The Damascus Securities Exchange resumed trading on Monday following a six-month hiatus, as Syria’s new administration seeks to revitalize the deteriorated economy and initiate reconstruction efforts after nearly 14 years of civil conflict.
The stock market was initially shut down during the turbulent period that led to the removal of former President Bashar Assad due to a swift offensive by rebels.
Syria’s Finance Minister, Mohammed Yisr Barnieh, was present at the reopening and remarked that it marks the beginning of economic recovery in the nation. He noted that the stock exchange will function as a private entity, serving as a critical hub for Syria’s economic growth with a substantial emphasis on digital advancements, according to a report by the state-managed news outlet, SANA.
Barnieh further highlighted that the new government is committed to simplifying business operations and opening up new avenues for lucrative investment prospects. This reopening initiative coincides with the gradual relaxation of international restrictions on Syria’s financial systems. Both the United States and Europe recently announced the lifting of an extensive range of sanctions that had been imposed during the Assad family’s rule.
In a significant development last week, Syria finalized a substantial $7 billion power agreement with a partnership involving companies from Qatar, Turkey, and the United States. This deal aims to develop a 5,000-megawatt power project aimed at rebuilding Syria’s war-damaged electricity infrastructure.
The consortium, spearheaded by Qatar’s UCC Concession Investments in collaboration with Power International USA, and Turkey’s Kalyon GES Enerji Yatirimlari, Cengiz Enerji, plans to construct four combined-cycle gas turbines with a cumulative generating capacity of approximately 4,000 megawatts, accompanied by a 1,000-megawatt solar power facility.