Syria to expand stock trading week, launch market reforms to boost investment
Finance Minister Mohammad Yasser Barnieh said the Damascus Securities Exchange will implement a development plan aimed at boosting market activity and listings, according to the official Syrian Arab News Agency.
Barnieh announced in a LinkedIn post that the exchange will hold a general assembly meeting in September to elect a new board of directors.
The SANA report stated the minister explained that, in collaboration with the new board, the Capital Market Authority, and specialized experts, a comprehensive development plan will be launched.
The report added: 'This plan aims to expand the supply side of securities and create favorable conditions for the listing of more family-owned businesses, private universities, and other companies and institutions.'
The minister also noted that the plan involves introducing new financial instruments and investment services aimed at stimulating market demand.
The exchange resumed trading on June 2 after a six-month suspension, with the reopening attended by government officials and key players in the financial sector.
In an earlier statement, Barnieh said the exchange would operate as a private company and become a key platform for Syria's economic development with a focus on digital transformation.
The planned reforms come as the country looks to revive its battered economy and rebuild investor confidence after years of conflict, sanctions, and financial isolation.
The government is seeking to modernize capital markets as part of wider efforts to attract private investment and stimulate post-war reconstruction.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
10 hours ago
- Arab News
Chevrolet and GMC mark GCC record sales with ‘Truck Mania'
General Motors is spotlighting the evolving face of truck ownership in the Middle East as it celebrates a growing market share among its Chevrolet and GMC pickup lineup with a sales rise of 18 percent year on year, unveiling an emerging demographic among youth and women. Marking its record sales, GM has launched the Chevrolet and GMC Truck Mania event across showrooms in Saudi Arabia, the UAE, Kuwait, Oman and Qatar, featuring attractive offers on the popular Chevrolet Silverado, GMC Sierra, GMC Canyon and all-electric GMC Hummer SUT. Running from Aug. 13 to Sept. 13, the event offers immersive product experiences. Customers can expect tailored test drives for road and all-terrain, personalized consultations, and seasonal value offers designed to get them behind the wheel in time for the region's most active months outdoors. GM's truck portfolio continues to resonate deeply among GCC nationals — particularly from Saudi Arabia and the UAE. Among younger Emiratis aged 20–29, the GMC Sierra has emerged as a top choice for first-time buyers, reflecting a generational shift in preferences. Meanwhile, the Chevrolet Silverado sees robust repeat purchases from Saudi owners aged 30–50, underscoring its enduring appeal and reliability. Furrukh Jawaid, chief marketing officer at General Motors Middle East and Africa, said: 'Off-roading in the Gulf is a rite of passage as youth begin to adopt the lifestyles of their parents, the desert becomes more than terrain and an adrenaline rush. It becomes a tradition. This is evident in the trends we are seeing of youth making up 20 to 35 percent of our customer base in the last few years. Therefore, Truck Mania is bringing GM's most capable trucks to the forefront with compelling offers and experiences that reflect the evolving expectations of today's customers.' While male ownership remains dominant, female ownership is steadily rising signaling a broader cultural embrace of the segment. Over the past three years, female interest and ownership in full-size pickups has more than doubled, driven by increasing demand for safety features, elevated driving positions, flexible utility, and bold design. In 2024 alone, women accounted for 9 percent of all GM truck buyers in the GCC, a notable increase from previous years. Kuwait leads the region with 13 percent of all female truck owners in GM's portfolio, followed by the UAE at 9 percent, and Qatar at 7 percent. A third of GMC Sierra owners in the UAE are middle-aged Emirati women (ages 30–49), and there has been a 50 percent year on year increase in ownership among Emirati women aged 20–29. For Chevrolet Silverado, 19 percent of repeat female customers are over 30, with the majority in the middle-aged Kuwaiti segment. Rohan Fernandes, managing director of commercial operations at General Motors Middle East and Africa, added: 'The growing demand for our world-class pickups from Chevrolet and GMC are visible as we witnessed a surging market share in the first half of 2025 of over 46 percent as we continue to empower more customers across the Gulf to take up off-roading, road-tripping adventures, reconnecting with the outdoors or making use of its capabilities for day-to-day needs. Pickups have grown beyond their traditional role as workhorses to become expressions of style, performance and heritage. Even off-roading has shifted from a practical skill to a deeply-rooted pastime.'
