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Straits Times
29 minutes ago
- Straits Times
Saudi business delegation arrives in Syria; deals worth $4 billion to $6 billion seen being signed
Find out what's new on ST website and app. FILE PHOTO: Minister of Investment of Saudi Arabia Khalid bin Abdulaziz Al-Falih gestures during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024. REUTERS/Hamad I Mohammed/File Photo RIYADH - Saudi Arabia's investment minister led a business delegation travelling to Syria on Wednesday, where they were expected to sign deals worth $4 billion to $6 billion as part of Riyadh's efforts to support the country's post-war recovery. The Gulf kingdom has been a crucial supporter of interim President Ahmed al-Sharaa's government, which came to power after toppling longtime ruler Bashar al-Assad in December and is now seeking to rebuild Syria after a 14-year civil war. Saudi Investment Minister Khalid bin Abdulaziz Al-Falih, who brought around 130 Saudi businesspeople to Damascus, is set to hold meetings with Syria's leadership ahead of a two-day investment conference opening on Wednesday, according to people due to attend. Syrian Information Minister Hamza al-Moustafa said at a press conference on Wednesday that Syria will sign 44 agreements with Saudi Arabia estimated to be worth nearly $6 billion. The agreements cover various sectors, including energy, telecommunications, financial and banking, investment funds and others, the minister said. Some of the agreements will be signed between the government and private companies, he said. Saudi state-run Al Ekhbariya television reported on Tuesday that the agreements to be signed between Damascus and Riyadh would be worth over $4 billion. During his visit to Syria, Saudi Arabia's Al-Falih and his Syrian counterpart launched a cement factory project on Wednesday in Adra Industrial City in the Damascus countryside, the first white cement production project in the country, with an investment worth $20 million, Syrian state news agency SANA said. Top stories Swipe. Select. Stay informed. World Trump was told he is in Epstein files, Wall Street Journal reports Opinion The US dollar is down, but it has a lot going for it Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes Singapore Singapore Oceanarium will enhance tourism while supporting sustainability: Grace Fu Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Opinion Cinemas struggle in a world that cannot sit still Asia Japan PM Ishiba refutes reports of imminent resignation after surprise US trade deal Al-Falih also broke ground on an integrated retail project by Saudi investment firm Ethraa Holding that is worth 375 million riyals ($99.96 million) in investments. Saudi Arabia has shown interest in Syria's energy and hospitality sectors, as well as airports, a diplomat and a Syrian businessman familiar with the matter told Reuters. The two countries are also expected to launch a joint business council, said the Syrian businessman. The investment conference had initially been scheduled to take place in June, but was delayed due to the war between Iran and Israel. It is going ahead this week despite sectarian clashes in Syria's southern city of Sweida that have left hundreds dead. The violence is a reminder of the lingering instability in Syria, even as foreign investors explore opportunities. Companies, many from Gulf states and Turkey, have expressed interest in rebuilding Syria's power generation capacity, roads, ports and other damaged infrastructure. Syria has signed a $7 billion power deal with Qatar and an $800 million agreement with UAE-based port company DP World in recent months. U.S. energy firms are also set to draw up a master plan for the country's energy sector. For its part, Saudi Arabia, along with Qatar, paid off Syria's World Bank arrears, opening the possibility of new lending. Syria's al-Sharaa made his first trip abroad as president, to Saudi Arabia in February. And the kingdom's Crown Prince and de-facto ruler Mohammed Bin Salman successfully lobbied U.S. President Donald Trump to lift sanctions seen as holding back private investment. REUTERS

Straits Times
an hour ago
- Straits Times
Hamas confirms it responded to latest Gaza truce proposal
Find out what's new on ST website and app. More than 100 aid organisations warned on July 23 that 'mass starvation' was spreading in Gaza. GAZA CITY - Hamas confirmed on July 24 that it has responded to an Israeli proposal for a 60-day ceasefire in Gaza, after more than two weeks of indirect talks in Qatar have failed to yield a truce. 'Hamas has just submitted its response and that of the Palestinian factions to the ceasefire proposal to the mediators,' the Palestinian militant group said in a statement on Telegram. The response included proposed amendments to clauses on the entry of aid, maps of areas from which the Israeli army should withdraw, and guarantees on securing a permanent end to the war, according to a Palestinian source familiar with ongoing talks in Doha. Negotiators from both sides have been holding indirect talks in Doha with mediators in an attempt to reach an agreement on a truce deal that would see the release of Israeli hostages. Of the 251 hostages taken during Hamas's 2023 attack, 49 are still being held in Gaza, including 27 the Israeli military says are dead. But the talks have dragged on for more than two weeks without a breakthrough, with each side blaming the other for refusing to budge on their key demands. For Israel, dismantling Hamas's military and governing capabilities is non-negotiable, while Hamas demands firm guarantees on a lasting truce, a full withdrawal of Israeli troops and the free flow of aid into Gaza. Israeli government spokesman David Mencer on July 23 accused Hamas of obstructing talks. 'Israel has agreed to the Qatari proposal and the updated (US special envoy Steve) Witkoff proposal, it is Hamas that is refusing,' Mr Mencer told reporters, adding that Israel's negotiating team was still in Doha and talks were ongoing. The United States said Mr Witkoff will head to Europe this week for talks on a possible ceasefire and an aid corridor. More than 100 aid organisations warned on July 23 that 'mass starvation' was spreading in Gaza. AFP

Straits Times
an hour ago
- Straits Times
Falling drone debris kills one in southern Russia, local officials say
Find out what's new on ST website and app. Ukrainian drones attacked southern Russian Black Sea regions early on Thursday, killing one person, injuring another and hitting an oil storage depot, local officials said. The attack is Ukraine's latest in its war with Russia, which invaded its smaller neighbour in February 2022. Emergency officials in Krasnodar region on the Black Sea, writing on the Telegram messaging app, said debris from a falling drone struck and killed a woman in Adler district near the resort city of Sochi. A second woman was being treated in hospital for serious injuries. Reuters could not independent confirm the report. The administrative head of the Sirius federal district, south of Sochi, said a drone hit an oil base, but gave no further details. Russia's Rosaviatsia aviation authority said operations were suspended at Sochi airport for about four hours. Top stories Swipe. Select. Stay informed. World Trump was told he is in Epstein files, Wall Street Journal reports Opinion The US dollar is down, but it has a lot going for it Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes Singapore Singapore Oceanarium will enhance tourism while supporting sustainability: Grace Fu Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Opinion Cinemas struggle in a world that cannot sit still Asia Japan PM Ishiba refutes reports of imminent resignation after surprise US trade deal Ukraine's military has frequently launched drone attacks on Russian targets often far from the war's front line, particularly on sites linked with energy. Russian forces have in recent weeks intensified drone attacks on Ukrainian towns and cities. REUTERS