Damascus
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 has also held an annual international trade exposition every fall, since 1954.

The tourism industry in Damascus has a lot of potential, however, the civil war has hampered these prospects. 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 attracts plenty of European tourists and Damascenes alike.

In 2009 new office space was built and became available on the real estate market. Marota City and Basilia City are two new development projects in Damascus. These two projects are viewed as post-war reconstruction efforts. The Damascus stock exchange formally opened for trade in March 2009, and the exchange is the only stock exchange in Syria. It is located in the Barzeh district, within Syria's financial markets and securities commission. Its final home is to be located in the upmarket business district of Yaafur.

Damascus is home to a wide range of industrial activities, 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 led by the private sector, were permitted starting in the early 2000s with the liberalization of trade that took place. Traditional handcrafts and artisan copper engravings are still produced in the old city.
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