ISTANBUL — Sanctions off. Embassies sidelined. Private money in. That’s the Trump administration’s new playbook for Syria — and it’s nothing like the U.S. foreign policy that came before.

Since President Trump met with Syrian leader Ahmad al-Sharaa in Riyadh earlier this month and announced the immediate lifting of U.S. sanctions, Damascus has signaled to the rest of the world that war-weary Syria is, finally, open again for business.

And Mr. al-Sharaa, the man looking to partner with U.S. President Trump in jump-starting the rebuild of Syria? Until recently, he was better known as Abu Mohammad al-Jolani, the black-turbaned leader of the Islamist rebel group Hayat Tahrir al-Sham. 

From a stronghold in Idlib, he waged war against both the Assad regime and the Islamic State. Today, the 42-year-old wears Western suits, leads an internationally courted interim government and hosts American energy executives in Damascus.

His rebranding — from jihadist commander to pro-business head of state — is transformational and as startling as Mr. Trump’s policy shift itself. Together, the two men have opened a path for Syria’s return to the global economy — not through diplomacy or democracy, but through deals.

Earlier this month, longtime Trump adviser and new U.S. Ambassador to Turkey Thomas Barrack joined Sen. Marco Rubio at the Türkiye-U.S. working group on Syria in Washington. The agenda included trade, investment and the logistics of reentry for Damascus.

Humanitarian aid and political reform weren’t part of the calculus.

Instead, with Washington now acknowledging Turkey’s rising influence in Damascus, and Gulf capitals moving in tandem, the Trump administration is reintroducing Syria to the U.S. policy map. To do so, the American president is leaning heavily on private-sector channels instead of traditional State Department diplomacy.

In May, the World Bank cleared Syria’s $15.5 million in outstanding debt, thanks to payments from Saudi Arabia and Qatar. This pivotal move made Syria eligible for grants and budget support, and the first project — focused on repairing the national electrical grid — aims to restore power to key industries paralyzed by more than a decade of conflict.

Former Syrian diplomat Bassam Barabandi, now advising Syrian-linked investors, told The Washington Times he sees strategy where others might see improvisation. “This is not tactical. This is very strategic,” he said. “Trump wants peace, wants to reduce tensions — which means reducing the money spent on U.S. forces in the Middle East. He wants more economy, more trade with the region. He wants a Nobel Prize. He wants Iran out — and Iran is out.”

According to Mr. Barabandi, the sanctions relief wasn’t just about Syria — it was a bet on regional realignment. “I believe the only thing — the only thing — that made Trump meet with Sharaa is not because [Saudi ruler Mohammed bin Salman Al Saud] asked him to. But because MBS assured him this person can make peace with Israel.”

He warned that the U.S. could miss out if regulations don’t keep pace with policy. “Say it’s mobile phones. The Commerce Department sees it as dual-use. They say no. China says yes. Even CT scanners or laser scanners — if U.S. regulators overreach, Syria just brings in Indians or Bulgarians or Chinese for oil and gas.”

“America lifts sanctions — but also sidelines itself. It opens the market for others and blocks its own products.” That gap, Mr. Barabandi argues, needs to close. Some policy advisors close to the administration are encouraging the Commerce Department to clarify what counts as dual-use and ensure U.S. companies aren’t excluded from Syria’s re-entry.

Mr. Barabandi also framed Mr. Trump’s move as part of a broader doctrine shift. “This is not Obama’s Iraq withdrawal or Biden’s Afghanistan exit,” he said. “This is Trump announcing victory, stepping aside militarily, and letting American business define U.S. presence.”

Abdul Hafiz Sharaf, a Syrian-American entrepreneur, told The Times he also views the shift as more than symbolic. A physician by training who has branched into real estate, tech and media, Mr. Sharaf is now developing a luxury project in central Damascus. “It would be a grand, luxurious hotel paired with elegant residential apartments and a stunning shopping center — all in the heart of Damascus,” he said. He even sees the tower as, potentially, a Trump-branded project. 

“It would be a symbol of Syria’s shift from the eastern axis to the West,” he said.

