Subjects – Syria Report



Last year saw a significant increase in the main indices and market capitalisation of the Damascus Securities Exchange but decreased trade value and volume.
Cham Capital, one of the seven brokerage firms still operating in the Damascus Securities Exchange, has recently announced that it was dissolving. The closure of the Makhlouf-linked company had been expected for two years.
The Ministry of Finance has authorised the trade of treasury bonds on the Damascus Securities Exchange starting next month. The government’s latest decision, which may attract more investors, comes ahead of the second T-bond auction scheduled for August 8. 
Syria’s two main stock exchange indices gained between 11 and 15 percent in the first quarter of this year, although inflation and the low value of trading make it difficult to compare with previous periods. Meanwhile, the value of shares traded during the first quarter of this year was significantly less than the last quarter and the first quarter of 2021.


Relatively unknown prior to 2011, Samer Foz became one of Syria’s most powerful economic players following the conflict, being likened at one point to the business magnate and maternal cousin to the president, Rami Makhlouf. Despite leading a high profile during his heyday, Mr Foz has withdrawn from the public eye in recent years after being sanctioned and apparently being sidelined by the regime.
The Damascus Securities Exchange is the only market in Syria for the trade of securities and bonds. The DSE initiated the trading of securities in March 2009, though it was formally established in 2006. The exchange listed six companies at its launch, but today gathers a total of twenty-seven.


Bank Al-Sharq is one of the latest comers to the Syrian banking market having opened its doors only in 2009.