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Dardari to Asharq Al-Awsat: Syria’s Economy Lost $54 Bn in 14 Years

A man counts money at a gas station in Aleppo, northern Syria (AFP)
A man counts money at a gas station in Aleppo, northern Syria (AFP)
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Dardari to Asharq Al-Awsat: Syria’s Economy Lost $54 Bn in 14 Years

A man counts money at a gas station in Aleppo, northern Syria (AFP)
A man counts money at a gas station in Aleppo, northern Syria (AFP)

The United Nations has authorized its development program to start engaging with Syria's new interim government to support humanitarian efforts and kickstart the country's recovery, as Syria has lost $54 billion in GDP over the past 14 years.
Dr. Abdallah Dardari, Assistant Secretary-General and Director of the Regional Bureau for Arab, United Nations Development Program (UNDP), told Asharq Al-Awsat during his visit to Riyadh for the COP16 conference that he instructed the program's office in Damascus to begin contacting government officials and start the needed assessments for Syria's recovery.
Bashar al-Assad’s regime left behind significant economic challenges, with near-total collapse of the country's infrastructure, the destruction of thousands of homes, and the displacement of millions.
Dardari outlined the severe situation in Syria, noting that the country has lost 24 years of human development. The GDP has dropped from $62 billion in 2010 to just $8 billion today, a loss of $54 billion over 14 years. Poverty has risen from 12% in 2010 to over 90%, and more than 65% of the population now faces food insecurity.
He added that Syria faces a tough recovery, with estimates showing that nearly 2 million of the 5.5 million housing units have been destroyed or damaged.
Dardari explained that estimating the cost of rebuilding housing units requires updates due to changes in construction prices. However, he highlighted that the biggest challenge in Syria is the weakened institutional structure compared to pre-2011, when state institutions were strong.
The focus of the UN program now is on supporting these institutions, as “without capable institutions, there can be no development or reconstruction.”
The program is also targeting the private sector, which has withstood many challenges and is ready to take advantage of any opportunities for stability and growth.
He added that in the past 48 hours, following the interim government’s announcement of a free market economy with quick measures to ease trade, the Syrian pound improved from 30,000 to 14,000 per dollar, a 50% improvement.

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Egypt Seeks Up to 60 LNG Shipments

A general view of the Nile River from the Egyptian capital, Cairo (Reuters).
A general view of the Nile River from the Egyptian capital, Cairo (Reuters).
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Egypt Seeks Up to 60 LNG Shipments

A general view of the Nile River from the Egyptian capital, Cairo (Reuters).
A general view of the Nile River from the Egyptian capital, Cairo (Reuters).

Egypt is in advanced talks with global energy and trading firms to secure between 40 and 60 shipments of liquefied natural gas (LNG), aiming to meet urgent energy needs before summer demand peaks, according to sources familiar with the matter cited by Reuters.
Cairo is negotiating with companies including Saudi Aramco, Trafigura, and Vitol for LNG supply deals extending through 2028, signaling a strategic shift from exporter to long-term importer amid declining domestic production, Asharq Bloomberg reported.
Sources say the Egyptian Natural Gas Holding Company (EGAS) has received 14 bids for supply contracts ranging from 18 months to three years. The rising demand this year could push Egypt’s monthly LNG import bill to nearly $3 billion starting in July, up from approximately $2 billion last year.
This move reflects Egypt’s effort to lock in long-term contracts to reduce exposure to volatile spot market prices. It also underscores the country’s deepening energy challenges: a sharp drop in gas production, increasing population, and soaring summer temperatures are straining domestic supply and forcing reliance on global markets.
Contract awards are expected next week. Plans call for 110 LNG shipments in the second half of 2025, 254 in 2026, and 130 in the first half of 2027.
One source said bids price LNG at 80 to 95 cents per million British thermal units (MMBtu) above the European benchmark, with payment deferrals of up to 180 days. European gas futures currently trade at about $12 per MMBtu, though LNG cargoes typically sell at a discount.
Egypt is also expanding infrastructure, including the addition of floating storage and regasification units, and is negotiating long-term supply deals with Qatar.
A recent Goldman Sachs report estimated Egypt’s 2024 energy deficit at over $11.3 billion, doubling the current account shortfall to 6.2% of GDP, compared to 3.2% the previous year.
President Abdel Fattah al-Sisi has directed the government to preempt power outages this summer, according to a presidential statement this week.
A government source told Reuters Egypt is also considering importing at least 1 million tons of fuel oil, though LNG remains the preferred option due to its more flexible financing.
With gas output in February hitting its lowest level in nine years, Egypt imported 1.84 million tons of LNG in early 2025—roughly 75% of total 2024 imports, according to S&P Global Commodity Insights.