Damascus stock exchange reopens as Syria rebuilds after civil war

In Syria, trading on the Damascus Securities Exchange resumed after being closed for six months, marking a significant turning point for the country's economy. This reopening comes as the nation begins to recover from nearly 14 years of civil conflict, during which the stock exchange had suspended operations due to instability and the ouster of former President Bashar Assad. Syrian Finance Minister Mohammed Yisr Barnieh highlighted the reopening as a signal of economic recovery, indicating that the stock exchange will operate as a private company dedicated to promoting Syria's economic development, with an emphasis on digital transformation. The decision to revive trading is aligned with recent easing of international restrictions on Syria's financial systems. Notably, both the United States and European nations lifted numerous sanctions that had been imposed during the Assad administration. These sanctions had severely hindered economic growth and investment opportunities in Syria. The lifting of this pressure is expected to facilitate business operations and foster a conducive environment for international investments. This new path could potentially rejuvenate the economy further, encouraging growth and stability. Furthermore, alongside the stock exchange's reopening, Syria brokered a significant power deal worth $7 billion with a consortium of companies from Qatar, Turkey, and the United States. This ambitious project aims to develop a 5,000-megawatt energy infrastructure to restore much of Syria's partially broken electricity grid. The consortium, led by Qatar's UCC Concession Investments and including firms like Power International USA and Kalyon GES Enerji Yatirimlari, will establish four gas turbines alongside a solar power plant, altogether expected to substantially boost energy generation capacity. The stock exchange's reopening coupled with international involvement in energy projects illustrates a renewed commitment from Syria's new leaders to invigorate the economy and position the nation favorably in the global market. As the country embarks on this recovery journey, emphasis on digital operations and achieving energy efficiency could yield promising investment opportunities and a more resilient economy moving forward.