Syria has attracted about $28 billion in investment since the change of power last year, President Ahmad Al Shara said on Wednesday, as he offered "win-win” deals for the country to rebuild itself without relying on aid.
In a speech in Riyadh attended by Saudi Arabia's Crown Prince Mohammed bin Salman, Mr Al Shara said Syria would "rebuild every stone that has been destroyed” after the civil war. He met bankers and investors before speaking at the Future Investment Initiative (FII) summit, in what would once have been an unthinkable appearance by a former rebel commander.
"The current investment law in Syria is among the best in the world … and investment opportunities in Syria are very rich, and this is recognised by the world and economists,” said Mr Al Shara. His now dissolved Hayat Tahrir Al Sham group led an 11-day offensive that toppled the Bashar Al Assad regime last December, forcing the former president into exile in Russia.
Mr Al Shara separately held talks with Prince Mohammed on economic matters. His speech at the conference is part of his push to return Syria to the global economic scene after its 13-year civil war. In May, Prince Mohammed successfully lobbied US President Donald Trump to lift sanctions on Syria.
"Investments are growing well in Syria, and we will rebuild every stone that has been destroyed,” Mr Al Shara said. "We chose reconstruction through investment, not aid.”
"We depend on helping ourselves through investment so that it’s a win-win situation for all. We don’t want Syria to be a burden for anyone. We want to build our country ourselves,” he said.
In his speech, he hailed Saudi Arabia as "a supporter of stability, prosperity, and development in Syria”. He said that major Saudi companies have begun investing in Syria to the tune of $7 billion.
"Saudi Arabia is of paramount importance in the region, and with its new vision, it has become a compass for the region's economy,” he added. He said that Syria has not seen any construction development in 40 years.
He said that the world had seen the consequences of Syrian failure over the past 14 years since war broke out, and over the past 60 years. The world "experienced its role as a source of crises, human migration, and Captagon,” he said.
"This poses strategic risks to the region and has been exploited by certain ambitious parties seeking to incite unrest.”
By contrast, he said that the world would gain from Syria's stability with its crucial strategic location in the region. "It is the gateway to the east throughout history, a key stop on the Silk Road, and possesses diverse resources and a diversified economy that is not reliant on a single sector,” he explained.
"Syria has opened up to the world today and begun a new chapter in a short period. In just 10 months, it has been able to regain its regional and international standing with the support of many countries, most notably Saudi Arabia.”
"I rely on my people and their economic potential,” he said. "They will rebuild Syria from nothing.”
"Aid does not help in building, but rather in encouraging laziness,” he said. "We don't want Syria to be a burden on anyone; we want it to rebuild itself.
"I am ready to give the rest of my life to see Syria rise up and strong, and I and all lovers of Syria are determined to rebuild it.”
He stressed that Syria will protect investors by safeguarding their production in the initial phase.
The ninth FII event started on Monday, featuring 20 world leaders along with bankers, chief executives and experts in AI, energy and sustainability. Syrian ministers were holding talks with Saudi representatives on the eve of Mr Al Shara's visit.
The Syrian economy was devastated by a civil war that began in 2011. At the end of last year, the UN Development Programme estimated cumulative losses, including physical damage and economic deprivation, at $923 billion. The estimated cost of reconstruction has varied from $250 billion to $500 billion.
