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.



Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.