News

23-01-2024
As captagon trade flourishes, the already dire security situation in Suweida governorate is reaching new lows and seeping into local businesses. Illustrating the power of local armed gangs, earlier this month, a group of armed men broke into the factory of Fresh Mountain Juice and looted the premises. Law enforcement is yet to make an act of presence while the armed men are still in control of the building, and shareholders are considering shutting down the factory.
23-01-2024
The Autonomous Administration of North and East Syria region is facing widespread electricity, fuel and water shortages after Turkey’s recent airstrike campaign severely damaged 26 critical infrastructure sites, according to the North East Syria NGO Forum.
23-01-2024
The Korea International Cooperation Agency has funded a U.N. Development Program project in Syria worth USD 3.7 million. This is the single largest donation of South Korea to Syria since 2012.
16-01-2024
Iran’s oil shipments to Syria in 2023 surged by 21 percent compared to the previous year, according to data from United Against Nuclear Iran, a U.S.-based organisation tracking Iranian shipments and crude oil storage. In the last quarter of 2023, Iran’s crude oil exports to Syria amounted to approximately 7,686,822 barrels, averaging 83,552 barrels per day.
16-01-2024
The government has published a breakdown for its 2024 budget. Revenues are expected to stand at SYP 26 trillion and the deficit at SYP 9.4 trillion (from SYP 4.9 trillion last year).
09-01-2024
Syria’s public industrial sector is undergoing structural shifts, with several mergers under study by the government. On January 6, two entities were merged under a new General Company for the Manufacture and Marketing of Cement and Building Materials. In 2023, all institutions and affiliated entities of the Ministry of Industry recorded sales of SYP 2.772 trillion, pre-tax profits of SYP 350 billion and after-tax profits of SYP 250 billion.
09-01-2024
In 2023, the Syrian government partially reemerged from international diplomatic isolation as the regional normalisation process gained traction. After being reinstated in the Arab League in May, Bashar Al-Assad, his ministers, and Chambers of Commerce in regime areas have had a busier agenda compared to previous years, mostly re-engaging with Arab leaders and some Western countries.
02-01-2024
Germany announced a contribution of EUR 10 million to the Syria Recovery Trust Fund on December 21, 2023. This brings the total funds received by the SRTF in 2023 to EUR 18.3 million, a decline from EUR 20.5 million in 2022 and EUR 31.10 million in 2021. 
02-01-2024
In a financial disclosure to the Damascus Securities Exchange on December 7, SKIC, one of 14 insurance companies operating in Syria, said that CHO Advisory, a Lebanese company belonging to Riad Obegi, the Syrian investor behind the Bemo banking group, purchased 40 percent of its shares. CHO bought some 35 percent of the shares from the Saudi-based Gulf Insurance Group and the rest from other shareholders. GIG, which was until then SKIC’s strategic shareholder, saw its stake fall to 4 percent.
02-01-2024
After 13 years of conflict, humanitarian needs in Syria are on the rise while international aid funds continues to shrink and Syria’s economy rapidly deteriorates. The dependency on international humanitarian assistance has greatly expanded over the past decade, although such aid has not improved living conditions or sustained economic recovery.
19-12-2023
Syria and Iran signed a Memorandum of Understanding that included six cooperation agreements during the 15th meeting of the Syrian-Iranian Joint Higher Committee held in Tehran on December 9.