Turkish construction stocks surge on Syria rebuild prospects

Shares of Turkish construction-related companies, particularly those in the cement and steel sectors, experienced significant gains amid expectations that these firms will be central to the rebuilding efforts in Syria following the unexpected downfall of Bashar al-Assad’s regime.

In Istanbul’s trading environment, Oyak Cimento, which is under the ownership of Turkey’s Army Pension Fund, saw its stock value increase by 9.9% reaching 20.92 liras. Cimsa (IS:), a cement producer with a majority stake held by Sabanci Holding (IS:), experienced a rise of up to 10%.

Furthermore, both Isdemir, a steel producer, and Limak Dogu Anadolu Cimento, another cement manufacturer, witnessed their shares escalate by 10%.

Fatih Yucelik, who leads the cement industry association Turkcimento, expressed confidence in the industry’s ability to adjust to the evolving circumstances in Syria.

He stated, “Our industry can efficiently adapt to the new situation on the ground.” Yucelik further noted that the association’s member companies are well-prepared to contribute to Syria’s reconstruction once stability is restored.

Turkey’s commitment to Syria’s future was reiterated by Foreign Minister Hakan Fidan during a meeting with ambassadors in Ankara. He emphasized Turkey’s dedication to facilitating the “safe and voluntary return of Syrians and rebuilding of the country.”

The scale of destruction in Syria, following a civil war that has persisted since 2011, has been substantial. A World Bank study released at the end of 2022 estimated the damage to Syrian cities and industries to be as high as $11.4 billion, with over two-thirds of this figure attributed to the loss and damage of physical infrastructure.

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