Latest news with #AhmedSharaa
Arab News
15-05-2025
- Business
- Arab News
Syria's finance minister says foreign investors welcome after US sanctions move
DAMASCUS: Syrian Finance Minister Yisr Barnieh made a call to global investors on Wednesday to come do business with Syria after US President Donald Trump's surprise announcement that he would lift all of Washington's sanctions on the country. 'Syria today is a land of opportunities, with immense potential across every sector — from agriculture to oil, tourism, infrastructure, and transportation,' Barnieh said in an interview with Reuters at the Finance Ministry in Damascus. 'We envision a central role for the private sector in the new Syrian economy. The finance ministry's role is not to spend indiscriminately or act as a regulatory enforcer over businesses, but rather to enable and support growth.' A wall outside his office still bore the discolored outline of one of the many posters of former strongman Bashar Assad that used to hang in Syria's public buildings before his ousting by Islamist rebels Hayat Tahrir Al-Sham last year. Changes in Syria have been swift since Assad fled to Russia in December of last year. Former rebel commander Ahmed Sharaa was appointed president, formed a government and had quick success garnering Gulf Arab support and getting most European sanctions lifted. The stunning turn of events was capped by a meeting between Sharaa and Trump in Riyadh on Wednesday after Trump's pledge to cease US sanctions imposed on Syria under Assad-family rule, measures widely seen as the biggest external obstacles to the country's economic recovery. Trump has not set out a timeline for removal. 'One of the most critical outcomes of lifting sanctions would be Syria's reintegration into the global financial system,' Barnieh said. 'This would allow us to restore financial flows and attract investments, which are urgently needed across all sectors,' he said, adding that Syrian authorities have already seen strong interest from Saudi Arabia, the UAE, Kuwait, Qatar, and several EU countries, among others. He noted that the government is undertaking a comprehensive overhaul of public financial management, including reforms to the tax system, customs, and banking — part of a broader effort to modernize an economy long burdened by an oversized public sector. He also struck a cautioning tone, saying that the removal of sanctions would be just the first step in a years-long recovery for a country ruined by 14 years of war. 'The lifting of sanctions is not the final chapter,' he said. 'We cannot afford to become complacent. We are entering a new phase that demands real results and visible progress on the ground.'
Zawya
15-05-2025
- Business
- Zawya
Syria's finance minister says foreign investors welcome after US sanctions move
DAMASCUS: Syrian Finance Minister Yisr Barnieh made a call to global investors on Wednesday to come do business with Syria after U.S. President Donald Trump's surprise announcement that he would lift all of Washington's sanctions on the country. "Syria today is a land of opportunities, with immense potential across every sector—from agriculture to oil, tourism, infrastructure, and transportation,' Barnieh said in an interview with Reuters at the Finance Ministry in Damascus. "We envision a central role for the private sector in the new Syrian economy. The finance ministry's role is not to spend indiscriminately or act as a regulatory enforcer over businesses, but rather to enable and support growth." A wall outside his office still bore the discoloured outline of one of the many posters of former strongman Bashar al-Assad that used to hang in Syria's public buildings before his ousting by Islamist rebels Hayat Tahrir al-Sham last year. Changes in Syria have been swift since Assad fled to Russia in December of last year. Former rebel commander Ahmed Sharaa was appointed president, formed a government and had quick success garnering Gulf Arab support and getting most European sanctions lifted. The stunning turn of events was capped by a meeting between Sharaa and Trump in Riyadh on Wednesday after Trump's pledge to cease U.S. sanctions imposed on Syria under Assad-family rule, measures widely seen as the biggest external obstacles to the country's economic recovery. Trump has not set out a timeline for removal. "One of the most critical outcomes of lifting sanctions would be Syria's reintegration into the global financial system," Barnieh said. "This would allow us to restore financial flows and attract investments, which are urgently needed across all sectors,' he said, adding that Syrian authorities have already seen strong interest from Saudi Arabia, the UAE, Kuwait, Qatar, and several EU countries, among others. He noted that the government is undertaking a comprehensive overhaul of public financial management, including reforms to the tax system, customs, and banking -- part of a broader effort to modernize an economy long burdened by an oversized public sector. He also struck a cautioning tone, saying that the removal of sanctions would be just the first step in a years-long recovery for a country ruined by 14 years of war. "The lifting of sanctions is not the final chapter," he said. "We cannot afford to become complacent. We are entering a new phase that demands real results and visible progress on the ground." (Reporting by Timour Azhari in Damascus; Editing by William Maclean)
