INSEAD Day 4 - 728x90

AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

2PointZero posts profit surge

Growth driven by merger consolidation.

Mashreq Q1 profit rises

Total revenue increased 10% year-on-year.

TECOM profit climbs

High occupancy across assets boosts earnings.

Syria to withdraw subsidy to its richest citizens

Syrians pack bread at a bakery in the town of Binnish in the country's northwestern Idlib province on June 9, 2020. AFP
  • In a press conference, Syria's Internal Trade Minister, Amro Salem, said that there are segments of society that do not need subsidies
  • Syria's 800,000 richest citizens -- typically high-earners working in the private sector -- will now be exempt from government subsidies on bread and fuel

Syria will cease government subsidies on basic goods for its richest citizens by the end of this year, according to regime officials, quoted by middleeastmonitor.com. 

In a press conference on Wednesday, Syria’s Internal Trade Minister, Amro Salem, said that there are segments of society that do not need subsidies. 

“I mean those who have money,” he clarified.

Syria’s 800,000  richest citizens — typically high-earners working in the private sector — will now be exempt from government subsidies on bread and fuel.

Besides providing relief to the poorest, the removal of subsidies for the richest will ease the financial burden on Bashar Al-Assad’s regime, according to Salem and other officials.

The Syrian government issued smart ration cards last year, which provided subsidies to citizens purchasing basic and essential goods. 

Damascus has also imposed a strict rationing system on bakeries across regime territory, with bakers who breached the law by possessing extra flour having been arrested by the authorities.