Damascus - Economy

Economy

The historical role that Damascus played as an important trade center has changed in recent years due to political development in the region as well as the development of modern trade. Most goods produced in Damascus, as well as in Syria, are distributed to Countries of the Arabian peninsula. Damascus also holds an annual international trade exposition in the fall since 1955.

Damascus has the potential for a highly successful tourism industry. The abundance of cultural wealth in Damascus has been modestly employed since the late 1980s with the development of many accommodation and transportation establishments and other related investments. Since the early 2000s, numerous boutique hotels and bustling cafes opened in the old city which attract plenty of European tourists and Damascenes alike.
The real-estate sector is booming in Damascus. Real-estate adviser Cushman & Wakefield listed Damascus office space as the eighth most expensive in the world in 2009. The office market in Damascus is rather immature and the demand for premium office space surpasses supply. However, new supply of office space is expected to be delivered in 2009. Damascus is home to a wide range of industrial activity, such as Textile, food processing, Cement and various Chemical industries. The majority of factories are run by the state, however. Limited privatization in addition to economic activities let by the private sector were permitted starting in the early 2000s with the liberalization of trade that took place. Traditional handcrafts and artisan copper engraving are still produced in the old city.

The Damascus stock exchange formally opened for trade in March 2009, and the exchange is the only stock exchanges in Syria. It is currently located in the Barzeh district, within Syria's financial markets and securities commission. Its final home is to be the upmarket business district of Yaafur.