Trading resumed on the Damascus Stock Exchange after six months of closure as new Syrian leaders reinforce the country’s abused economy and begin reconstruction after nearly 14 years of civil war.
The stock exchange was shut down by lightning rebels until the December expulsion of longtime president Bashar al-Assad.
Syrian Finance Minister Mohamed Isle Bernier, who attended the reopening, said the country’s economy is beginning to recover and that the stock exchange “will operate as a private company, serve as a real hub for Syria’s economic development, with a digital focus.”
He said the country’s new leaders are planning to “encourage business operations and open doors to promising investment opportunities.”
The reopening move is as international restrictions on Syrian financial system begin to be easier.
Both the US and the European Union have announced the lifting of the wide ra sanctions that were slapped by Syria under the rule of the Al-Assad dynasty.
Last week, the EU lifted sanctions on the country, but slapped new ones on people and groups who said they had taken part in attacks on civilians amid a wave of violence in coastal regions in March.
EU foreign policy director Kaja Kallas had announced plans to lift sanctions the previous week.
She said the move was “conditional” and that sanctions could be reopened if the new government of Ahmad al-Sharaa, former rebel commander who led the charges that expelled al-Assad, did not maintain peace.
In a statement, Karas said eliminating sanctions is simply right in this historic period to truly support the EU’s recovery in Syria and the political transition that fulfills the aspirations of all Syrians.”
Also last week, Syria signed a power contract worth $7 billion (€6.1 billion) in a consortium of Qatar, Turkey and US companies to develop a 5,000 megawatt energy project to activate much of the country’s war-covered electricity grid.
The consortium, led by Qatar’s UCC Concession Investment, together with Power International’s US and Turkey’s Jess Enerjiyatirimurali and Cengiz Enerji, will develop four combined cycle gas turbines with estimated total generation capabilities of approximately 4,000 megawatts and 1,000 megawatt solar power plants.
