Overview

Shares of Turkish construction-related companies, especially in the cement and steel sectors, surged amid the anticipation of their pivotal role in Syria's rebuilding post-Bashar al-Assad's regime downfall.

Stock Performance

In Istanbul's trading environment, Oyak Cimento, owned by Turkey’s Army Pension Fund, saw a 9.9% increase in stock value, reaching 20.92 liras. Cimsa (IS:CIMSA), a major cement producer under Sabanci Holding (IS:SAHOL), experienced up to a 10% rise.

Additionally, steel producer Isdemir and cement manufacturer Limak Dogu Anadolu Cimento both recorded a 10% share escalation.

Industry Confidence

Fatih Yucelik, head of the cement industry association Turkcimento, expressed optimism about the industry's adaptability to the changing situation in Syria. He stated, "Our industry can efficiently adapt to the new situation on the ground," and highlighted that member companies are poised to assist in the reconstruction once stability is achieved.

Turkey's Commitment

Turkey's commitment toward Syria's future was reinforced 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

The devastation in Syria, due to a civil war ongoing since 2011, has been immense. A World Bank study released at the end of 2022 estimated that the damage to Syrian cities and industries could reach as high as $11.4 billion, with over two-thirds stemming from loss and damage to physical infrastructure.

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