About This Publication

We're Making Sense of the New Syrian Economy

By the end of the Assad era, Syria’s economy was defined by years of war, sanctions, informality, and centralized patronage. What remained was neither the state-led economic system once promised by the Ba’ath nor a competitive market economy, but a system of crony capitalism in which proximity to the regime determined success.

Since inheriting that system, the new leadership has moved quickly to reshape it, issuing new investment laws, restructuring ministries, and courting capital. The pace of this reform has created both opportunity and uncertainty, leaving domestic and foreign actors alike searching for expertise on the new Syrian economy.

This publication was created to make sense of that terrain. Drawing on prior engagement with Syria’s economy and independent research, we at Sima Partners know that transitions are rarely linear and that economic pressures often drive outcomes more decisively than policy declarations. Our approach combines rigorous analysis with access to Syria’s leading business figures, policymakers, and technocrats, who can explain how legislation is meant to work, where it falls short, and how regulatory decisions are made.

Each issue follows a consistent structure, designed to be both readable and cumulative. We begin with an interview with a decision-maker shaping Syria’s economic future, whether in government or the private sector. From there, we examine one sector in depth, covering opportunities, regulatory frameworks, and informal constraints. We then ground that analysis geographically, profiling a city or region to show that Syria isn’t a single market but a set of differentiated local economies. Every issue includes a timeline of recent economic developments, a tracker of new legislation, and a final op-ed that advances an argument drawing on the reporting in that issue.

Syria’s political landscape remains contested. Questions of accountability, governance, and legitimacy are ongoing and unresolved. This publication doesn’t bracket those realities, for they shape economic decisions in concrete ways. Its focus, however, is on documenting the essential changes in Syria’s business environment. Syria is entering a formative economic moment, and those navigating it need analysis that clarifies risks and identifies opportunities where they exist.

This newsletter, made freely available, is for investors, business leaders, policymakers, diplomats, and analysts who need to understand Syria’s economy as it exists today and make informed judgments about where it goes next.