A massive transfer in the ownership of Syriatel, one of Syria’s largest companies, occurred last month. After the government reactivated the trading of the company's share in the Damascus Securities Exchange, record-high deals reflected a transfer of ownership in the company. Yet, little information is available on the company's new shareholding structure.
Last month, the Autonomous Administration in North and East Syria announced plans to develop and improve internet services, revealing offers by telecom operators that may start replacing Turkish and Syrian ones. Meanwhile, in Northwest Syria, the Syrian Salvation Government has monopolised internet services.
The announcement by South African telecommunication company MTN that it was leaving Syria is a good reminder of the high risks for foreign companies of doing business in the country.
The National Islamic Bank will launch its initial public offer on August 17 and will become the largest Syrian bank by the size of its capital.
The value of contracts awarded by United Nations agencies to Syrian companies increased by 3.7 percent last year to USD 206.9 million, according to an official report.
Syria’s largest mobile operator, Syriatel, has announced the appointment of a new chairman in a series of changes to the board that mark the end of founder Rami Makhlouf’s ownership of the company, more than a year since he lost control of its management.