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RIYADH: The head of Dubai conglomerate Al-Habtoor Group is set to visit Syria with a delegation of senior executives to discuss potential investments and partnerships with the new government.

According to a statement, the visit reflects the group’s ongoing strategy to explore new avenues of cooperation with the Syrian government and to assess potential investment opportunities across multiple sectors. 

It added that the trip stems from “a firm belief” in Syria’s ability to recover its strength and regional standing and the importance of public-private partnerships in the country’s rebuilding phase.

The move comes as Syria’s transitional government, led by President Ahmed Al-Sharaa, pushes economic reforms to attract foreign investment, including privatizations, relaxed trade policies, and major infrastructure deals. 

Speaking ahead of the trip, the group’s Chairman Khalaf Ahmad Al-Habtoor said: “Syria is a country rich in culture, history, and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment.”  

He added: “We look to Syria with great confidence. Its people possess the energy and resilience needed to shape a strong and prosperous future. As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies.”

Al-Habtoor Group, a UAE-based multinational with a strong presence in the hospitality, real estate, and automotive industries, has a history of large-scale investments in the Middle East. The move follows the organization’s recent withdrawal from Lebanon, where it cited instability as a barrier to business.

RIYADH: Syria will adopt a unified exchange rate before transitioning to a managed float system as it seeks to stabilize a currency that has lost nearly all its value against the US dollar.

In an interview with the Financial Times, Central Bank of Syria’s Governor Abdulkader Husrieh confirmed the reforms, emphasizing efforts to eliminate the role of unauthorized money changers in the country’s foreign exchange market as part of broader financial reconstruction.

Syria is also set to be fully reintegrated into the SWIFT international money transfer system within weeks, reconnecting the country to global finance after 14 years of war and sanctions. 

The country is working to revive its economy after years of conflict, with its transitional government, led by President Ahmed Al-Sharaa, implementing reforms such as privatizing state-owned firms, easing import restrictions, and attracting foreign investment. 

“We aim to enhance the brand of the country as a financial hub given the expected foreign direct investment in rebuilding and infrastructure — this is crucial,” Husrieh told the FT.

Key developments in Syria include a $7 billion energy deal with Qatar, the reopening of the Damascus Securities Exchange, and a $300 million fiber-optic project with Gulf telecom companies. These initiatives come as ����ֱ�� and Qatar pledge financial support to help stabilize Syria’s economy amid a gradual easing of Western sanctions.

SWIFT reconnection to boost trade and investment 

The reintegration into SWIFT marks a milestone in the new government’s economic liberalization efforts following the lifting of US sanctions last month.

The Society for Worldwide Interbank Financial Telecommunications is a global cooperative that facilitates secure international money and security transfers through a vast messaging network, enabling banks and financial institutions to exchange information and instructions for financial transactions.

Husrieh, who took office in April, said that significant progress has been made but acknowledged that there’s still much work ahead.

Post-war economic challenges 

Since 2011, Syria has been isolated from global markets due to war and sanctions. The economy collapsed under ex-President Bashar Assad and when Al-Sharaa took power last December, his government swiftly introduced free-market reforms to revive the economy and reassure wary foreign investors. 

Last month, President Donald Trump’s announcement of lifting sanctions provided a major boost, but Husrieh stressed that “a full policy shift is still needed,” calling for comprehensive sanctions removal rather than selective measures.

“The central bank previously micromanaged the financial system, overregulated lending, and restricted withdrawals,” he said. “We’re reforming through recapitalization, deregulation, and re-establishing banks as intermediaries between households and businesses.”

Reconnecting to SWIFT will reduce import costs, facilitate exports, and curb reliance on informal financial networks. Husrieh said all foreign trade will now go through formal banks, cutting out money changers who took a 40 percent cut on dollar transactions. 

Before Assad left the presidency, the Syrian pound plummeted. While it has since strengthened, volatility remains. Husrieh aims to unify official and black-market rates before transitioning to a managed floating exchange rate system. 

Gulf nations are actively supporting the reforms in Syria, and ����ֱ�� and Qatar cleared the country’s World Bank debt and pledged to cover public sector salaries for three months. 

“Effective May 12, 2025, the arrears of approximately $15.5 million due to the International Development Association by the Syrian Arab Republic have been cleared,” the World Bank confirmed on May 16.