Investment into Syria has declined sharply since the civil war began in 2011, according to greenfield investment monitor fDi Markets. In 2010, FDI into Syria reached $1.99bn before decreasing to $1.6bn in 2011. In 2012, inward investment decreased dramatically to $9.9m, before stopping altogether in 2013.

In the first five months of 2014, no FDI into Syria has been recorded. This is perhaps unsurprising given the decreasing levels of investor confidence and ever-increasing political risk that the country has been experiencing.

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Viewing the data in quarters of 2011 shows Syria’s inward FDI steadily decreasing, corresponding to a worsening conflict. The first quarter of 2011 saw eight inward investment projects, similar to that tracked in quarter one of 2010. However, this decreased to three projects in both the second and third quarters before recording an all-time low of just one tracked project in the final quarter. In the whole of 2012, only one inward greenfield project was recorded.

In terms of capital expenditure, inward investment of $15.1m in the fourth quarter of 2011 was 97.7% lower than the $653.6m recorded in the first quarter. Job creation suffered a similar decline in 2011. The first quarter of 2011 saw 751 jobs created, decreasing to 17 jobs created in the final quarter. Overall, 2011 job creation decreased by 80.6% compared with 2010 levels.

With no projects recorded for 2013 or the first five months of 2014, it seems unlikely that a return to pre-conflict investment levels is likely in the near future.