DAMASCUS (AP) – Trading has resumed on the Damascus Securities Exchange after a six-month closure, signaling a potential shift in Syria's economic landscape. This reopening comes as the country's new leadership aims to stabilize the battered economy and embark on reconstruction efforts following nearly 14 years of civil war.
The stock exchange had been shut down during the tumultuous period leading up to the ousting of former President Bashar Assad, a time marked by intense conflict and instability. The resumption of trading represents a notable step towards economic normalization in a nation that has faced significant challenges.
In attendance at the reopening was Syrian Finance Minister Mohammed Yisr Barnieh, who stated that the event indicates a beginning recovery in the country’s economy. According to state-run news agency SANA, Barnieh emphasized that the stock exchange would operate as a private entity and become a vital hub for economic development in Syria, with an increased focus on digital initiatives. He expressed the leadership's intention to streamline business operations and create promising investment opportunities.
The timing of the stock exchange's reopening coincides with a broader trend of diminishing international restrictions on Syria's financial systems. Recently, both the United States and European nations announced the lifting of a significant number of sanctions that had been imposed on Syria during Assad's regime, implying a more favorable environment for economic growth and investment.
Moreover, last week, Syria made headlines by signing a substantial power deal valued at $7 billion with a consortium of companies from Qatar, Turkey, and the United States. This agreement involves the development of a 5,000-megawatt energy project aimed at revitalizing Syria's electricity grid, which has suffered extensively due to the ongoing conflict.
The consortium is led by Qatar’s UCC Concession Investments and includes Power International USA, along with Turkey’s Kalyon GES Enerji Yatirimlari and Cengiz Enerji. The ambitious project will feature the installation of four combined-cycle gas turbines, which are expected to generate about 4,000 megawatts of electricity, along with a 1,000-megawatt solar power plant that will further enhance the country’s energy capabilities.
This strategic move is part of a larger initiative by Syria’s new leadership to reintegrate the country into the global economy and facilitate both domestic and international investment. With the easing of external sanctions and the reopening of critical financial institutions, there is cautious optimism regarding Syria's economic recovery.
The developments surrounding the Damascus Securities Exchange and the recent energy partnership reflect the Syrian government’s commitment to fostering a resilient economy and attracting foreign investment. As the nation seeks to rebuild from years of conflict, the focus on modernization and digital business practices may pave the way for a more sustainable economic future.
