Latest economic and financial news about Syria, currency markets, and regional economy updates.
UAE-based Emaar Real Estate ended its joint venture model for the Eighth Gate development in Yaafour, near Damascus, on 18 May 2026, while founder Mohammed Alabbar said the company will continue working in Syria independently.
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Syria has begun rerouting sheep exports to Gulf markets through Iraq's Al-Tanf crossing after Jordan transit charges climbed to a disputed 60 dollars per head. The first TIR-system loads have reached Kuwait and Qatar.
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The first transit convoy from Turkey crossed Syrian territory en route to Iraq on 18 May 2026, marking the practical activation of an overland trade lane through northern Syria that had been dormant for years.
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Syria's General Authority for Ports and Customs has waived entry fees on private vehicles owned by Syrian expatriates from 18 to 31 May 2026, suspending the standard $50-per-month and $200-per-quarter charges during the Eid al-Adha holiday period.
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Syrian President Ahmad al-Sharaa issued Decree 117 of 2026, exempting customs violations committed before 8 December 2024 from fines, with violators given six months to settle outstanding duties and taxes. Central Bank of Syria penalties on the same cases are waived.
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Syrian President Ahmad al-Sharaa issued Decree 107 of 2026 on 17 May, reconstituting the National Import-Export Committee. The head of the customs and border crossings authority remains chair, joined by four ministers and five other senior officials.
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Syria's transport sector is undergoing its biggest reshape in over a decade, with port concessions to CMA CGM and DP World worth more than one billion US dollars and a $5.5 billion plan to rebuild the rail network.
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Two Syrian economists describe how a phantom-importer scheme uses front companies to evade customs duties and drain foreign currency. The Finance Ministry imposed a 2% tax advance on importers on 24 March 2026 to counter the practice.
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Syria's Ministry of Finance raised consumption fees on imported tobacco, cement, marble and luxury items by 5 to 20 percentage points, with retroactive collection from 8 December 2024, already lifting cigarette prices 7 to 8 percent before the 1 June effective date.
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Live lamb prices in Syria have more than doubled in weeks ahead of Eid al-Adha, with the per-kilogram price in one Rif Damascus market climbing from 6,000 to 9,300 Syrian pounds as supply tightens and feed costs surge.
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