Latest news with #QatariCompanies
CTV News
3 days ago
- Business
- CTV News
Damascus stock exchange reopens after 6-month closure
Syrian Finance Minister Mohammed Yisr Barnieh, center, attends the opening ceremony at the Damascus Securities Exchange in Damascus, Syria, Monday, June 2, 2025. (AP Photo/Omar Sanadiki) DAMASCUS — 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. Ghaith Alsayed, The Associated Press
Al Arabiya
29-05-2025
- Business
- Al Arabiya
Syria signs $7 billion energy deal with Qatari, Turkish, US consortium
Syria signed a $7 billion energy deal on Thursday with a consortium of Qatari, US and Turkish companies as it seeks to rehabilitate its war-ravaged electricity sector. The agreement was signed at the Syrian presidential palace in the presence of President Ahmed al-Sharaa and US envoy for Syria Thomas Barrack. The agreement involves building four combined-cycle gas turbine power plants with a total capacity of 4,000 megawatts, plus a 1,000 MW solar power plant in southern Syria. Construction is expected to begin after final agreements and financial close, and is targeted to finish within three years for the gas plants and less than two years for the solar plant. After 14 years of war, Syria's electricity sector has been suffering from severe damage to its grid and power stations, aging infrastructure, and persistent fuel shortages, generating only 1.6 gigawatts of electricity today, down from 9.5 GW before 2011.
