Cement (872)


Updated on March 5: The United Kingdom, France and Switzerland announced last week that they were closing their embassies in Damascus and withdrawing all their diplomats.


INA has formally stopped its operations in Syria, a decision that was awaited following last week’s announcement by the company that it was reviewing its options in the country after the imposition of sanctions by the Croatian Government.


Accor Hotels, a French hospitality group, said that it still planned to open 3 hotels in Syria by 2015.


Syria’s winter season has been rainy and cold with rainfalls already above annual averages in many parts of the country.


Croatia’s INA Naftaplin has announced that it was reviewing the situation of its investment in central gas fields in Syria after the decision of the Croatian Government to impose sanctions on the country’s oil sector.


The following text is the new Syrian Constitution adopted by referendum on February 26, 2012 and enforced this day, February 27, 2012.


Syria and Iran will start applying on March 21 a bilateral preferential trade agreement, a deal the Syrian Government hopes will increase exports and partly reverse the impact of the steep decline in foreign currency earnings it is facing.


Al-Badia Cement has announced that Tarek Ziad Al-Zaim had been selected to sit as Board member in replacement of Nizar Asaad who resigned in October.


Gulf Air and Saudi Arabia Airlines have announced that they were closing their flight services to Damascus.


Al-Badia Cement generated revenues of SYP 4.0 billion and posted a loss of SYP 669 million in 2011, its first year of operations.


Updated February 13: The European Union plans to impose new economic sanctions on Syria threatening to reduce further the Government’s foreign currency earnings and the country’s links with the outside world as diplomatic pressure piles on Damascus.


Syria’s official inflation rate almost doubled in December, partially reflecting the steep increase in prices witnessed in the local market in recent weeks.


Adra Cement, a state-owned cement manufacturing company, said that it had begun output from its third production line.


Book of conditions to be purchased from company (SYP 1,000)


Switzerland and Australia have announced an expansion of a blacklist of Syrian individuals and entities that are sanctioned for their alleged support to the Syrian authorities’ handling of the popular uprising engulfing the country.


Less than ten days after he was quoted as saying that a partial float of the Syrian Pound was underway, the Governor of the Central Bank of Syria said on Tuesday that there was no such plan and that press reports on the subject were based on fiction.


The Syrian Government allowed on Thursday local banks and money changers to price freely the foreign currencies they trade and announced that a managed float of the Pound would begin this week, in effect partly deregulating the foreign exchange market and, in the short-term, helping to ease pressure off the Syrian currency.


The Syrian Government has announced that it was rejecting the plan announced by the Arab League on Sunday to put an end to the crisis gripping Syria since March of last year and which includes a handling of power by the Syrian President to his deputy and a referral to the Security Council of the United Nations (UNSC) for its endorsement.


The Syrian Government has announced the formal launch of a scheme to build 50,000 low cost housing units across the country in a bid to supply affordable housing for the population.


The head of Syria’s cement manufacturing body said total output by Government-owned plants fell 10 percent last year, attributing the decline to competition from the private sector.


The Syrian economy has been greatly damaged by the crisis gripping the country, the Minister of Economy, Nidal Al-Shaar said.


Syria Gulf Bank has announced the election of AbdulGhani Attar as vice-Chairman of the company in replacement of Issam Anbouba.


Deteriorating political relations between Syria and Turkey are having an increasingly negative impact on Turkish companies doing business in Syria.


The disruption of its Syrian operations has forced INA Nafte, a Croatian oil company, to demand the suspension of trading on its shares in the London and Zagreb stock exchanges.


The agreement establishing a Preferential Trade Area between Iran and Syria entered into force last week after the Iranian Parliament approved the bill for that purpose, at a time sanctions are having an increasingly serious impact on the Syrian economy. 


The text below is the draft resolution on Syria put by Russia to the United Nations Security Council on December 15, 2011.


Syria’s stock exchange continued its downward spiral with the market’s main index shedding an additional 0.50 percent over the course of the week.


The international community has continued to raise the heat on the Syrian Government through new economic sanctions with Turkey joining in and the EU announcing new significant measures.


Royal Dutch Shell is pulling out of Syria after the European Union sanctioned Al-Furat Petroleum Company, the joint-venture firm through which the Dutch company is extracting oil in the country.


Contrary to reports published early last week, Gulf carriers are yet to announce a suspension of their flights to Syria.


Syrian investors continued to flee stocks last week with the index of the securities exchange losing an additional 1.85 percent to fall to 846.95.


Book of conditions to be purchased from company (SYP 2,000)


Since the beginning of the year Syrian stocks have on average  lost half of their value as political and economic risks continued to increase.


Banque Saudi Fransi, the largest shareholder in Banque Bemo Saudi Fransi, Syria’s leading private sector bank, said that it was selling its stake in its Damascus-based subsidiary and sister Lebanese bank, because of the “financial risks” in Syria.


The Central Bank of Syria sold through an auction some USD 15 million in foreign currencies last week as it attempts to counter pressures on the Syrian Pound.


Book of conditions to be purchased from company (SYP 1500)


The decision by the Arab League on November 12 to impose economic sanctions on Syria marks a significant increase in international pressures and is likely to have a snow ball effect and to hit further business activity.


Syria’s state-owned cement plants produced a total of 3.87 million tons in the first nine months of this year, according to the entity in charge of the sector.


Syria’s wheat crop is estimated to have reached some 3.8 million tons after initial forecasts had raised fears it would be at a much lower level.


Updated November 7 Syria’s Central Bank held on Thursday its first auction of US dollars and sold the American currency at a rate of SYP 51.30 or some 4 percent lower the market rate it sets.


The Syrian Government has announced that it will close during the whole of next week, starting November 6, on the occasion of Eid Al-Adha or the Festival of Sacrifice.


The main index of Syria’s stock exchange crossed the 900 mark again last week after two consecutive days of gains.


The largest shareholder and vice-chairman of Kulczyk Oil Ventures, Jan Kulczyk, has confirmed the suspension of his company’s operations in Syria because of security and financing concerns.


The United States has recalled its ambassador to Damascus only a few weeks after his confirmation by the Congress, due to "fears for his personal safety.”


Updated on October 24, 2011. The steep rise in Syria’s 2012 budget is largely due to a change in accounting procedures, not actual spending increases, the Minister of Finance, Mohammad Jleilati said.


Al-Badia Cement has announced the resignation of Nizar Asaad from its Board of Directors.


The Damascus water utility is seeking bidders for the construction of a “biological gas treatment system” in the sewage treatment plant in of Adra, outside Damascus.


Book of conditions to be purcahsed from company (EUR 153)