Latest news with #BaselAsaad
Zawya
09-06-2025
- Business
- Zawya
Damascus stock exchange eyes investment funds in the short term: bourse chief Asaad
The Damascus Securities Exchange (DSE) aims to attract investment funds in 2025 or next year as part of its plans to introduce new products, Basel Asaad, the executive director of the bourse told Zawya in a phone interview on June 1. Trading resumed on June 2, after more than five months of suspension. Last month, Western countries led by the United States lifted economic sanctions on Syria following Saudi mediation, to revive the economy and reintegrate Syria into the Arab and international community. "It is necessary to introduce new products (such as) Sukuk and investment funds," Asaad said. He noted that working on these products requires legislative amendments that will be devised without specifying a timeline. In response to a question about the product likely to be launched in the short term, Asaad said, "Investment funds are more important for us at the moment, at least to attract foreign investment." Asaad added that DSE is seeking to launch investment funds that tracks the Sharia index introduced by the bourse in December 2023. According to Asaad, foreign investors account for barely 2% of more than 23,000 trading investors. He expressed hope that this percentage would rise after lifting restrictions related to the inflow and outflow of funds to and from Syria. Trading resumption The last trading session on the market was on December 5, 2024, and trading was suspended on Sunday, December 8, 2024, due to the political events in the country that saw the hurried departure of former president Bashar al Assad. Trading, at the moment, will be open for three weekly sessions, from Monday to Wednesday, according to a statement from DSE. Asaad added that the market administration is keen to resume operations under the same trading rules for now, with the possibility of adjusting at a later stage. Brief market background The DSE, headquartered in Damascus, was established in 2006 and officially opened in March 2009. DSE is divided into a main market with 21 listed companies, a parallel market "A" with three listed companies, and a parallel market "B" with three listed companies. These sub-markets differ based on several criteria, including the company's capital, whether it has made a profit or loss, and the number of shareholders. The banking sector controls 86% of the total shares through 15 banks (11 conventional banks and four Islamic banks), followed by the insurance sector with 6 listed companies. In addition to stocks, trading is available on the DSE for government bonds and pre-emptive rights, which have presented a good investment opportunity for market traders. The initial price of a pre-emptive right is calculated as follows: the closing price of the share minus one hundred Syrian pounds. Thereafter, trading is carried out at a price that may increase or decrease depending on supply and demand. Click here to read the article in Arabic.
Zawya
03-06-2025
- Business
- Zawya
Trading resumes at Damascus Securities Exchange after 6-month suspension
Damascus: The trading resumption ceremony at the Damascus Securities Exchange commenced Monday after a six-month suspension. Syrian Minister of Finance Dr. Mohammad Yusr Barniyeh emphasized that reopening the exchange is a sign that Syria's economy is beginning to recover and move forward. "The Damascus Securities Exchange will operate as a private company and serve as a genuine hub for Syria's economic development, with a strong focus on digital," the Syrian news agency (SANA) quoted the Minister as saying. Executive Director of the Damascus Securities Exchange Dr. Basel Asaad described the reopening as a historically significant milestone for Syria. He affirmed the exchange's readiness to resume operations and strengthen its role, anticipating broader and more substantial investments in Syria's evolving economy. Despite limited resources, Dr. Asaad highlighted the exchange's success in carrying out its responsibilities with transparency and ensuring investor ownership protection. He expressed confidence in its ability to keep pace with future developments. Meanwhile, Chairman of the Board of Directors of Damascus Securities Exchange Fady Al Golailaty said that the Damascus Securities Exchange will not merely be a platform for trading stocks and bonds, but will also play an active role in reconstruction, economic growth, and attracting both local and international investments. He added that it will contribute to stabilizing the national currency and integrating the Syrian economy with global economies. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Qatar Tribune
02-06-2025
- Business
- Qatar Tribune
Trading resumes at Damascus Securities Exchange after 6-month suspension
QNA & Agencies Damascus The trading resumption ceremony at the Damascus Securities Exchange commenced Monday after a six-monthsuspension. Syrian Minister of Finance Dr Mohammad Yusr Barniyeh emphasised that reopening the exchange is a sign that Syria's economy is beginning to recover and move forward. 'The Damascus Securities Exchange will operate as a private company and serve as a genuine hub for Syria's economic development, with a strong focus on digital,' the Syrian news agency (SANA) quoted the minister as saying. Executive Director of the Damascus Securities Exchange Dr Basel Asaad described the reopening as a historically significant milestone for Syria. He affirmed the exchange's readiness to resume operations and strengthen its role, anticipating broader and more substantial investments in Syria's evolving economy. Despite limited resources, Dr Asaad highlighted the exchange's success in carrying out its responsibilities with transparency and ensuring investor ownership protection. He expressed confidence in its ability to keep pace with future developments. Meanwhile, chairman of the Board of Directors of Damascus Securities Exchange Fady Al Golailaty said that the Damascus Securities Exchange will not merely be a platform for trading stocks and bonds, but will also play an active role in reconstruction, economic growth, and attracting both local and internationalinvestments. He added that it will contribute to stabilising the national currency and integrating the Syrian economy with global economies. The resumption comes as Syria's new administration intensifies efforts to revive the economy and rebuild the country after 24 years under the ousted regime of Bashar al-Assad. The regime's fall was followed by the establishment of a new government led by Ahmad al-Sharaa, who had led anti-regime forces to oust Assad. In late January, Al-Sharaa was declared president for a transitional period.
