World Bank: Rebuilding Syria to Cost Around $216 Billion 

Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)
Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)
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World Bank: Rebuilding Syria to Cost Around $216 Billion 

Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)
Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)

Rebuilding Syria after more than a decade of civil war is expected to cost about $216 billion, the World Bank said in a report published Tuesday.

The report, “Syria Physical Damage and Reconstruction Assessment 2011-2024”, presents the results of a rapid nationwide assessment across infrastructure and building assets, covering the period from 2011 to 2024.

Syria’s conflict has damaged nearly one-third of its pre-conflict gross capital stock, with direct physical damages to infrastructure, residential buildings, and non-residential buildings estimated at $108 billion, said the report.

The conclusions came two days after Syrian Finance Minister Mohammed Yisr Barnieh held meetings in Washington with World Bank representatives and discussed ways to support Syria’s economic and financial recovery. Syria aims to secure approximately $1 billion in grants from the World Bank over the next three years.

Among the categories assessed, the World Bank found that infrastructure was the hardest hit, accounting for 48% of total damage ($52 billion), followed by residential buildings ($33 billion) and non-residential buildings ($23 billion).

The governorates of Aleppo, Damascus countryside, and Homs were the most severely affected in terms of total damage.

Cost of reconstruction 10 times Syria’s GDP

The assessment said reconstruction costs of Syria’s damaged physical assets are projected to range between $140 billion and $345 billion, with a conservative best estimate of $216 billion. This includes $75 billion for residential buildings, $59 billion for non-residential structures, and $82 billion for infrastructure.

The governorates of Aleppo and Damascus countryside are expected to require the most significant reconstruction investments.

The assessment underscores the scale of the challenge and the immense need for international support as estimated physical reconstruction costs are nearly ten times Syria’s projected 2024 GDP.

The conflict has devastated Syria’s economy, with real GDP declining by nearly 53% between 2010 and 2022.

In nominal terms, GDP contracted from $67.5 billion in 2011 to an estimated $21.4 billion in 2024, as per Syria Macro-Fiscal Assessment published earlier this year.

“The challenges ahead are immense, but the World Bank stands ready to work alongside the Syrian people and the international community to support recovery and reconstruction,” said Jean-Christophe Carret, World Bank Middle East Division Director.

“Collective commitment, coordinated action, and a comprehensive, structured support program are critical to helping Syria on its path to recovery and long-term development,” he added.

For his part, Barnieh said the report provides a critical baseline of the massive scale of the destruction and of the reconstruction costs ahead.

“Now, more than ever, it is imperative for the international community to mobilize support and partnership to help Syria restore essential infrastructure, revitalize communities, and lay the foundation for a more resilient future for its people,” he noted.

Given the protracted conflict and related methodological constraints, the report findings are subject to significant uncertainty.

The report does not provide detailed disaggregation by sectors or more detailed asset types. It is intended to provide an estimate of the overall scale of damage and reconstruction costs, and to inform discussions on recovery planning.

The assessment was prepared with financial and technical support from the World Bank’s Global Facility for Disaster Reduction and Recovery (GFDRR).



Saudi Arabia Among Top 10 Investors in Tunisia With Over $375 Mln

 Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Among Top 10 Investors in Tunisia With Over $375 Mln

 Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)

Saudi investments in Tunisia have gathered momentum over recent years, placing the kingdom among the country’s top 10 foreign investors, with cumulative investments surpassing $375 million by the end of 2024.

The figures were disclosed at the Saudi-Tunisian Business Forum, held in Riyadh on Monday on the sidelines of the 12th session of the Saudi-Tunisian Joint Committee, where officials and business leaders met to explore ways to deepen investment ties between the two countries.

The forum was attended by Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef and Tunisia’s Minister of Economy and Planning, Dr. Samir Abdelhafidh.

The forum was organized by the Ministry of Industry and Mineral Resources in cooperation with the Ministry of Investment and the Federation of Saudi Chambers, with the participation of official delegations and more than 300 representatives from the public and private sectors in both countries.

High-level visits

In his opening remarks, Alkhorayef emphasized the strength of long-standing Saudi-Tunisian relations, which are rooted in the shared vision of the two countries’ leaderships and reinforced by high-level reciprocal visits.

He said these visits had formed a cornerstone in supporting economic momentum and driving recent growth in bilateral trade.

Alkhorayef described the Saudi Tunisian Business Forum as an important milestone for enhancing investment partnerships and transforming promising opportunities into projects with tangible economic impact.

“We are betting today on investors, business leaders, and private sector champions in both countries to lead growth in promising sectors, including advanced industries, tourism, renewable energy, and mining,” he said.

“Our role as governments is to enable, legislate, and facilitate procedures, while the private sector’s role is to build, innovate, and turn these enablers into productive projects, job opportunities, and shared success stories that reflect the value and depth of the partnership, toward comprehensive economic integration based on the competitive advantages of both countries.”

