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Syria Launches First Stock Exchange
Six companies will launch the Damascus Securities Exchange (DSE), which should start seeing an influx of investment into the Syrian commercial arena.
Syria is taking further steps to develop its economy by debuting an exchange market. The government hopes this will help growth in the growing private sector.
Six companies will launch the Damascus Securities Exchange (DSE), which should start seeing an influx of investment into the Syrian commercial arena. The Exchange is predicted to grow rapidly, in turn giving indigenous companies the opportunity raise capital to expand and allow institutional and retail investors a chance to diversify. The stock exchage will be open for two days a week to begin with.
Banque Bemo Saudi Franco; Bank of Syria and Overseas; United Group For Publishing, Advertsing & Marketing; Arab Bank-Syria; Alahlia Company For Transport; and Bank Audi-Syria are the first six companies to be featured on the Exchange. An additional four companies are currently have trading applications pending, with a total of fifteen companies hoping to be trading by the end of 2009.
The SANA, Syria’s official news agency was quoted as saying “the DSE was a dream and now has become a reality despite the fears and scepticism of some, given the backdrop of the failures of the Arab and world stock exchanges in the wake of the current financial crisis.”
This should come as welcome news for overseas investors and entrepreneurs interested in the Syrian market, especially those whom have previously been deterred.