Latest news with #TurkishCompanies
CTV News
02-06-2025
- 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
Asharq Al-Awsat
31-05-2025
- Business
- Asharq Al-Awsat
Buildex Exhibition Reveals Strong Regional and International Interest in Syria's Reconstruction
Damascus has hosted the 22nd edition of the International Building Exhibition 'Buildex,' its first since the fall of Bashar al-Assad's regime in December 2024. The event drew strong participation and visitor turnout, signaling renewed interest in Syria's reconstruction. More than 740 companies took part, including 490 local firms and 250 international companies from 39 countries. The exhibition was held at the new fairgrounds near Damascus International Airport. Notably, Turkish, Saudi, and Jordanian companies led the foreign participation, with Türkiye contributing over 150 firms, by far the largest foreign presence. Saudi Arabia and Jordan followed with 28 companies each, while China participated with 10. In contrast, companies from Iran and Russia, once dominant at the exhibition, were entirely absent. This shift reflects the waning influence of both countries following Syria's political transformation. Exhibitors represented sectors including construction materials, engineering, renewable energy, real estate development, water technology, and banking. Organizers described the exhibition as the largest economic event since sanctions on Syria were lifted by the US and European Union. In comments to Asharq Al-Awsat, Ilama Matar, International Marketing Manager at the Arab Group for Exhibitions, said this was the 'first edition after liberation.' She noted that during the war, only two limited editions were held in 2023 and 2024. She called the Saudi presence particularly important, with Al-Ojaimi Industrial Group - a major Saudi company in the electrical sector - serving as the main sponsor. B2B meetings were primarily held between Syrian, Saudi, and Jordanian companies, focusing on material supply chains and import logistics. Matar said some companies came only as visitors due to lack of available space. 'The energy here shows that Syria is open for business,' Matar said. 'This is the first major event after sanctions were lifted, and companies are moving quickly to enter the market.' Among the participating Saudi firms were United Transformers Electric Company, Plus Cable, Middle East Specialized Cables, and Sulfur Middle East Group. Executive Director Al-Baraa Abdel Jabbar Nuwair said their goal was to support Syria and contribute to rebuilding. 'The turnout and excitement exceeded expectations,' he said. Marketing Manager Ahmad Hammadeh of Middle East Specialized Cables said the company aims to explore export opportunities and showcase its infrastructure expertise. 'We've helped build major airports, and we believe there's potential for similar projects here.' The exhibition, which opened May 27, was held under the patronage of Syria's Ministries of Economy, Industry, and Public Works.
Arab News
23-05-2025
- Business
- Arab News
Turkiye to provide Syria with 2 billion cubic meters of gas annually
DAMASCUS: Turkiye will provide 2 billion cubic meters of natural gas to Syria each year, Turkish energy minister Alparslan Bayraktar said on Thursday. In a joint news conference with his Syrian counterpart in Damascus, Bayraktar said that Turkiye's gas exports to Syria will contribute to an additional 1,300 megawatts of electricity production in the country. Ankara, which supported rebel forces in neighboring Syria throughout the 13-year civil war that ended this month with the ousting of Bashar Assad, is now positioning itself to play a major role in Syria's reconstruction. Turkiye will also provide an additional 1,000 megawatts of electricity to neighboring Syria for its short term needs, he added. Syrian Energy Minister Mohammed Al-Bashir said they agreed to activate a gas pipeline that connects Syria with Turkiye, with gas flows expected in June. 'This will significantly boost electricity generation, which will positively impact the Syrian people's electricity needs,' Al-Bashir said. The two minister discussed completing a 400-kilovolt line that links the countries, contributing to importing around 500 megawatts of electricity into Syria, to be ready by the end of the year or shortly thereafter, he added. Cooperation also includes opening the door for Turkish companies to invest in mining, phosphate, electricity generation and electricity distribution in Syria. 'There is very intensive work underway regarding the discovery of new natural resources, whether gas or oil, on land or at sea,' Bayraktar said. (Reporting by Riham Alkousaa in Damascus and Huseyin Hayatsever in Ankara; Editing by Jonathan Spicer and Louise Heavens)
Reuters
22-05-2025
- Business
- Reuters
Turkey to provide Syria with 2 billion cubic metres of gas annually
DAMASCUS, May 22 (Reuters) - Turkey will provide 2 billion cubic metres of natural gas to Syria each year, Turkish energy minister Alparslan Bayraktar said on Thursday. In a joint news conference with his Syrian counterpart in Damascus, Bayraktar said that Turkey's gas exports to Syria will contribute to an additional 1,300 megawatts of electricity production in the country. Ankara, which supported rebel forces in neighbouring Syria throughout the 13-year civil war that ended this month with the ousting of Bashar al-Assad, is now positioning itself to play a major role in Syria's reconstruction. Turkey will also provide an additional 1,000 megawatts of electricity to neighbouring Syria for its short term needs, he added. Syrian Energy Minister Mohammed al-Bashir said they agreed to activate a gas pipeline that connects Syria with Turkey, with gas flows expected in June. "This will significantly boost electricity generation, which will positively impact the Syrian people's electricity needs," al-Bashir said. The two minister discussed completing a 400-kilovolt line that links the countries, contributing to importing around 500 megawatts of electricity into Syria, to be ready by the end of the year or shortly thereafter, he added. Cooperation also includes opening the door for Turkish companies to invest in mining, phosphate, electricity generation and electricity distribution in Syria. "There is very intensive work underway regarding the discovery of new natural resources, whether gas or oil, on land or at sea," Bayraktar said.
