Shares of Turkish cement and steel producers rose sharply on the stock exchange in Istanbul. Investors speculated that the companies will play an important role in the reconstruction in Syria, after the fall of the regime of President Bashar al Assad.
Among others, cement company Oyak Cimento, owned by the Turkish military pension fund, rose almost 10 percent in early trading. Another cement manufacturer, Cimsa, climbed more than 9 percent. Other steel and cement makers also gained significantly.
“Our industry can adapt efficiently to the new situation on the ground,” said Fatih Yucelik, head of the Turkish Cement Industry Association. He added that the affiliated companies could contribute to the reconstruction in Syria once peace returned there.
According to a 2022 World Bank study, the scale of damage to Syrian cities and industries since the outbreak of the civil war in 2011 could reach $11.4 billion. More than two-thirds of that amount is attributed to physical infrastructure, such as roads, bridges, and buildings.
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