Finance Ministry plans stock exchange

13 August 2004
The Finance Ministry is seeking an international company to conduct a survey of regional and international stock exchanges as part of its plan to open a stock exchange in Damascus. Ministry sources say an international tender for the contract to carry out the survey will be issued in mid-late September.

The contract is being offered by a recently-formed government committee created to establish the country's first bourse. The committee, which is chaired by Finance Minister Mohammad al-Hussain, is responsible for delivering the necessary regulatory and bureaucratic reform to allow the efficient operation of a Damascus Stock Exchange (DSE).

The creation of the DSE is a key part of the country's seven-year economic reform plan, launched in 2000 by President Asad. In January, following a presidential visit to the Istanbul Stock Exchange, Ankara agreed to assist Damascus in the development of the DSE.

Sources in Damascus say that the ministry is also seeking an international company to advise on the establishment of a local insurance market (MEED 6:11:03).

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