Syria 'pressing on accelerator' to attract US investors

Syria is actively courting US investors as the transitional government works to create a business-friendly atmosphere, according to Steve Lutes, vice president of Middle East Affairs at the US Chamber of Commerce. Lutes told The National that US companies are eager to engage long-term partners to help Syria rebuild economically following the 13-year civil war.

The Chamber of Commerce recently hosted a round-table with Syrian President Ahmad Al Shara and Foreign Minister Asaad Al Shibani, which was attended by over 50 American businesses and 80 delegates.

The visit follows the US lifting Syria's state sponsor of terrorism designation, which had previously blocked the country's reintegration into the international financial system. Already, the World Bank estimates that $216 billion will be needed to rebuild Syria. Gulf nations have already pledged investments, including DP World's $800 million for Tartus Port.

Lutes noted that Syria is "pressing on the accelerator" to make significant progress. The Chamber of Commerce is focusing on the banking sector, which has undergone rapid transformation under the current government. QNB and Mastercard issued the first internationally accepted payment card in Syria, and the World Bank approved a $100 million grant to establish a digitally enabled financial sector.

The Central Bank of Syria expects foreign investment in new banks to surpass $1 billion. US Treasury Secretary held a round-table in New York to support Syria's financial sector. Finance Minister Yisr Barnieh discussed advancing anti-money laundering and counter-terrorism financing standards. Public spending in the first six months of 2026 was $3.7 billion, compared to $2.7 billion in revenue, leaving a fiscal deficit of about $1 billion.