INSEAD Day 4 - 728x90

Sanad posts record revenue

Growth driven by global demand for services.

Bank of Sharjah profit up 39%

Bank's total assets grow 10% to $14.4 billion.

DIB H1 net profit $1bn

Gross revenue increased 10% year on year

SIB H1 profit up 15.3%

Total operating income rises 20.5 percent.

flydubai Aleppo flights resumed

The flights were resumed after nearly 14 years.

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.