Syria's stock exchange reopens as Damascus aims to rebuild economy

Euronews

2 days ago

Trading has resumed on the Damascus Securities Exchange 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 was closed in the chaotic days leading up to the December ouster of former long-time President Bashar al-Assad in a lightning rebel offensive.
Syrian Finance Minister Mohammed Yisr Barnieh, who attended the reopening, said 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 the European Union have both announced the lifting of a wide raft of sanctions that had been slapped on Syria under the al-Assad dynasty's rule.
Last week, the EU lifted sanctions on the country but slapped new ones on people and groups it said participated in attacks on civilians during a wave of violence in the coastal region in March.
The EU's foreign policy chief Kaja Kallas had announced plans to lift the sanctions the previous week.
She said the move was "conditional" and that sanctions could be resumed if the new government of Ahmad al-Sharaa, the former rebel commander who led the charge that ousted al-Assad, doesn't keep the peace.
Kallas said in a statement that removing sanctions "is simply the right thing to do, at this historic time, for the EU to genuinely support Syria's recovery and a political transition that fulfils the aspirations of all Syrians."
Also last week, Syria inked a power deal worth $7 billion (€6.1 billion) with a consortium of Qatari, Turkish and US companies for the development of a 5,000-megawatt energy project to revitalise much of the country'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.
Germany's former foreign minister Annalena Baerbock was appointed president of the United Nations General Assembly on Monday, following an election in which she ran unopposed.
Baerbock, who was elected to the position with a simple majority, will take the top job at the assembly — a role of primarily ceremonial significance that largely involves organising plenary sessions among the body's 193 represented countries.
Russia, which was opposed to Baerbock's nomination, asked for a secret ballot on Monday, but the vote was considered a formality in the run-up to her election.
She will be inaugurated on 9 September, shortly before the UN General Assembly holds its general debate, and will have the post for one year.
Germany, tasked with nominating a candidate for the 2025–2026 session, selected Baerbock over Helga Schmid, a seasoned diplomat who had initially been considered for the role.
Her nomination over Schmid sparked controversy within Germany, most notably from the former chairman of the Munich Security Conference Christoph Heusgen, who called her selection an "affront."
"It is outrageous to replace the best and most internationally experienced German diplomat with an outdated model," Heusgen told the domestic press.
Former German Foreign Minister Sigmar Gabriel also criticised Baerbock and highlighted Schmid's achievements. "Ms Baerbock can learn a lot from her," Gabriel said.
The German government defended Baerbock's nomination, with Foreign Ministry spokesperson Steffen Hebestreit calling her "highly qualified for the job".
Baerbock herself responded by arguing that her appointment was "analogous to many predecessors who were also former foreign ministers or former prime ministers."
Baerbock also said the decision to nominate her was made jointly with Schmid. Schmid has not publicly commented on the decision.
During an informal dialogue held with the UN General Assembly's member states, Baerbock said she aimed to lead as "a unifier — with an open ear and an open door."
At 44 years old, she will be the fifth woman to lead the UN's main policymaking organ, which turns 80 this year.
"The United Nations is needed more than ever before," the former Green politician said, adding that she would emphasise adapting the UN to 21st-century challenges, including reforming its structure to cut costs and improve efficiency.
Baerbock also said she would place strong emphasis on ensuring that the perspectives of all regions and groups are heard in the reform process.
Baerbock, who pioneered a "feminist foreign policy" as Germany's foreign minister, said her other top priorities at the UN would include giving special attention to the climate crisis and ensuring that the organisation is truly inclusive.
'Our work does not end in New York, Geneva, Nairobi or Bonn. But we need to bring our discussions and outreach closer to the people,' she said.
Another Foreign Ministry spokesperson Sebastian Fischer said he hoped Baerbock's nomination would enhance Germany's overall influence in the UN Security Council.
It is clear that the UN as a whole has "run into difficult waters" in recent years, Fischer said.
He added that Baerbock's candidacy "underlines at a high political level Germany's political commitment to the United Nations and our willingness to assume special responsibility for this multilateral system in difficult times."