Sovereignty Support Movement Sovereignty for West Asia
News from The Cradle, June 2, 2025
This is interesting because so far, Syria does not have access to SWIFT (dollar transfer system). Furthermore, it has only been suspended since Assad left. So, it was open even as Syria was falling apart under the sanctions. It will be interesting to see what comes of all this blossoming infrastructure. [jb]
The Damascus Stock Exchange (DSE) reopened its doors on 2 June, after a six-month suspension, with the reopening ceremony attended by a number of Syrian officials, including Finance Minister Mohammad Yasar Barnieh.
The move, unveiled during a press conference in Damascus by Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud, is part of what officials describe as a broader effort to “support the stability of the Syrian Arab Republic.”
The event is being hailed as a positive sign of economic resurgence after 14 years of a US-backed war.
One day earlier, Saudi Arabia and Qatar announced a joint three-month financial aid package for Syria’s public sector workers.
The DSE has been closed since December 2024, a closure aimed at reviewing and assessing the financial and operational performance of listed companies and mitigating potential market manipulation, capital flight, and other financial risks.
The closure also came amid the lightning offensive by the Al-Qaeda-affiliated Hayat Tahrir al-Sham (HTS) armed group, which brought down the government of Bashar al-Assad.
Following its reopening, the DSE will operate as a private company, modernizing its infrastructure and attracting foreign investment by introducing electronic systems, enhancing settlement processes, and expanding the range of available investment tools.
Fourteen of the 28 listed companies resumed activity after meeting the necessary disclosure requirements, while others remain suspended pending compliance with these requirements.
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,” Barnieh told state-run news agency SANA.
He emphasized that the new leadership intends to “facilitate business operations and open doors to promising investment opportunities.”
The reopening coincides with the easing of international sanctions by the US, Europe, and the UK, as well as a surge in economic development projects.
On 29 May, Syria signed a $7 billion agreement with a group of international companies led by Qatar’s UCC Holding to build large-scale gas and solar power plants.
The project will reportedly add 5,000 megawatts of electricity to Syria’s war-ravaged power grid and is viewed as a major step in Syria’s post-war rebuilding efforts. Construction is expected to create around 300,000 jobs.
