Washington Opens the Door
American companies are preparing to enter the Syrian market after the United States removed the country's designation as a state sponsor of terrorism, a step that cleared one of the main obstacles to reintegrating Syria into the global financial system. A delegation of more than 50 companies and over 80 participants traveled to Damascus to assess opportunities.
The visit followed a meeting in September 2026, on the sidelines of the United Nations General Assembly, between the US Chamber of Commerce and President Ahmad al-Sharaa alongside Foreign Minister Asaad al-Shaibani. A Chamber official said the government was "pressing the accelerator" on investment and economic reform.
Energy Deals Take Shape
Several American firms have signed memorandums of understanding and agreements with Syria, among them ConocoPhillips, Chevron, Baker Hughes, Hunt Energy and Ardent LNG. The visiting delegation also included Caterpillar and Visa.
Qatar's UCC Holding signed an agreement with Chevron and the state-owned Syrian oil company to develop the country's first offshore oil and gas field, a project that would mark a new stage in reviving the energy sector.
Banking Reconnects Abroad
The financial sector drew particular attention. In August 2026 the first international transaction using a Visa card was carried out inside Syria, while QNB and Mastercard issued the first internationally accepted payment card in the country. The World Bank approved a $100 million (USD) grant to help build a digital financial sector.
The central bank governor said the government expects foreign investment in establishing new banks to exceed $1 billion in the coming period. A meeting hosted in New York by the US Treasury focused on supporting the sector and reconnecting it to the global system, with attention to anti-money-laundering and counter-terrorism-financing standards.
Gulf Money Moves First
Some Gulf investment pledges have already moved toward implementation. The most prominent is a commitment by DP World to invest $800 million in the port of Tartus. Damascus has widened its outreach to investors from Silicon Valley to Riyadh.
The World Bank estimates the cost of rebuilding the country at about $216 billion, underscoring the scale of capital the government is seeking to attract.
Fiscal Strains Persist
The government still faces significant budget pressure. Finance ministry data for the first half of 2026 showed public spending of about $3.7 billion against revenue of roughly $2.7 billion, leaving a deficit of close to $1 billion.
The finance minister said new spending-control measures would not touch salaries and wages or outlays on basic sectors such as health, education, water, energy and public safety. Syria's continued place on the Financial Action Task Force grey list still exposes investors to compliance and reputational risk.