Director of Industrial City in Aleppo Calls on Syrian Investors to Return

The Industrial Zone in Sheikh Najjar in Aleppo.
The Industrial Zone in Sheikh Najjar in Aleppo.
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Director of Industrial City in Aleppo Calls on Syrian Investors to Return

The Industrial Zone in Sheikh Najjar in Aleppo.
The Industrial Zone in Sheikh Najjar in Aleppo.

Hazem Ajjan, director of the industrial city in Sheikh Najjar in northern Syria, called Saturday on Syrian expatriates to invest in the industrial city in Aleppo.

He stressed that all the encouraging factors for production have improved, especially the availability of a 24-hour electricity supply.

Speaking at the Expatriates Forum held in Khan al-Harir market in the old city of Aleppo, Ajjan said 810 establishments have already started operation. Half of the firms are funded by expatriates.

In a statement to the official Tishreen newspaper, Ajjan noted that the administration of the industrial city in Sheikh Najjar, in cooperation with the concerned authorities, is working seriously and vigorously for the return of industrialists who were forced during the war to move their factories and work to other countries.

Fares al-Shihabi, the head of the Aleppo Chamber of Industry, called on Syrian industrialists abroad to return to Syria, where they could restore and rehabilitate their factories. He stressed basic elements, such as energy, electricity and water, are available to run the facilities.

Al-Shihabi then confirmed that the industrial sector is gradually improving.

The electricity supply in Aleppo improved remarkably after President Bashar Assad made this month his first visit to the northern city since his forces recaptured it in 2016.

He reopened a thermal power plant that is expected to generate 200 megawatts of electricity.

However, with power returning to Aleppo, owners of generators have expanded towards other provinces, such as Latakia, Hama, Homs and Damascus, where they are now allowed to invest after previously being barred.

Sources said this is a sign that the electricity crisis in Syria is nowhere close to being resolved.

A solution was only found in Aleppo, which will rely on thermal power from Iran that had preempted Assad’s visit by repairing the plant, giving the impression that it controls the electrical sector and not the regime.

Indeed, the Iranian Cultural Chancellery in Damascus said in a statement that an Iranian company had repaired the station.

Responding to calls for investors to return to Aleppo, sources said electricity is one of a number of complex problems hindering investment, among them is loss of trust in the regime and its officials that have destroyed the industrial and agriculture sectors.

Moreover, the security and military forces have imposed their authority over industrialists and merchants, set up checkpoints across cities and forced them to may tariffs.

They also cited the unjust tax policies and the tight measures imposed on the movement of funds, the banning of the use of foreign currency, in addition to the high cost of transporting and shipping goods due to the fuel crisis.



Stocks Drop as Fresh Trade News Awaited, Oil Down on Iran Hopes

Oil prices have dropped after an adviser to Iranian supreme leader Ayatollah Ali Khamenei said Tehran could be open to meeting some demands over its nuclear program. KHAMENEI.IR/AFP
Oil prices have dropped after an adviser to Iranian supreme leader Ayatollah Ali Khamenei said Tehran could be open to meeting some demands over its nuclear program. KHAMENEI.IR/AFP
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Stocks Drop as Fresh Trade News Awaited, Oil Down on Iran Hopes

Oil prices have dropped after an adviser to Iranian supreme leader Ayatollah Ali Khamenei said Tehran could be open to meeting some demands over its nuclear program. KHAMENEI.IR/AFP
Oil prices have dropped after an adviser to Iranian supreme leader Ayatollah Ali Khamenei said Tehran could be open to meeting some demands over its nuclear program. KHAMENEI.IR/AFP

Equities stuttered Thursday as investors await fresh developments in trade talks, with US partners looking to reach deals to avoid Donald Trump's tariff blitz, while oil extended losses on hopes for an Iran nuclear deal.

With excitement from the China-US detente running out of legs, the search is on for fresh catalysts to drive a rally that has pushed markets back above the levels seen before US President Trump's April 2 "Liberation Day" bombshell, AFP said.

News that Beijing was suspending some non-tariff countermeasures on US entities for 90 days following the superpowers' weekend truce did little to inject much more enthusiasm.

With the tariffs crisis calmed for now, dealers can turn their attention to hard economic data, hoping for an idea about the initial impact of Washington's trade policies.

After figures Tuesday showing US inflation came in a little below forecasts in April, eyes are on wholesale prices and retail sales due later Thursday, as well as earnings from retail giant Walmart.

However, analysts pointed out that the real impact would not be seen until May's figures are released and warned that there were still plenty of bumps in the road ahead.

"The trade truce may hold for now, but the tariffs announced -- many still around 30 percent -- are not disappearing," said Charu Chanana, chief investment strategist at Saxo.

"These are 'sticky' policies that can reshape supply chains, corporate margins, and even inflation. In fact, the market is now preparing for a second shock: weaker economic and earnings data in the third quarter as tariffs bite."

She added that "the muted market reaction the day after the truce suggests investors may be digesting the idea that 'the best news may already be out'".

While Wall Street enjoyed a broadly positive day, with the S&P and Nasdaq up but the Dow down, Asia largely reversed.

Tokyo, Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei and Manila were all down.

Oil prices sank around two percent on signs that Iran could agree to certain US demands to reach a nuclear deal.

An adviser to supreme leader Ali Khamenei said Wednesday that Tehran could accept far-reaching curbs on its atomic program in exchange for sanctions relief, according to NBC News.

Ali Shamkhani said in an interview that his country could agree to never develop nuclear weapons, give up stockpiles of highly enriched uranium and allow inspectors to nuclear sites -- among other steps -- if economic sanctions were lifted, NBC said.

The commodity had already dropped Wednesday on bets that demand would increase as tensions between China and the United States ease and the tariffs are wound back.