Arab News
10 hours ago
- Arab News
Eyeing global growth, Platinumlist announces rebrand
Platinumlist, a Middle East entertainment discovery platform with more than 9 million users, has announced a comprehensive rebranding of its platform. This step is a response to the booming events sector in the MENA region, which has resulted in evolving user and partner demands for flexibility, consistency and personalization. Since its founding in 2009, Platinumlist has expanded from a single event type to successfully ticketing more than 100,000 events with 20 diverse categories in nine markets in the region and around the world. The redesigned platform addresses this by making the discovery and booking of tickets a quicker and more convenient experience. 'The decision to rebrand the platform was driven by several factors, including the company's expansion across the globe,' said Cosmin Ivan, CEO at Platinumlist. 'This growth presented challenges, as the previous brand identity no longer fully reflected the global and diverse nature of the company's offerings. The prior design was fragmented across different products, which sometimes made brand recognition more challenging for users and B2B partners.' The new design addresses these issues with a fresh visual identity centered around the concept of a 'portal.' This metaphor and identity concept, created in partnership with design studio Kidults, represents the platform as an entry point to new experiences and emotions. The redesigned interface features a cleaner, bolder visual system and improved UX patterns. The dark mode feature is currently in development to further enhance user experience in various lighting conditions, such as at concerts or cinemas. 'Platinumlist came to us with a bold ambition — to go beyond selling tickets and become a true cultural portal,' said Mike Shishkin, creative director at Kidultas. 'It wasn't just about a new look, but about rethinking the brand's role, story, and the entire product experience. We worked closely with Platinumlist on brand strategy, visual identity, UI and content tools. And we're proud to be a part of transforming ticket sales into inspiration.' A significant aspect of the redesign is its focus on regional and cultural inclusivity. Platinumlist collaborated with Saudi and UAE-based type designers to develop a new Arabic typographic system and an adapted logo that aligns with the Latin version, creating a flexible and regionally inclusive design system. Looking ahead, Platinumlist plans to continue its improvements, leveraging the new flexible design system to scale across different languages and markets, from Dubai to London.
Arab News
10 hours ago
- Arab News
PIF's strong financial position fuels Kingdom's economic transformation
The Public Investment Fund has released its annual financial results for 2024, reporting a 25 percent increase in total revenue compared with the previous year, and maintaining a strong and largely unchanged cash balance year over year. Assets under management grew by 19 percent in 2024, reaching $913 billion, with an annualized average portfolio return of 7.2 percent since 2017. Since 2021, cumulative investments in priority sectors have surpassed $171 billion. These financial results highlight strong progress aligned with PIF's forward-looking investment strategy, reinforcing its position as one of the world's largest and fastest-growing sovereign wealth funds. Also, these strong financial results underscore its effective portfolio management, driven by a strategic focus on diversifying its investment base, advancing the Saudi economy, and strengthening global commercial partnerships. PIF's strong financial performance has reinforced its efforts to exceed expectations in delivering on its unique mandate — advancing Saudi Arabia's economic transformation in line with Vision 2030. By focusing on generating sustainable financial returns and diversifying the economy away from oil, PIF has contributed significantly to national development. The financial performance demonstrated substantial growth, underpinned by strong financial foundations and successful portfolio diversification strategies. As of 2024, PIF's portfolio comprises 225 companies, including 103 created and established by the fund. As PIF continues to solidify its position among the world's 10 largest sovereign wealth funds, its portfolio has delivered substantial growth, with assets under management increasing sixfold in 2024 compared with $152 billion in 2015. Notably, throughout 2024, PIF continued to lead with a long-term vision and clear strategic purpose. This is evidenced as PIF has deepened its financial impact by driving forward Saudi Arabia's economic transformation while delivering sustainable financial returns. PIF now accounts for 10 percent of the Kingdom's non-oil economy, with its cumulative real non-oil contribution to gross domestic product reaching $243 billion between 2021 and 2024. The fund continued to advance the development of strategic economic sectors in Saudi Arabia by building national champions, enhancing the technical capabilities of its investment portfolio, promoting localization, and fostering innovation. PIF's 2024 financial results underscore its strategic focus on cutting-edge technologies, including artificial intelligence and automation, which have become integral to its operations. It has succeeded in forming strategic partnerships with innovative companies, investment managers and influential investors, and investing in cutting-edge technology that is shaping the future global economy. In 2024, PIF completed 58 digital projects, launched 15 new applications and automated more than 477 processes, enabling insights, strategy and the creation of economic value. Throughout 2024, PIF strategically expanded its international investment portfolio, harnessing long-term, high-impact capital to deliver sustainable returns and cultivate partnerships in priority global markets. PIF's financial strength and stability received international recognition in 2024, as Moody's upgraded its credit rating to Aa3 from A1 with a stable outlook, and Fitch affirmed its A+ rating, also with a stable outlook — both affirming the fund's robust credit profile and solid financial fundamentals. Leveraging its solid financial foundation, PIF continued to diversify its funding base in 2024, raising $9.83 billion in public debt and $7 billion in private debt markets. In summary, PIF closed 2024 with a solid financial performance, driven by strong assets and healthy returns. It also marked a major achievement in ESG performance, scoring 96 percent on Global SWF's GSR Scoreboard. In 2025, PIF tied for first place globally among 200 sovereign investors, with a score of 100 percent. A study by Brand Finance, the world's leading independent brand valuation company, found PIF to have the most valuable and fastest-growing brand in the world among all SWFs, with an A+ rating. As a catalyst for change, PIF has successfully accelerated growth across 13 targeted strategic sectors, unlocking new opportunities and reshaping the future landscape of Saudi economy, financial and labor markets, and local content development. As a result, PIF managed to create over 1.1 million direct and indirect jobs domestically and globally. In October 2022, PIF launched the Local Content Growth Program with the objective of increasing the local content contribution of the fund and its portfolio companies to 60 percent by 2025. By 2023, local content in PIF's projects had already surpassed 47 percent, up from 40 percent in 2020. Between 2020 and 2023, total spending on local content reached about $106.7 billion. • Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
