Syria has attracted almost $16 billion in investment and international aid in the six months since the fall of the regime of former president Bashar Al Assad, according to calculations by The National, the latter reports.

The largest investor is the Qatari company UCC Holding-led consortium, which will spend $7 billion on the construction of four gas-power plants and a 1,000 MW solar plant in Syria. The UN Development Programme (UNDP) has developed a three-year plan of $1.3 billion focusing on infrastructure rebuilding, digital startups, AI integration, and social protection programs. After a summit in Brussels in March, European donors pledged $6.5 billion in multi-year humanitarian and reconstruction aid to the country.

The Gulf states are the most actively involved in the reconstruction of the Syrian economy. Saudi Arabia and Qatar, as part of a joint initiative, have written off Syria’s debt to the World Bank by $15.5 million. In May, Emirati logistics operator DP World and the new Syrian government signed a memorandum of understanding ($800 million) for the development, management, and operation of a multi-purpose terminal at Tartus Port. This was followed by a 30-year ($260 million) concession agreement with French shipping company CMA CGM to manage and expand Latakia Port.

These investment increases come amid years of economic decline and isolation of Syria, as regional and international investors have stepped up their efforts to rebuild the country’s economy since the fall of Assad last December.

Despite the momentum, Syria’s reconstruction needs range between $400 billion, according to the World Bank, and $1 trillion, as estimated by Mohammad Al-Shaar, Syria’s Minister of Economy and Industry, last month.

Before the 2011 uprising, Syria’s economy was valued at $67.5 billion, ranking 68th globally and comparable to economies like Paraguay and Slovenia, according to the World Bank.

By 2023, however, years of conflict and sanctions had reduced the country’s gross domestic product by 85 percent to just $9 billion, placing it 129th in the global rankings.