Damascus stock exchange reopens in Syria as the war-torn country aims to rebuild its economy
Trading resumed on the Damascus Securities Exchange Monday after a six-month closure, as Syria's new leaders attempt to shore up the country's battered economy and begin rebuilding after nearly 14 years of civil war.
The stock exchange had closed during the chaotic days leading up to the ouster of former President Bashar Assad in a lightning rebel offensive.
Syrian Finance Minister Mohammed Yisr Barnieh, who attended the reopening, said that it signals that the country's economy is beginning to recover and that the stock exchange 'will operate as a private company and serve as a genuine hub for Syria's economic development, with a strong focus on digital,' state-run news agency SANA reported.
He said the country's new leaders plan to 'facilitate business operations and open doors to promising investment opportunities.'
The move to reopen comes as international restrictions on Syria's financial systems begin to ease. The United States and Europe both last month announced the lifting of a wide raft of sanctions that had been slapped on Syria under the Assad dynasty's rule.
Last week, Syria inked a power deal worth $7 billion with a consortium of Qatari, Turkish and U.S. companies for development of a 5,000-megawatt energy project to revitalize much of Syria's war-battered electricity grid.
The consortium led by Qatar's UCC Concession Investments—along with Power International USA and Turkey's Kalyon GES Enerji Yatirimlari, Cengiz Enerji—will develop four combined-cycle gas turbines with a total generating capacity estimated at approximately 4,000 megawatts and a 1,000-megawatt solar power plant.
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Associated Press
an hour ago
- Associated Press
No kids, excess heat and payment plans. What to know about Hajj 2025
ISLAMABAD, Pakistan (AP) — Muslims from around the world are in the Saudi city of Mecca for the Hajj, one of the Five Pillars of Islam. In the coming days, people will immerse themselves in religious rituals and acts of worship that originated more than 1,400 years ago. They also have to contend with excess heat and other earthly factors, like a ban on children under the age of 12 and a crackdown on unauthorized entry. Here's what to know about this year's Hajj: Beating the heat in the Saudi desert Last year's pilgrims struggled through burning sun and suffocating hot weather, with the mercury hitting 47 degrees Celsius (117 degrees Fahrenheit). More than 1,300 people died. This year, Saudi authorities are advising caution in direct sunlight, telling pilgrims to avoid going out during the day and uncovering their heads, except for rituals, unless necessary. An official safety kit emphasizes the importance of light-colored clothing and umbrellas. It also has details on recognizing and treating the symptoms of dehydration and heat exhaustion. But it's tough to avoid the heat and crowds when the Hajj is outdoors. It's a once-in-a-lifetime opportunity for many, elevating the personal stakes further, and temperatures in Mecca are already 41 degrees Celsius (about 106 Fahrenheit). Although the desert kingdom spends billions of dollars on crowd control and cooling, the volume of pilgrims and climatic conditions make it difficult to guarantee people's safety. A ban on children under 12 at the Hajj Saudi Arabia has banned children under 12 from this year's Hajj — one of the biggest policy changes in recent years. Riyadh reportedly introduced the ban as a precautionary measure to ensure children's safety during the pilgrimage, which could be a dangerous environment for them because of the huge crowds. Children are exempt from doing the Hajj and are not required to fulfill other Islamic obligations, like prayer and fasting, until they reach puberty. But that doesn't stop some parents from wanting to take their children to experience the Hajj and see the holiest site in Islam, the Kaaba, the black, cube-shaped structure that is the focal point for daily prayers. Father of five Talha Ayub, from the Pakistani city of Lahore, said his kids were staying with their grandparents while he and his wife performed the Hajj in a 'more relaxed way.' 'Even if children were allowed, we probably wouldn't have taken them because the weather is extremely harsh this year,' said Ayub, whose children are aged 1 to 13. 'I have mixed feelings about leaving them behind. I'll miss them.' There's no official age breakdown for pilgrims, but most are between 35 and 64. Layaways and lowering the price tag The price of a Hajj ranges from $4,000 to $20,000, depending on the length of stay, level of comfort, and country of departure. Depreciating currencies, high inflation, and tax hikes in Saudi Arabia also have an impact on how much Muslims end up paying. The countries that typically send the most pilgrims are developing nations. Some have trimmed the price of government-backed Hajj programs to make them more affordable. But this step isn't always enough. Farid Ahmed Majumder, secretary general of the Hajj Agencies Association of Bangladesh, said the country was allowed to send some 127,000 pilgrims this year but failed to meet this quota, mainly because of higher costs. Pakistan has reduced the price of the state-run Hajj program. It has also debuted a flexible payment system. Farmer and small business owner Zaheer Ahmad said he didn't have enough money to pay for his Hajj up-front, 1.2 million rupees or about $4,255. He paid in three installments, applying for the Hajj in December with an advance and finishing his payments in February. 