Syria's economy was devastated by a conflict that ran from 2011 to 2024, ending with rebel forces toppling Bashar al-Assad. Now, major global banks are backing a $7 billion loan to rebuild parts of the country. After years of being cut off, Syria is slowly rebuilding its ties to global financial markets, and some restrictions on parts of the banking system remain.
A spokesperson for Power International Holding said, "This loan is one of the biggest foreign financing commitments to Syria since the conflict ended." The borrower is Power International Holding, a Qatari conglomerate controlled by the Syrian-born Al-Khayyat family. Its construction arm, UCC Holding, has secured major contracts in Syria covering airports, power infrastructure and energy.
These are critical needs for a country of about 26 million people. The U.S. lifted many economic sanctions, which opened the door for this deal.
QNB guarantees the loan.
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QNB's biggest shareholder is the Qatar Investment Authority, a sovereign wealth fund worth $580 billion. ADCB adds another strong Gulf lender to the mix. Power International Holding is one of Doha's largest conglomerates.
This loan is a major early step in attracting foreign capital.
This deal shows that international banks are starting to finance Syria's reconstruction. Other companies are also moving in. Kuwait's Zain is set to invest over $1.5 billion after securing a license to run a mobile telephone network.
However, despite the U.S. removing many sanctions, certain banking sector limitations still hinder reconstruction funding. The United States, Europe, and Gulf states have shown openness, with Saudi Arabia already committing investments.
Gulf firms are competing for footholds in Syria. The Al-Khayyat family's company, Power International Holding, is leading the way through its construction arm UCC Holding, that has won large contracts covering airports, power infrastructure, and energy projects.
Hailing from Syria, the Al-Khayyat clan built a large Qatari business group focusing on construction, energy, and property. Their firm UCC Holding has already secured contracts to rebuild Syria's power infrastructure and airports.
This loan marks a turning point for Syria, which has been largely cut off from international finance since the war began. While the U.S. lifted many sanctions, restrictions remain on certain banking transactions, and this deal tests how quickly Syria can reintegrate into global markets. The involvement of major banks like JPMorgan Chase signals growing confidence, though risks persist given the country's political instability and damaged infrastructure. Power International Holding's existing contracts for airports and power plants provide a foundation for this loan, which is expected to catalyze further investment from other Gulf firms and international lenders.
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