Investment fundamentals

For his part, Abdelhafidh said the Saudi Tunisian Business Forum serves as a practical platform for strengthening investment partnerships, noting the steady rise in Saudi investments in Tunisia in recent years, with the kingdom among the top 10 investing countries and total investments exceeding $375 million by the end of 2024.

He said Tunisia offers competitive investment fundamentals, including a strong pool of engineering and technical talent, as well as the capacity to absorb large-scale projects, particularly in renewable energy, automotive and aerospace components manufacturing, pharmaceuticals, and the food industry.

Supply chains

In a related context, Saudi Tunisian Business Council Chairman Dr. Omar Al Ajaji highlighted the importance of the private sector’s role in strengthening economic cooperation between the two countries.

He said the forum helps business communities explore promising opportunities and opens broader horizons for integration in key sectors, particularly industry, technology, and supply chains.

Also speaking at the forum, Dr. Samir Majoul, President of the Tunisian Union of Industry, Trade, and Handicrafts, emphasized the need to create a regulatory environment conducive to investment and to establish sustainable strategic partnerships that foster trade and investment flows between the kingdom and Tunisia.

The Saudi-Tunisian Business Forum reflects the two countries’ shared vision of building effective investment partnerships that expand cooperation and economic integration, support growth in bilateral trade, align with the goals of Saudi Vision 2030, and advance comprehensive and sustainable development in both countries.


Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
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Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)

Iran's central bank chief, Mohammad Reza Farzin, has resigned, the semi-official ​Nournews agency reported on Monday, citing an official at the president's office, as the country battles a slump in its rial currency and high inflation.

The rial, which has been falling as the Iranian economy has suffered from the impact of Western sanctions, fell to a ‌new record low on ‌Monday at around 1,390,000 ‌to ⁠the ​dollar, according ‌to websites displaying open market rates.

Iranian media outlets reported there had been demonstrations in the capital Tehran, mainly by shop owners, against the economic situation.

Farzin has headed the central bank since December 2022. His resignation will be reviewed by President Masoud ⁠Pezeshkian, the official added, according to Nournews.

Iranian state media reported ‌later on Monday, citing the communications ‍and information deputy ‍at the Iranian president's office, that former Economy ‍Minister Abdolnaser Hemmati will be appointed as the new central bank chief.

Iranian media have said the government's recent economic liberalization policies have put pressure on the ​open-rate currency market.

The open-rate market is where ordinary Iranians buy foreign currency, whereas businesses typically ⁠use state-regulated rates.

The reimposition of US sanctions in 2018 during President Donald Trump's first term has harmed Iran's economy by limiting its oil exports and access to foreign currency.

The Iranian economy is at risk of recession, with the World Bank forecasting GDP will shrink by 1.7% in 2025 and 2.8% in 2026. The risk is compounded by rising inflation, which hit a 40-month high of ‌48.6% in October, according to Iran's Statistical Center.


Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
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Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh

Lebanon said Monday it plans to purchase natural gas from Egypt, seeking to reduce its reliance on fuel oil for its ageing power plants in a country hamstrung by regular electricity cuts.

The electricity sector has cost Lebanon more than $40 billion since the end of its 1975-1990 civil war, and successive governments have failed to reduce losses, repair crumbling infrastructure or even guarantee regular power bill collections.

Residents rely on expensive private generators and solar panels to supplement the unreliable state supply.

Prime Minister Nawaf Salam's office said in a statement that the memorandum of understanding between Lebanon and Egypt sought "to meet Lebanon's needs for natural gas allocated for electricity generation".

It was signed by Lebanese Energy Minister Joe Saddi and Egyptian Petroleum Minister Karim Badawi, according to AFP.

"Lebanon's strategy is first to transition to the use of natural gas, and second, to diversify gas sources," Saddi said, adding that "the process will take time because pipelines need rehabilitation".

Lebanon will "contact donor agencies to see how they can help finance the rehabilitation" of the Lebanese section of the gas pipelines, he said, adding that repair work would take several months.

President Joseph Aoun said the memorandum of understanding was "a practical and essential step that will enable Lebanon to increase its electricity production".

A statement from Cairo's petroleum and mineral resources ministry said that "Egypt is fulfilling its role in supplying Lebanon with natural gas, with the aim of supporting energy security for Arab countries".

In 2022, Lebanon signed a deal to import natural gas from Egypt and Jordan via Syria to boost power supply, but the contracts were never implemented due to financing issues and US sanctions on Syria.

Washington recently lifted it Syria measures following the fall of longtime ruler Bashar al-Assad last year.

In April, Lebanon signed a $250 million agreement with the World Bank to modernise its electricity sector.