'Otherwise, I might not have been able to go for Hajj at all,' he said. In Saudi Arabia, which has also introduced flexible payments, domestic pilgrims pay 20% within 72 hours of booking, another 40% during Ramadan and the final 40% the following month. Managing wait times and overcrowding Although the Hajj is a once-in-a-lifetime obligation, people don't want to wait a lifetime to fulfill it. But the Hajj has limited capacity, countries have set quotas, and there is only one time each year to do it. Patience really is a virtue and everything needs to align: availability, health, and finances. Muslim-majority countries like Indonesia and Malaysia have decades-long waiting lists for the Hajj. Indonesia has 5.4 million people awaiting their turn, with the number increasing each year. While there is nothing to stop people from performing the Hajj more than once, some governments believe this practice deprives others of the opportunity, especially in countries where demand is high. India has a ban on 'repeaters' and excludes applications from anyone who has previously performed the pilgrimage through the national Hajj committee, although there are exceptions from those accompanying certain categories of people like the elderly. With a restricted supply of Hajj spaces, it's inevitable that people will try to find ways to get to the holy city and stay there. In April, to curb unauthorized Hajj pilgrimages and control inbound travel, Saudi Arabia suspended the issue of short-term visas for 14 countries: India, Pakistan, Bangladesh, Egypt, Indonesia, Iraq, Nigeria, Jordan, Algeria, Sudan, Ethiopia, Tunisia, Yemen, and Morocco. People have in the past traveled to Saudi Arabia on short-term visas and entered Mecca without official permission for the Hajj. Authorities said that many of those who died in the heat during last year's Hajj were unregistered and unable to access air-conditioned pilgrim amenities. The Interior Ministry warned in May that a fine of up to 20,000 riyals, or about $5,330, would be imposed on anyone attempting to enter Mecca during the Hajj without the correct visa. ___ Associated Press writers Sheikh Saaliq in New Delhi, Julhas Alam in Dhaka, Bangladesh, and Munir Ahmed in Islamabad contributed to this report. ___ Associated Press religion coverage receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
New York Times
2 hours ago
- New York Times
Amid Rising Heat, Hajj Becomes Test of Endurance for Pilgrims and Saudi Arabia
The hajj, one of the largest annual human gatherings in the world, begins on Wednesday in Mecca, Saudi Arabia. Amid rising temperatures and logistical challenges, the pilgrimage has increasingly become a test of endurance both for pilgrims and the Saudi government. Millions of Muslims from around the world travel to the city to take part; Saudi Arabia said 1,475,230 pilgrims from abroad have arrived since Sunday. Last year, the Saudi government said more than 1,300 pilgrims died, many from Egypt. Most of those who perished had been unregistered, Saudi officials said, meaning they had made the trip without the permits that gave them access to heat protections. Here's what to know about this year's hajj and efforts to make it safer. What is the hajj? The hajj is one of Islam's five pillars, the core practices that define a Muslim's faith, alongside daily prayer, charity, fasting during the month of Ramadan and the declaration of faith in one God and the Prophet Muhammad as a messenger of God. For the annual pilgrimage to Mecca, the holiest city in Islam, every able-bodied Muslim who can afford it is expected to undertake the journey at least once. The hajj takes place once a year during a specific period in the final month of the Islamic calendar. Most pilgrims travel to Saudi Arabia well in advance, using the time to visit the holy city of Medina, pray in Mecca's grand mosque and perform a lesser pilgrimage called Umrah. Want all of The Times? Subscribe.
Entrepreneur
2 hours ago
- Entrepreneur
Ethara Launches UAE's First Sports Entrepreneurship Incubator in Abu Dhabi; Eight Startups Unveiled
By bridging ideas with investors and corporations, E1H offers a fast-track for entrepreneurs looking to scale regionally and globally. You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. Ethara, an Abu Dhabi-based live events and venue management firm, has launched the inaugural Ethara 1TW Innovation Hub (E1H) Pitch- the UAE's first dedicated sports ecosystem and incubator. The launch event, which took place at the Yas Conference Centre on June 3, 2025, brought together more than 100 key stakeholders from sport, entertainment, government, and investment sectors to witness the unveiling of startups shaping the region's sports and entertainment economy. Image source: Ethara The E1H Pitch marked the culmination of a six-week program in which eight early-stage ventures received expert mentorship, strategic guidance, and venture capital support to fast-track their development. By providing startups with unique access to expertise, commerce, and capital, E1H thus aims to accelerate innovation and entrepreneurship in Abu Dhabi, the UAE, and the wider region. The event opened with keynote addresses from Mike Shapiro, Head of Ventures at City Football Group, and Mohamed Berrada, Partner at Portas. Their insights into global sports investment and the future of digital fan engagement highlighted the UAE's rising prominence as a strategic base for sports tech and entertainment ventures. The session was hosted by sports broadcaster Chris McHardy. Image source: Ethara "Innovation is at the heart of everything we do at Ethara- that's why we created E1H with our partners at OneToWatch [a sports investment advisory firm based in Abu Dhabi Global Market]," Saif Rashid Al Noaimi, Chief Executive Officer of Ethara, stated. "We want to inspire the next generation of entrepreneurs to build new ventures that add value not just to Ethara but to Abu Dhabi's global vision for sport and entertainment." The event then highlighted how the eight founders from E1H's inaugural cohort address a wide spectrum of areas including technology, content, services, and sustainability. E1H Cohort 1 startups: • ArabsMMA founded by Zahi Ephrem: The first media platform dedicated to combat sports in the Middle East. • Athlyn founded by Ahmed Cheikh Omar: A platform that bridges sport and corporate engagement. • Esportian founded by Ivan Kerkoc: Merges traditional sports and esports education. • Icosium Technologies founded by Billel Boudouma and Mohamed Ali: This venture blends robotics, AI, and human experience to deliver real-world micro-automation solutions. • MyParkBuddy founded by Daniel Hachem: Aims to revolutionize urban mobility through smart parking solutions. • Neoma founded by Francois Chabaudie: Aims to improve human interactions through smart environments. • The Mettleset founded by Dawn Barnable: A platform to tell meaningful stories through the lens of sport. • E1H Venture Studio, Greenlight Abu Dhabi Branding (GADB) founded by Robert Angelieri: Drives innovation in sustainable events through branding, logistics, and venue strategy.