Japan Times
13-05-2025
- Business
- Japan Times
Trump says U.S. to lift Syria sanctions, secures $600 billion Saudi deal
U.S. President Donald Trump kicked off his trip to the Gulf on Tuesday with a surprise announcement that the United States will lift long-standing sanctions on Syria, and a $600 billion commitment from Saudi Arabia to invest in the U.S. The U.S. agreed to sell Saudi Arabia an arms package worth nearly $142 billion, according to the White House which called it the largest "defense cooperation agreement" Washington has ever done. The end of sanctions on Syria would be a huge boost for a country that has been shattered by more than a decade of civil war. Rebels led by current President Ahmed Sharaa toppled President Bashar Assad last December. Speaking at an investment forum in Riyadh at the start of a deals-focused trip that also brought a flurry of diplomacy, Trump said he was acting on a request to scrap the sanctions by Saudi Arabia's de facto ruler, Prince Mohammed bin Salman. "Oh what I do for the crown prince," Trump said, drawing laughs from the audience. He said the sanctions had served an important function but that it was now time for the country to move forward. The move represents a major U.S. policy shift. The U.S. declared Syria a state sponsor of terrorism in 1979, added sanctions in 2004 and imposed further sanctions after the civil war broke out in 2011. Syrian Foreign Minister Asaad Shibani said on X that the planned move marked a "new start" in Syria's path to reconstruction. Trump has agreed to briefly greet Sharaa in Saudi Arabia on Wednesday, a White House official said. Trump and the Saudi crown prince signed an agreement covering energy, defense, mining and other areas. Trump has sought to strengthen relations with the Saudis to improve regional ties with Israel and act as a bulwark against Iran. The agreement covers deals with more than a dozen U.S. defense companies for areas including air and missile defense, air force and space, maritime security and communications, a White House fact sheet said. It was not clear whether the deal included Lockheed F-35 jets, which sources say have been discussed. The Saudi prince said the total package could reach $1 trillion when further agreements are reached in the months ahead. Saudi Arabia is one of the largest customers for U.S. arms, and the two countries have maintained strong ties for decades based on an arrangement in which the kingdom delivers oil and the superpower provides security. But relations were strained after the 2018 murder of U.S.-based Saudi journalist Jamal Khashoggi by Saudi agents in Istanbul caused a global uproar. U.S. intelligence concluded that bin Salman approved an operation to capture or kill Khashoggi, a prominent critic, but the Saudi government has denied any involvement. Trump did not mention the incident during his visit and called bin Salman an "incredible man." "I really believe we like each other a lot," Trump said. Trump will go on from Riyadh to Qatar on Wednesday and the United Arab Emirates on Thursday in a trip that is focused on investment rather than security matters in the Middle East. Several U.S. business leaders attended the event, including Elon Musk, the Tesla chief who has led a government-downsizing effort for Trump in Washington; OpenAI CEO Sam Altman; BlackRock CEO Larry Fink and Blackstone CEO Stephen Schwarzman. Trump was shown speaking with several Saudi officials, including sovereign wealth fund governor Yasir Rumayyan, Aramco CEO Amin Nasser and investment minister Khalid Falih as he viewed models for the kingdom's flashy, multi-billion-dollar development projects. Bin Salman has focused on diversifying the Saudi economy in a major reform program dubbed Vision 2030 that includes "Giga-projects" such as NEOM, a futuristic city the size of Belgium. Oil generated 62% of Saudi government revenue last year. The kingdom has scaled back some of its ambitions as rising costs and falling oil prices weigh. Trump has not scheduled a stop in Israel, raising questions about where the close ally stands in Washington's priorities as Trump presses Israeli Prime Minister Benjamin Netanyahu to agree to a new ceasefire deal in the 19-month-old Gaza war. Israel's military operations against Hamas in Gaza and Hezbollah in Lebanon, and its assassinations of the two Iran-allied groups' leaders, have at the same time given Trump more leverage by weakening Tehran and its regional allies. Trump said it was his "fervent hope" that Saudi Arabia would soon normalize relations with Israel, following other Arab states that did so during his first 2017-2021 term. "But you'll do it in your own time," he said. Netanyahu's opposition to the creation of a Palestinian state makes progress with the Saudis unlikely, sources said. Trump on Tuesday called Iran "the most destructive force" in the Middle East and warned that the U.S. will never allow it to obtain a nuclear weapon. He said he was willing to strike a new deal with the Islamic Republic but only if its leaders changed course. "I want to make a deal with Iran," he said. "But if Iran's leadership rejects this olive branch... we will have no choice but to inflict massive maximum pressure."