Mr. Sharaf has deep ties to Syrian-American Trump backers and worked to mobilize his community to flip Michigan from the Democrats during the 2024 campaign. Since the U.S. election and Mr. al-Sharaa’s rise to power, he’s worked to secure the Trump brand for Syria’s post-sanctions recovery.

His team has lobbied for the project on multiple fronts — engaging with the Trump Organization, Rep. Joe Wilson, and senior Saudi officials close to Crown Prince Mohammed bin Salman. He has also met with municipal and national officials in Damascus and begun securing land for the tower. Discussions are in an advanced stage, and the Saudi Public Investment Fund — controlled by MBS — has shown strong interest in backing the initiative.

But Mr. Sharaf isn’t the only high-profile Syrian entrepreneur eyeing Damascus real estate.

Walid Mohammad al-Zoubi, the billionaire chairman of the UAE-based Tiger Group, is advancing his own Trump-branded tower plan — a 45-story commercial high-rise he says could mark Syria’s return to global markets. While Mr. Sharaf’s team claims credit for initiating the Trump Tower concept, Mr. al-Zoubi’s firm has the scale, track record and capital to that counts. With over $5 billion in assets and a current $1 billion project underway in Dubai, Tiger Group’s involvement gives the Emirati push real weight.

The contrast is now shaping up as both financial and geopolitical: Mr. Sharaf brings brand alignment and deep Saudi and GOP political ties. Mr. al-Zoubi offers deep pockets and execution power. Both are chasing the same prize — a symbol of Syria’s new beginning stamped with Trump’s name.

The Trump Tower duel signifies a broader competition between Saudi Arabia and the UAE over who will dominate Syria’s reconstruction. 

Since sanctions were lifted, Riyadh has announced investment zones for agriculture, pledged support for oil production and greenlit deals in education and housing. Meanwhile, Abu Dhabi-backed DP World signed an $800 million deal this month to modernize Tartus Port. Syria’s government also inked a 30-year agreement with French shipping giant CMA CGM to redevelop the Latakia port — annulling a previous Russian lease signed under Assad.

Jonathan Bass, CEO of Louisiana-based Argent LNG, met earlier this month with Mr. al-Sharaa in Damascus to discuss U.S.-anchored energy development. According to people familiar with the meeting, Mr. Bass proposed rebuilding Syria’s oil and gas infrastructure with Western firms and a new national oil company. He also emphasized inclusive governance, restoring seized properties to religious minorities — including Jews — and aligning Syria’s economic recovery with Western markets, not China or Iran.

Mr. Bass has since called for accelerating U.S. normalization with Damascus — and backing a parallel thaw with Israel — so Washington can move toward full diplomatic ties with Syria and secure its strategic and commercial position ahead of rivals.

Antoun Betinjaneh of Habib Betinjaneh Est., whose family enterprise weathered sanctions and war, told The Times that Mr. al-Sharaa’s new policies are triggering a shift in investor sentiment. He also pointed to the importance of restoring electricity as a prerequisite for industrial recovery. 

“We get three to four hours of electricity a day. No bottling line runs on that,” he said. “But we’re a clean country — just $15 billion in debt — and we have skilled people who want to come home. We just need real investment and international credit access,” he said.

He said the World Bank’s debt clearance was a game changer, not just for grants but for signaling a wider return to financial normalcy. He added that Syria’s new government team is “young, smart and fair,” offering potential investors a different tone than what the business community faced in years past.

“We’re seeing a change. Gulf partners are willing to talk again, and there’s new interest from Syrians in the Emirates, Qatar, Canada, and California. Everyone’s watching how the next three months unfold,” Mr. Betinjaneh said.

Meanwhile, other legacy Syrian business families are taking cautious steps toward home. 

Imad Ghreiwati, once one of Syria’s most prominent industrialists and now based in Dubai, is reportedly exploring opportunities to reinvest in logistics and infrastructure. His return follows years of asset seizures by the Assad regime, including the takeover of Mr. Ghreiwati’s manufacturing plants and vehicle distribution firms.

What’s emerging isn’t diplomacy in the traditional sense. It’s influenced by capital, and deals instead of declarations.

“Stability in Syria means stability across the entire Middle East,” Mr. Sharaf said. “It opens the door for American companies to lead reconstruction, create jobs, foster growth and strengthen U.S. influence. It’s time to build, not just bomb.”