restoration to infrastructure and services continues.

This chapter features insights from Raed Mahmoud, Nadine Chaoui and Jihad Massoud.

The Guide

The Guide contains a selection of hotel and accommodation options throughout Damascus for both business and leisure travellers. Helpful information is provided on visa regulations, safety and health considerations, business etiquette, and public and private transport options.

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