Capital Markets
From The Report: Syria 2026
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Syria’s capital markets are showing signs of momentum as the country works to rebuild its economy and re-engage with regional and global investors. Trading value on the Damascus Securities Exchange (DSE) surged to over SP1trn ($70m) in 2024, while market capitalisation rose from around SP3trn ($845m) in 2021 to SP25trn ($2bn) by the end of 2025 — growth that, even after accounting for currency effects, points to a meaningful rise in equity valuations. With a clear legal and regulatory framework in place under the Syrian Commission on Financial Markets and Securities (SCFMS), a functioning multi-tier exchange, and 52,500 registered shareholders as of September 2026, the foundations of a modern capital market are firmly established. The period has seen regulators lay the groundwork for a more diversified market. Digitalisation efforts are reshaping financial services.

This chapter features an interview with Issa Chami.

Articles from this Chapter

Overview

Regained strength: Regulatory reforms and new financing tools are helping Syria build a more diversified financial system
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Syria’s capital markets are showing signs of momentum as the country works to rebuild its economy and re-engage with regional and global investors. Trading value on the Damascus Securities Exchange (DSE) surged to over SP1trn ($70m) in 2024, while market capitalisation rose from around SP3trn ($845m) in 2021 to SP25trn ($2bn) by the end of 2025 — growth that, even after accounting for currency effects, points to a meaningful rise in equity valuations. With a clear legal and regulatory framework in place under the Syrian Commission on Financial Markets and Securities (SCFMS), a functioning multi-tier exchange, and 52,500 registered shareholders…

Analysis

First, the foundations: A functioning capital market is not the reward of an economy that has recovered, it is the means by which it is financed
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Syria has entered the second year of its transition with a tailwind few would have predicted even as recently as 2023. The sanctions that walled the economy off from the world have largely been lifted, the diplomatic isolation is ending and reintegration with the international financial system – correspondent banking, card networks, the first technical engagement with the IMF – is under way. Announcements arrive almost weekly: multi-billion-dollar commitments in power, telecoms, real estate, hospitality and infrastructure. After a war that erased close to two-thirds of national output – an economy of some $65bn in 2010 reduced to a fraction…

Interview

Market evolution: Issa Chami, Founder and Chairman, Alpha Capital, on enabling investment and financing reconstruction
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Interview: Issa Chami, Founder and Chairman, Alpha Capital, on enabling investment and financing reconstruction How would you assess the current effectiveness of the capital market framework? ISSA CHAMI: The framework is constrained by outdated regulations, weak legal infrastructure and institutional practices that do not align with the functioning of capital markets in open economies. The regulations date back to a period before major global advances in technology, financial inclusion and market…