News

Recent reports indicate that the Katerji brothers, possibly the most influential business figures to have emerged during the Syrian conflict, are facing increasing pressure from the Syrian authorities. The Katerji Group, a group of various companies owned by Hussam, Baraa, and several of their brothers, control several large investment projects in or around Aleppo that are nominally in the hands of the state.

Binance Holding Limited has been fined USD 4.3 billion for breaching U.S. sanctions in jurisdictions, including Syria. This is one of the largest corporate penalties in U.S. history.

The Maersk Narmada vessel recently became the last Maersk vessel to dock in Syria, ending the company's ten-year operations in the country. The company's withdrawal is reportedly due to the difficulties of navigating sanctions.

The Ministry of Defence has announced two new types of contracts for citizens to voluntarily enlist in the Syrian army with a base salary of SYP 1,300,000, equivalent to around seven times the base salary of a civil servant.

The four Treasury bond auctions held in 2023 by the Ministry of Finance have amassed less than half of their target, reflecting the difficulties the government faces to attract funding. 

The Syrian government is negotiating to extend the contract it has with French shipping giant CMA CGM over the management of the port of Lattakia’s container terminal. The Ministry of Transport has established a committee to negotiate with the French company but that does not necessarily mean that the contract with LICT will be eventually extended.

On the eve of the Syrian conflict, half a dozen Western oil companies were active in Syria. Among these, Royal Dutch Shell and Total E&P, were the major players. However, the country’s descent into chaos and the subsequent imposition of Western sanctions on the oil sector led to the freezing of their activities. By the end of 2012, all Western companies had suspended their operations in Syria, declaring force majeure and freezing their assets.

The Syrian government announced on November 13 the renewal of the three-month authorisation for the United Nations to send aid through the Bab Al-Salameh and Al-Rai border crossings into the northwest.

The Syrian Telecommunications Company has begun improving the country’s telephone and internet infrastructure through a Chinese grant that includes Chinese communications equipment.

The Syrian Trade Establishment has announced profits worth SYP 33 billion in the first ten months of 2023, triggering criticism among Syrians grappling with rising prices of essential goods.

The local council of Jarabulus has introduced a USD 200 fee for Syrians living in Turkey who want to enter Syria - for a period of up to 30 days - through the Jarabulus crossing in northern Aleppo. 

The Syrian government has increased by 74 percent the price of bottled water produced by state-owned factories. This is the third price hike of bottled water this year. Syrians increasingly depend on bottled water for drinking as electricity shortages have hampered water pump operations across the country, and tap water quality has sharply declined due to conflict-related damage to water infrastructure.

Syria recorded an annual inflation rate of 84.9 percent in 2022, compared to an average of 5.1 percent in the rest of Arab countries and 8.5 percent recorded globally, according to the Annual Bulletin of the Syrian Centre for Policy Research, published on October 12. The hike in prices of food and non-alcoholic beverages contributed to 41.3 percent of last year’s general inflation, followed by the housing, water, electricity and gas category, then transportation and health.

Over 12 years of conflict, the Syrian government has spent SYP 380 billion on 11,909 reconstruction projects, Finance Minister Kenan Yaghi revealed on November 12 in a Syrian parliament session discussing the 2024 budget.

Syrian President Bashar Al-Assad recently doubled the fees for consular services through Law No. 19, issued on October 29, to fill state coffers and generate more foreign currency revenues.

The UN Humanitarian Air Service has been temporarily halted in Syria after several Israeli airstrikes left Damascus and Aleppo airports out of service.

Syria and Russia have signed an agreement to strengthen economic cooperation and bolster joint investments. On October 28 and 29, the Joint Syrian-Russian Intergovernmental Committee for Scientific, Technical, Commercial, and Economic Cooperation met in Moscow to ink the deal focusing on infrastructure development (including transportation and public works) and the agricultural, industrial, and pharmaceutical sectors.

The National Islamic Bank has officially started its operations in Syria, becoming the first new bank to start operations since the beginning of the uprising in 2011.

In an escalation of hostilities unseen in northwest Syria since 2019, the Syrian regime and Russian forces targeted 2,300 locations in Idlib and the Aleppo governorate in October.

Although its capabilities and attacks have steadily declined since 2019, ISIS is using areas in northeast Syria to extort locals to offset their dwindling cash reserves.