Expert: $300 Billion Expected Cost for Syria's Reconstruction
Political and Security Stability Forms Cornerstone for Rebuilding Trust in Syrian Economy and Attracting Foreign Investment and Migrated Expertise
December 9, 2024, 9:05 pm

Expert: $300 Billion Expected Cost for Syria's Reconstruction

سوريا \ تعبيرية \ متداولة

Qatar University Economics Faculty Assistant Professor Dr. Jalal Qannas ruled out possibility of evaluating Syrian economy and lira during current phase, citing security instability and uncertainty surrounding country's future.

Qannas stated: "Economic situation somewhat collapsed with economic institutions broken since war's beginning, and previously there were economic problems related to regime corruption, income distribution, poverty, unemployment and others."

He told "Al Arabiya Business" current phase requires restoring confidence in Syrian economy through establishing security and political stability, restoring Syrian social fabric, and rebuilding vital institutions related to education, health and infrastructure.

The economic expert indicated discussing local currency's future and reviving economic confidence requires achieving security and political stability first.

Regarding reconstruction costs, Qannas revealed estimates between $200-300 billion, possibly exceeding this figure, noting reconstruction duration links to security establishment, economic recovery, and return of expertise and workforce.

He emphasized necessity of repairing relations with international community and global financial institutions to rebuild infrastructure and revive key sectors like agriculture, industry, and financial institutions.

Discussed role of attracting investments and Syrian expertise from abroad in rebuilding Syria internally and enhancing international confidence, confirming citizens' pivotal role in shaping modern Syria.

Responding to World Bank report classifying Captagon sector as largest contributor to Syrian economy and foreign currency attraction, Qannas expected new government to wage fierce war against this sector to restore international confidence.

Qannas noted possibility of benefiting from educated Syrian diaspora abroad, who acquired advanced skills, especially in technology, considering it "golden opportunity for future."

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
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