I spent a month looking at how Syria’s economy — and power — is being reorganized after Hayat Tahrir al-Sham took over, traveling to Idlib, Hassia and Damascus to speak with key business leaders and officials.
It’s a tale of two Syrias 🧵
It’s a tale of two Syrias 🧵
Top line:
Idlib-based traders & HTS-linked entities are ascendant in the new import-driven economy, while traditional Damascus/Homs based traders & industrialists are losing out.
That's leading to resentment and concerns over a new form of favoritism.
reuters.com/world/middle-e…
Idlib-based traders & HTS-linked entities are ascendant in the new import-driven economy, while traditional Damascus/Homs based traders & industrialists are losing out.
That's leading to resentment and concerns over a new form of favoritism.
reuters.com/world/middle-e…
The winners: Idlib-based importers like Mohammad al-Badawi.
His sales have doubled as cheap Turkish goods now flood markets once cut off by Assad's regime.
His imports include Pepsi, trucked over the border.
“They are thirsty for everything inside Syria” Badawi said from his warehouses in boomtown Sarmada.
His sales have doubled as cheap Turkish goods now flood markets once cut off by Assad's regime.
His imports include Pepsi, trucked over the border.
“They are thirsty for everything inside Syria” Badawi said from his warehouses in boomtown Sarmada.
The losers: established Damascus businessmen like Haytham Joud.
His food, beverage and consumer goods empire, built under Assad's protectionism, is collapsing.
Imports threaten local industries.
He has the exclusive right to produce Pepsi in Syria. Sales are down 70%.
"Saying the economy will be free is great, but we have to see the details," Joud said from a boutique hotel he owns in old Damascus.
“It's a big challenge.”
His food, beverage and consumer goods empire, built under Assad's protectionism, is collapsing.
Imports threaten local industries.
He has the exclusive right to produce Pepsi in Syria. Sales are down 70%.
"Saying the economy will be free is great, but we have to see the details," Joud said from a boutique hotel he owns in old Damascus.
“It's a big challenge.”
The new rulers say they aim to undo decades of Assad's crony capitalism, which centralized the economy in the hands of a few.
Many Syrians are more hopeful than ever that their country can now rebuild after 14 years of war.
But the rapid opening has had mixed results.
@jihadyazigi of Syria Report: “Things are good for Idlibis, of whom there are very few, and things are very bad for other Syrians, who are numerous."
Many Syrians are more hopeful than ever that their country can now rebuild after 14 years of war.
But the rapid opening has had mixed results.
@jihadyazigi of Syria Report: “Things are good for Idlibis, of whom there are very few, and things are very bad for other Syrians, who are numerous."
Idlib boasts fleets of newly imported cars (Range Rovers, Mini Coopers) at a fraction of Assad-era prices.
Turkish power keeps lights on & internet fast.
Turkish Lira & USD are common.
Idlib traders see themselves as competitive, accessing global products easily via the umbilical link to Turkey
Trade via Turkey's Bab al-Hawa border surged 42% in Q1 2025 year-on-year.
Turkish power keeps lights on & internet fast.
Turkish Lira & USD are common.
Idlib traders see themselves as competitive, accessing global products easily via the umbilical link to Turkey
Trade via Turkey's Bab al-Hawa border surged 42% in Q1 2025 year-on-year.
Meanwhile, Damascus looks stuck in the past, suffering dark streets, a failing grid & slow connections.
Businesses grapple with new competition, poor infrastructure, and critical cash shortages.
Around $600 million deposited in a state currency platform before Assad's fall is now unaccounted for, Syrian officials said, leaving many firms with little capital.
Businesses grapple with new competition, poor infrastructure, and critical cash shortages.
Around $600 million deposited in a state currency platform before Assad's fall is now unaccounted for, Syrian officials said, leaving many firms with little capital.
A promised 400% public sector pay raise in former regime areas hasn't materialized, widening the economic gap with Idlibis who earn many times more.
This impacts everyday life.
Imported Nescafe & Bounty bars replaced local imitations, but many Syrians who were elated to see them on store shelves still can't afford them.
This impacts everyday life.
Imported Nescafe & Bounty bars replaced local imitations, but many Syrians who were elated to see them on store shelves still can't afford them.
Syria’s new rulers see Idlib as a model moulded under impossible circumstances.
Idlib-based businessmen said they felt empowered to build the economy as a form of resistance to Assad. Those in regime-held areas say they were stifled by shake downs and patronage.
“When the country was freed, we realized that even though we were under bombardment, they were the ones being destroyed,” Mustafa al-Taa said.
He’s the head of the rebel version of Syria’s Chamber of Commerce, which was founded in Idlib in 2014, even before they formed a government.
The sleek office has WiFi and scannable QR codes to swiftly register businesses — all absent from regime-held areas
Idlib-based businessmen said they felt empowered to build the economy as a form of resistance to Assad. Those in regime-held areas say they were stifled by shake downs and patronage.
“When the country was freed, we realized that even though we were under bombardment, they were the ones being destroyed,” Mustafa al-Taa said.
He’s the head of the rebel version of Syria’s Chamber of Commerce, which was founded in Idlib in 2014, even before they formed a government.
The sleek office has WiFi and scannable QR codes to swiftly register businesses — all absent from regime-held areas
Signaling Idlib's growing influence, Alaa al-Ali of the free chambers was in February appointed to head Syria's powerful Federation of Chambers of Commerce.
From Damascus, he says “Idlib is a nucleus” but his job is to end corruption and favoritism.
“People here didn't think it would be like this. They had a bad image that we came to kill, and plunder, and take their money. Instead, they saw respect," he said.
From Damascus, he says “Idlib is a nucleus” but his job is to end corruption and favoritism.
“People here didn't think it would be like this. They had a bad image that we came to kill, and plunder, and take their money. Instead, they saw respect," he said.
Even as they lose business, Damascene merchants say the new rulers are approachable, listen to them and have integrity.
Businesswoman Nadine Chaoui, from
a Christian family and recently appointed to the Damascus Chambers of Commerce:
“Before, you felt you couldn't get anything done without paying someone. That feeling is gone."
Businesswoman Nadine Chaoui, from
a Christian family and recently appointed to the Damascus Chambers of Commerce:
“Before, you felt you couldn't get anything done without paying someone. That feeling is gone."
But Chaoui’s pharma import business is struggling due to new competition and shifting regulations.
“We’re not really selling,” she said.
Meanwhile, Idlib's Reva Pharma now works double shifts to meet new nationwide demand and has hired more than 100 agents to market goods across the country.
Assad’s fall has “been a qualitative leap for our development," said sales manager Mustafa Dugheim.
"The domestic market is huge now."
“We’re not really selling,” she said.
Meanwhile, Idlib's Reva Pharma now works double shifts to meet new nationwide demand and has hired more than 100 agents to market goods across the country.
Assad’s fall has “been a qualitative leap for our development," said sales manager Mustafa Dugheim.
"The domestic market is huge now."
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