Business Recorder
08-05-2025
- Politics
- Business Recorder
UAE mediating secret talks between Israel and Syria
BEIRUT/AMMAN: The United Arab Emirates has set up a backchannel for talks between Israel and Syria, three people familiar with the matter said, as Syria's new rulers seek regional help to manage an increasingly hostile relationship with their southern neighbour. The indirect contacts, which have not been previously reported, are focused on security and intelligence matters and confidence-building between two states with no official relations, a person with direct knowledge of the matter, a Syrian security source and a regional intelligence official said. The first source described the effort, which began days after Syrian President Ahmed Sharaa visited the UAE on April 13, as currently focused on 'technical matters,' and said there was no limit to what may eventually be discussed. The senior Syrian security source told Reuters the backchannel was limited strictly to security-related issues, focusing on several counterterrorism files. The source said that purely military matters, particularly those concerning Israeli army activities in Syria, fell outside the scope of the current channel. The intelligence source said UAE security officials, Syrian intelligence officials and former Israeli intelligence officials were involved in the mechanism, among others. They spoke on condition of anonymity due to the sensitivity of the situation.
The Sun
07-05-2025
- Politics
- The Sun
UAE mediating secret talks between Israel and Syria, sources say
BEIRUT/AMMAN: The United Arab Emirates has set up a backchannel for talks between Israel and Syria, three people familiar with the matter said, as Syria's new rulers seek regional help to manage an increasingly hostile relationship with their southern neighbour. The indirect contacts, which have not been previously reported, are focused on security and intelligence matters and confidence-building between two states with no official relations, a person with direct knowledge of the matter, a Syrian security source and a regional intelligence official said. The first source described the effort, which began days after Syrian President Ahmed Sharaa visited the UAE on April 13, as currently focused on 'technical matters,' and said there was no limit to what may eventually be discussed. The senior Syrian security source told Reuters the backchannel was limited strictly to security-related issues, focusing on several counterterrorism files. The source said that purely military matters, particularly those concerning Israeli army activities in Syria, fell outside the scope of the current channel. The intelligence source said UAE security officials, Syrian intelligence officials and former Israeli intelligence officials were involved in the mechanism, among others. They spoke on condition of anonymity due to the sensitivity of the situation. Syria's presidency and the UAE foreign ministry did not respond to a request for comment. The Israeli prime minister's office declined to comment. The mediation effort preceded Israeli strikes in Syria last week, including one just 500 metres (yards) from the presidential palace in Damascus, and Reuters could not establish if the mechanism has been used since the strikes occurred. Israel has framed the strikes as a message to Syria's new rulers in response to threats against Syria's Druze, a minority sect that is an offshoot of Islam with adherents in Syria, Lebanon and Israel. Informal mediation between Israel and Syria aimed at calming the situation has taken place in the last week via other channels, according to one of the sources and a regional diplomat. They declined to elaborate. Syria's government has condemned Israel's strikes as escalatory and as foreign interference, and says the new government in Damascus is working to unify the country after 14 years of bloodletting. The new rulers have also made repeated efforts to show they pose no threat to Israel, meeting representatives of the Jewish community in Damascus and abroad and detaining two senior members of Palestinian Islamic Jihad, which participated in the October 7 2023 Hamas-led attack on Israel. A letter sent by Syria's foreign ministry to the U.S. State Department last month, seen by Reuters, said 'we will not allow Syria to become a source of threat to any party, including Israel.' MINORITY FEARS Israel has struck in Syria for years in a shadow campaign aimed at weakening Iran and its allies, including Lebanese Hezbollah, who grew their influence after entering the country's civil war on the side of former President Bashar al-Assad. Israeli military operations have escalated since rebels ousted Assad in December, saying it will not tolerate an Islamist militant presence in southern Syria. Israel has bombed what it says are military targets across the country and Israeli ground forces have entered southwestern Syria. Reuters reported in February that Israel has lobbied the U.S. to keep Syria decentralised and isolated, framing its approach around suspicion of Sharaa - who once headed a branch of al-Qaeda before renouncing ties to the group in 2016. The UAE government also has concerns about the Islamist bent of Syria's new leaders, but Sharaa's meeting with President Sheikh Mohammed bin Zayed Al Nahyan last month went very well, the sources said, helping to assuage some of Abu Dhabi's concerns. The sources noted the meeting lasted several hours, making Sharaa late for a subsequent engagement. The backchannel with Israel was established days later, the sources said. Damascus sees the UAE's ties with Israel, established in a historic U.S.-brokered deal in 2020, as a key avenue to address issues with Israel, given the absence of direct relations between the two states. Israel's latest strikes in Syria followed days of clashes between Sunni Muslim and Druze gunmen triggered by a voice recording of unclear origin purportedly insulting the Prophet Mohammed, leaving more than two dozen people dead. Syria's government has since reached an agreement with Druze factions in the Druze heartland region of Suweida to hire local security forces from their ranks, in a move that has so far reduced tensions. The fighting posed the latest challenge for Sharaa, who has repeatedly vowed to unite all of Syria's armed forces under one structure and govern the country, fractured by 14 years of civil war until Assad's overthrow. But incidents of sectarian violence, notably the killing of hundreds of pro-Assad Alawites in March, have hardened fears among minority groups about the now-dominant Islamists and sparked condemnation from global powers.
