When former Syrian president Bashar al-Assad was forced out of power by rebels, Jude Khouja and his Syrian friends in the US felt they had to do something to help rebuild a country dear to them after decades of brutal rule and conflict.
They spent the days after Assad’s overthrow in December last year talking on WhatsApp about their options under the new Islamist rulers who said they want to establish a free market economy and open Syria for foreign investment.
“Everybody was excited,” Khouja said. “Something kind of awakened in us ... a spark of hope kind of re-emerged.
Photo: AFP
“We’re techies, we all have a Syrian heritage, we’re in Silicon Valley. These were the three ingredients,” he said. “Let’s bring everyone together.”
So they did.
In just five weeks, they organized SYNC ’25 — the first free and open tech conference in Syria in decades — that took place over two days in Damascus last month.
Such a gathering would have been unthinkable when al-Assad was in power.
The conference brought together tech entrepreneurs from across the once-divided country as well as Syrians from Silicon Valley and elsewhere.
Organizers said they hoped the meeting would catalyze the creation of 25,000 tech jobs over five years.
The tech sector has become a beacon of hope after more than five decades of autocratic, bloody rule by the al-Assad family and a 13-year civil war that laid waste to much of Syria.
Despite the buzz at SYNC ’25, plenty of challenges remain, not least of which are the international sanctions that have been imposed on Syria for decades.
Mouaz Hakki, a Damascus-based tech entrepreneur, said the sanctions hinder Syrians from getting paid by foreign companies and discourage investors.
“If a client in the US or [the EU] wants to pay you, it should be simple, but it is very complicated,” Hakki said.
Syrian Interim President Ahmed al-Sharaa has called repeatedly for the lifting of Western sanctions that were imposed to isolate al-Assad during the civil war.
The West has begun rethinking its approach. The UK this month unfroze the central bank’s assets and those of 23 other entities including banks and oil companies.
The EU last month suspended a range of sanctions, including restrictions related to energy, banking, transportation and reconstruction.
However, everyday Syrians are still paying the price of the restrictions, Hakki said.
“We are talking about a society that has nothing to do with its government,” he said. “I am an individual, and I want to eat and drink, and I do not support anyone [politically]. Why aren’t sanctions removed on people like this?”
The sanctions also prevent developers from accessing tools and apps, meaning simple hitches like a virtual private network error or bug could cost them days of work, Hakki added.
Syria’s sanctions-hit economy is on its knees after more than halving between 2010 and 2021, official data cited last year by the World Bank showed.
However, the bank said even that drop was likely to be an underestimate, citing its own calculations based on nighttime light emissions — a proxy for overall economic activity — that pointed to an 84 percent contraction between 2010 and 2023.
The World Bank reclassified Syria as a low-income country in 2018, and more than 90 percent of the 23 million population live below the poverty line, according to UN agencies.
World Bank data estimated that Syria’s economy was US23.63 billion in 2022 — roughly on par with Albania and Armenia, each with fewer than 3 million inhabitants.
Syrian entrepreneur and author Ahmad Sufian Bayram said that Syrian start-ups are hampered by economic instability that condemns many to stagnate rather than grow.
However, while the tech ecosystem is small and concentrated in Damascus, there is huge enthusiasm for the sector’s potential to solve some of Syria’s entrenched problems, he said.
Bayram said he was surprised when 5,000 people last month participated in a hackathon he helped organize to solve challenges in areas ranging from infrastructure to agritech.
Participants signed up online and in person to write code and develop apps that could fix a range of problems, he said.
It might be a small start, but Bayram said he hopes Syria will one day rival the emerging tech hubs in the Gulf.
“Maybe we cannot compete in investments with Saudi Arabia and the United Arab Emirates, but we can compete in the back offices and support,” he said.
Syria “is well positioned ... a lot of companies would come open here if we build the right infrastructure,” he said.
Shares of contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) came under pressure yesterday after a report that Apple Inc is looking to shift some orders from the Taiwanese company to Intel Corp. TSMC shares fell NT$55, or 2.4 percent, to close at NT$2,235 on the local main board, Taiwan Stock Exchange data showed. Despite the losses, TSMC is expected to continue to benefit from sound fundamentals, as it maintains a lead over its peers in high-end process development, analysts said. “The selling was a knee-jerk reaction to an Intel-Apple report over the weekend,” Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang
TRANSITION: With the closure, the company would reorganize its Taiwanese unit to a sales and service-focused model, Bridgestone said Bridgestone Corp yesterday announced it would cease manufacturing operations at its tire plant in Hsinchu County’s Hukou Township (湖口), affecting more than 500 workers. Bridgestone Taiwan Co (台灣普利司通) said in a statement that the decision was based on the Tokyo-based tire maker’s adjustments to its global operational strategy and long-term market development considerations. The Taiwanese unit would be reorganized as part of the closure, effective yesterday, and all related production activities would be concluded, the statement said. Under the plan, Bridgestone would continue to deepen its presence in the Taiwanese market, while transitioning to a sales and service-focused business model, it added. The Hsinchu
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has approved a capital budget of US$31.28 billion for production expansion to meet long-term development needs during the artificial intelligence (AI) boom. The company’s board meeting yesterday approved the capital appropriation plan for purposes such as the installation of advanced technology capacity and fab construction, the world’s largest contract chipmaker said in a statement. At an earnings conference last month, TSMC forecast that its capital expenditure for this year would be at the higher end of the US$52 billion to US$56 billion range it forecast in January in response to robust demand for 5G, AI and
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) investment project in Arizona has progressed better than expected, but it still faces challenges such as water and labor shortages, National Development Council (NDC) Minister Yeh Chun-hsien (葉俊顯) said yesterday. Speaking with reporters after visiting TSMC’s Arizona hub and attending the SelectUSA Investment Summit in Maryland last week, Yeh said TSMC’s Arizona site turned a profit of NT$16.14 billion (US$514 million) last year in its first full year of mass production. “TSMC told me it was surprised by the smooth trial run of the first fab, which has left the company optimistic about the project’s outlook,”