Dubai, UAE — May 2025
At last week’s Arab Media Summit in Dubai, Syrian Economy Minister Dr. Mohammad Nidal Al-Shaar delivered a candid assessment of Syria’s economic challenges and an ambitious roadmap for recovery. Addressing an audience of regional leaders, investors, and media professionals, Dr. Al-Shaar emphasized that Syria’s post-conflict reconstruction efforts will require over $1 trillion in investments, underscoring the scale of devastation after more than a decade of civil war and international sanctions.
“Rebuilding Syria is not just about infrastructure—it’s about restoring confidence, stability, and creating an economy that can stand on its own feet,” Dr. Al-Shaar stated during the summit, highlighting the critical need for sustainable development strategies.
Dr. Al-Shaar announced plans for currency reform, revealing that the Syrian government is studying the possibility of introducing a new national currency to combat inflation, stabilize markets, and support long-term economic growth. However, he cautioned that such a move must be executed carefully to avoid further shocks to an already fragile economy.
The minister also shed light on Syria’s liquidity crisis, attributing it in part to the previous regime’s reliance on non-traditional revenue streams, including royalties and illicit activities, which drained the economy of legitimate capital.
In a more hopeful tone, Dr. Al-Shaar highlighted foreign investments as a critical pillar for Syria’s recovery, mentioning the UAE’s $800 million investment in the Port of Tartous as a sign of renewed regional engagement. He lauded the UAE’s economic model, particularly Dubai’s transformation into a global innovation hub, as a blueprint for Syria’s economic future.
“Learning from the UAE’s success, we aim to build an economy driven by technology, entrepreneurship, and regional cooperation,” Dr. Al-Shaar said.
A New Face of Syrian Economic Reform
Dr. Mohammad Nidal Al-Shaar, a seasoned economist and academic, was appointed as Syria’s Economy Minister in early 2025 under the new Syrian administration that emerged following political reforms and a gradual easing of international sanctions.
Born in Aleppo in 1960, Al-Shaar holds a PhD in Economics from the University of California, Berkeley, and previously served as a university professor and a consultant on regional development projects. His academic work focused on macroeconomic stability, monetary policy, and international trade, areas he now seeks to apply to Syria’s national reconstruction.
Since taking office, Dr. Al-Shaar has been a vocal advocate for structural reforms, emphasizing the need to rebuild not only physical infrastructure but also the financial systems, governance frameworks, and business climate necessary to attract both domestic and foreign investment.
He has also called for greater regional partnerships, expressing Syria’s openness to engage with Arab neighbors, particularly the Gulf states, in mutually beneficial economic initiatives.
The Road Ahead
While Dr. Al-Shaar’s vision is ambitious, challenges remain. The Syrian economy continues to grapple with high inflation, currency depreciation, limited access to global financial systems, and the ongoing need for humanitarian assistance. Yet, the Arab Media Summit offered a platform for Syria to signal its intent to rejoin regional economic conversations and invite investors to be part of its rebuilding story.
As Dr. Al-Shaar concluded his speech, he appealed to the international community: “Syria’s recovery is not Syria’s task alone. It is a shared opportunity for the Arab world, for global partners, and for all who believe in the power of rebuilding lives and economies.”
The summit closed with cautious optimism, as stakeholders and observers await the next steps in Syria’s evolving economic strategy.