News

Between March 14 and 16, President Bashar Al-Assad led a high-level delegation to Moscow to meet with Russia’s President Vladimir Putin. During the visit, the two leaders discussed political, economic, and military cooperation, the Turkish-Syrian settlement, post-war reconstruction, and more.

During a conference held in Brussels on March 20, the international community secured close to EUR 1 billion in grants aimed at providing support to Syria. The funding will be used “to help meet humanitarian needs and support early recovery and resilience.”

Syria’s gross domestic product will shrink for the third consecutive year in 2023, according to a recent publication from the World Bank.

The architect of Syria’s economic liberalisation plan in the early 2000s was recently appointed to the Regional Bureau for Arab States of the United Nations Development Programme.

The Syrian government is preparing to put three power turbines into operation, although acute shortages of natural gas and fuel will continue to limit the potential for increased electricity production.

A UN-appointed commission of inquiry recently implicated the Syrian government, local actors, and the international community, including the United Nations, in failing to deliver time-sensitive humanitarian aid to Northwest Syria after the February 06 earthquake.

In this interview, The Syria Report speaks with Mohammad Hassno, CEO of the Assistance Coordination Unit, a Syrian opposition organisation that coordinates humanitarian efforts and facilitates the flow of information between donors, executive agencies, and local partners. 

President Bashar Al-Assad has ratified a law that provides financial waivers for people affected by the February 06 earthquake in areas under regime control. 

The Ministry of Domestic Trade and Consumer Protection plans to add new commodities, including earthquake-related aid, to Syria’s electronic smart card. 

Syria’s latest commercial private sector bank, the National Islamic Bank, has published its opening balance sheet and appointed a CEO as it moves towards launching operations.

The European Union (E.U.) General Court recently annulled Syrian businessman Nizar Assaad's sanctions listing on the grounds that the E.U. Council erred in its assessment of his role in the Syrian business landscape and ties to the ruling Assad family. 

The World Bank recently estimated Syria’s direct economic losses after the February 06 earthquake at around USD 5.10 billion, with Idlib overwhelmingly impacted.

The Syrian government has produced an analysis of the latest OFAC licence facilitating payments to Syria. It asks local institutions, particularly state entities, to capitalise on the licence to boost funding from abroad.

As the regime seeks to further capitalise on the earthquake, two international airlines announced that they planned to operate commercial flights in and out of Damascus. 

Over a month after earthquakes devastated northern Syria and southern Turkey, local populations and governments are still reeling from the damages and consequences of the crisis.

Syrian-Chinese trade in 2022 reached its lowest point in 20 years due to surging global shipping costs, although China continues to rank among Syria’s largest trade partners. Meanwhile, Beijing’s contributions to earthquake relief have been minimal relative to other donors.

While the February 06 earthquake has increased diplomatic activities between Syria and the Arab world, Damascus will likely remain relatively isolated. Sanctions will also largely remain in place for the foreseeable future.

Since the earthquake devastated southern Turkey and northern Syria on February 06, government-held areas have witnessed a 30-percent increase in the price of food and other essential commodities, further burdening ordinary Syrians reeling from the natural disaster, deteriorating living conditions, and an acute economic crisis. Meanwhile, the Syrian government has failed to respond adequately, sparking widespread criticism.

Syriatel and MTN’s revenues posted an increase last year, according to their preliminary disclosures. The two companies have monopolised Syria's telecommunication sector since they launched operations in 2002.

Although political normalisation between Damascus and Cairo may pave the way for a more important role for Egypt-based Syrian entrepreneurs, Syrian businesspersons continue to face economic and political barriers both in Egypt and their home country, according to a new report.