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Syria looks at new economic dawn, stock market reopens in a recovery signal

The reopening of Syria's stock market follows after countries around the world have started easing economic restrictions. The US and Europe announced last month that they will lift sanctions on the country that had been imposed during the Assad dynasty's rule read more A girl holds a Saudi flag in Homs, Syria, as she celebrates US President Donald Trump's plan to ease sanctions on Syria and normalise relations with its new government. AP The overall situation in Syria is turning a new leaf as the Damascus Security Exchange reopened for business after a closure of six months following the dramatic ouster of former president Bashar al-Assad. According to state-run news agency SANA, Syrian Finance Minister Mohammed Yisr Barnieh, who was present at the reopening, stated that the event marks the beginning of the country's economic recovery. He noted 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.' STORY CONTINUES BELOW THIS AD The reopening of Syria's stock market follows after countries around the world have started easing economic restrictions. The US and Europe announced last month that they will lift sanctions on the country that had been imposed during the Assad dynasty's rule. Last week, Syria signed a $7 billion energy agreement with a consortium of companies from Qatar, Turkey, and the United States to develop a 5,000-megawatt power project aimed at restoring large parts of the country's war-damaged electricity infrastructure. Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al-Saud has announced that the kingdom will jointly offer with Qatar financial support to state employees in Syria. 'The kingdom will provide with Qatar joint financial support to state employees in Syria,' Bin Farhan said during a press conference with his Syrian counterpart Asaad al-Shibani in Damascus. The Syrian leadership is seeking to strengthen ties with Arab and Western leaders following the fall of Assad at the hands of Ahmed al-Sharaa's Sunni Islamist group, Hayat Tahrir al-Sham. It hopes a flow of aid and investments by Gulf neighbors following the lifting of economic sanctions would help it rebuild a state shattered by conflict. STORY CONTINUES BELOW THIS AD With inputs from agencies