Damascus reopens the stock market after a six-month hiatus in a move to revive the economy.

The Syrian capital, Damascus, witnessed the reopening of the stock market today, Monday, June 2, after a six-month hiatus, as part of efforts to revive the national economy and attract local and foreign investments.

The opening ceremony was attended by prominent government officials, businessmen, and investors, emphasizing the importance of this step in boosting confidence in the Syrian economy.

Finance Minister Dr. Mohammad Yasser Barnieh stated that the market's reopening sends a positive message about the start of the national economy's recovery, highlighting the government's vision to support and empower the private sector, focusing on attracting investments and creating job opportunities without undermining the sector's role.

He added that the market will operate as a new private company, contributing to economic development by keeping pace with digital advancements in the financial sector.

New regulations have been put in place to ensure the market operates in an organized manner, with the closing price of the December 5, 2024 session adopted as a reference price, restricting trading to companies that have completed the publication of their financial data and governance reports.

Trading days have been reduced to three days per week, Monday, Tuesday, and Wednesday, with large transactions suspended for a month to enhance transparency.

Deputy Market Director Dr. Suleiman Mousalli expressed optimism about attracting foreign investments with the introduction of new financial instruments such as Sukuk and investment funds, facilitating foreign investors' entry and providing locals with opportunities to diversify their investments.

The Head of the Securities and Financial Markets Authority, Dr. Abdul Razzaq Qasim, pointed out that easing Western sanctions will improve the investment environment, allowing companies to operate more flexibly.

Economic expert Dr. Ali Mohammed highlighted that the market's return coincides with improved economic conditions, including the lifting of some international sanctions, foreign investments in sectors like ports and energy, as well as licenses granted to hundreds of new companies, indicating expected economic activity in the near future.

It is worth noting that the Damascus Stock Exchange, established in 2009, includes 21 listed companies in various sectors, with an average daily trading volume of two billion Syrian pounds in the past year.