Latest news with #DamascusSecuritiesExchange
Yahoo
4 days ago
- Business
- Yahoo
Syrian stock exchange reopens after a 6-month hiatus as part of U.S.-led push for a new free market economy
Stocks resumed trading in Damascus, a promising sign for Syria's recovery. With a new government in place and U.S. sanctions, leaders push to turn Syria into the sort of free-market economy that can attract the investments it needs to rebuild itself. On Monday, the Syrian stock exchange reopened for the first time since President Bashar Al-Assad was deposed. After a six-month hiatus, instituted just days before the toppling of Assad's regime, the Damascus Securities Exchange resumed trading. The stock exchange closed in earlier December in the lead-up to the swift and clinical rebel offensive that ultimately took the capital and forced Assad into exile. The Syrian finance minister Mohammad Yusr Barniyeh attended the opening ceremony in Damascus. At the event, he pointed to the stock exchange as a sign of Syria's widespread economic recovery. 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,' Barniyeh said according to comments reported by the state-run news agency SANA. Reopening the stock market is part of Syria's plans to rebuild the country and its economy after 14 years of civil war. The new Syrian government, helmed by former al Qaeda member Ahmed Al-Sharaa, pledged to operate under free-market principles rather than the state-controlled economy of Assad's rule. Barniyeh reiterated the importance of the private sector during his comments on Monday. 'Our approach is centered on fairness, equity, private sector leadership, and investment attraction,' he said. 'We will facilitate business operations and open doors to promising investment opportunities.' In an effort to ease Syria's rebuilding, the U.S. and Europe both lifted the extensive sanctions it had placed on the country. Among the restrictions lifted were those banning U.S. citizens and companies from doing any business at all in Syria. In recent weeks, Syria has already succeeded in securing some initial investments in the country, which was ravaged by more than a decade of war. A group of investors from the U.S., Qatar, and Turkey signed a $7 billion deal with the new Syrian government to develop an energy project projected to deliver about 5,000 megawatts. The deal, though, does not include direct involvement of U.S. companies; instead, the American subsidiary of Qatari energy company Power International will participate in the project. The signing of the agreement featured the newly appointed U.S. ambassador to Syria Thomas Barrack, who urged the countries represented to weave 'a tapestry of commerce and cooperation,' starting with the lifting of sanctions. 'President Trump made a bold decision that he would erase the bondage of 50 years in an instant,' Barrack said of U.S. sanctions at last month's signing ceremony. Elsewhere in the Arab world, Saudi Arabia also pledged additional economic and financial support to Syria. Saudi Arabia will finance public-sector salaries in an arrangement that also includes Qatar. In a meeting last week, Saudi Foreign Minister Prince Faisal bin Farhan said investors from his country would visit Syria in the coming months to start looking into deals related to telecom, agriculture, infrastructure, and oil. This story was originally featured on Sign in to access your portfolio
Zawya
5 days ago
- Business
- Zawya
Trading resumes at Damascus Securities Exchange after 6-month suspension
Damascus: The trading resumption ceremony at the Damascus Securities Exchange commenced Monday after a six-month suspension. Syrian Minister of Finance Dr. Mohammad Yusr Barniyeh emphasized that reopening the exchange is a sign that Syria's economy is beginning to recover and move forward. "The Damascus Securities Exchange will operate as a private company and serve as a genuine hub for Syria's economic development, with a strong focus on digital," the Syrian news agency (SANA) quoted the Minister as saying. Executive Director of the Damascus Securities Exchange Dr. Basel Asaad described the reopening as a historically significant milestone for Syria. He affirmed the exchange's readiness to resume operations and strengthen its role, anticipating broader and more substantial investments in Syria's evolving economy. Despite limited resources, Dr. Asaad highlighted the exchange's success in carrying out its responsibilities with transparency and ensuring investor ownership protection. He expressed confidence in its ability to keep pace with future developments. Meanwhile, Chairman of the Board of Directors of Damascus Securities Exchange Fady Al Golailaty said that the Damascus Securities Exchange will not merely be a platform for trading stocks and bonds, but will also play an active role in reconstruction, economic growth, and attracting both local and international investments. He added that it will contribute to stabilizing the national currency and integrating the Syrian economy with global economies. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Qatar Tribune
6 days ago
- Business
- Qatar Tribune
Trading resumes at Damascus Securities Exchange after 6-month suspension
QNA & Agencies Damascus The trading resumption ceremony at the Damascus Securities Exchange commenced Monday after a six-monthsuspension. Syrian Minister of Finance Dr Mohammad Yusr Barniyeh emphasised that reopening the exchange is a sign that Syria's economy is beginning to recover and move forward. 'The Damascus Securities Exchange will operate as a private company and serve as a genuine hub for Syria's economic development, with a strong focus on digital,' the Syrian news agency (SANA) quoted the minister as saying. Executive Director of the Damascus Securities Exchange Dr Basel Asaad described the reopening as a historically significant milestone for Syria. He affirmed the exchange's readiness to resume operations and strengthen its role, anticipating broader and more substantial investments in Syria's evolving economy. Despite limited resources, Dr Asaad highlighted the exchange's success in carrying out its responsibilities with transparency and ensuring investor ownership protection. He expressed confidence in its ability to keep pace with future developments. Meanwhile, chairman of the Board of Directors of Damascus Securities Exchange Fady Al Golailaty said that the Damascus Securities Exchange will not merely be a platform for trading stocks and bonds, but will also play an active role in reconstruction, economic growth, and attracting both local and internationalinvestments. He added that it will contribute to stabilising the national currency and integrating the Syrian economy with global economies. The resumption comes as Syria's new administration intensifies efforts to revive the economy and rebuild the country after 24 years under the ousted regime of Bashar al-Assad. The regime's fall was followed by the establishment of a new government led by Ahmad al-Sharaa, who had led anti-regime forces to oust Assad. In late January, Al-Sharaa was declared president for a transitional period.
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Syria Reopens Damascus Securities Exchange After Six-Month Suspension
Rana Atef On Monday, the Syrian government reopened the Damascus Securities Exchange (DSE) after a nearly six-month suspension, aiming to stimulate economic activity in the financial sector. The Syrian Commission on Financial Markets and Securities announced the resumption of trading processes with today's session after the decision by Finance Minister Mohammad Yaser Barniya. He confirmed that the reopening follows a series of regulatory reviews, including ensuring compliance with anti-money laundering standards and updating the financial disclosures of listed companies, to prevent any unlawful exploitation of the market. According to the decision, the exchange will operate with only three trading sessions per week on Monday, Tuesday, and Wednesday until further notice. Execution of large-volume transactions will be suspended for one month as part of a phased plan to gradually reactivate the market. The closing price of the session held on December 5, 2024, will serve as the 'reference price' for traded stocks. Trading is only allowed for companies that have met disclosure and governance requirements. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News China Launches Largest Ever Aircraft Carrier News Flights suspended at Port Sudan Airport after Drone Attacks
Euronews
6 days ago
- Business
- Euronews
Syria's stock exchange reopens as Damascus aims to rebuild economy
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."
