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 also holds an annual international trade exposition in the fall since 1955.
Damascus has the potential for a highly successful tourism industry. 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 attract plenty of European tourists and Damascenes alike.
The real-estate sector is booming in Damascus. Real-estate adviser Cushman & Wakefield listed Damascus office space as the eighth most expensive in the world in 2009. The office market in Damascus is rather immature and the demand for premium office space surpasses supply. However, new supply of office space is expected to be delivered in 2009. Damascus is home to a wide range of industrial activity, 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 let by the private sector were permitted starting in the early 2000s with the liberalization of trade that took place. Traditional handcrafts and artisan copper engraving are still produced in the old city.
The Damascus stock exchange formally opened for trade in March 2009, and the exchange is the only stock exchanges in Syria. It is currently located in the Barzeh district, within Syria's financial markets and securities commission. Its final home is to be the upmarket business district of Yaafur.
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)