Latest news with #Asaadal-Shibani
Japan Today
3 days ago
- Business
- Japan Today
Syria and Saudi Arabia agree to boost economic cooperation after Western sanctions eased
Syrian Foreign Minister Asaad al-Shibani, right, speaks during a joint press conference with his Saudi counterpart Prince Faisal bin Farhan, in Damascus, Syria, Saturday, May 31, 2025. (AP Photo/Ghaith Alsayed) By GHAITH ALSAYED Syria and Saudi Arabia said Saturday they aim to boost economic cooperation to for their mutual benefit and create jobs for Syrians after Western sanctions imposed on the war-torn country were eased earlier this month. The announcement was made during a visit to Damascus by Saudi Foreign Minister Prince Faisal bin Farhan, who met Syrian President Ahmad al-Sharaa and other Syrian officials. The easing of Western sanctions is likely to open the way for foreign investors into the country, where a civil war has been ongoing since March 2011. In early December, 54 years of Assad family rule came to an end, when gunmen opposed to then-president Bashar Assad captured his seat of power in Damascus. The Saudi foreign minister said that the easing of sanctions by the U.S., the European Union and Britain earlier this month will help in 'reactivating the Syrian economy that had been at a standstill for decades.' Prince Faisal, who is heading an economic and business delegation, said Saudi businessmen will visit Syria in the near future to discuss opportunities in sectors including oil, infrastructure, information technology, telecommunications and agriculture. He added that Saudi Arabia and Qatar will give financial assistance to employees of Syria's public sector without giving details. 'We assert that the kingdom will be a leading state among countries that will stand by Syria in its march for reconstruction and economic revival,' Prince Faisal said. Syrian Foreign Minister Asaad al-Shibani said his country and Saudi Arabia have entered a new era of cooperation. The meeting came two days after Syria signed an agreement with a consortium of Qatari, Turkish and U.S. companies for development of a 5,000-megawatt energy project to revitalize much of its war-battered electricity grid. Al-Sharaa met President Donald Trump in Saudi Arabia earlier this month. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Roya News
3 days ago
- Business
- Roya News
Riyadh pledges more financial support to Syria, says Saudi FM
Saudi Arabia and Qatar have pledged joint financial support to help pay the salaries of Syria's public sector employees, in a move that further underscores their warming relations with the newly established government in Damascus. The announcement was made on Saturday by Saudi Foreign Minister Prince Faisal bin Farhan Al Saud during a press conference with his Syrian counterpart, Asaad al-Shibani. The two met in Damascus as part of a broader regional push to stabilize and rebuild Syria after nearly 14 years of civil war. Although exact figures were not disclosed, Syrian Finance Minister Mohammed Yosr Bernieh had earlier revealed that Qatar was prepared to contribute USD 29 million per month over an initial three-month period to help cover salaries for civil servants. The financial support is seen as a critical step in rebuilding trust in Syria's public institutions and providing relief to a population that continues to struggle with poverty and unemployment. This aid package follows a notable development in mid-May, when Saudi Arabia and Qatar jointly cleared Syria's USD 15 million debt to the World Bank. That repayment paved the way for the institution to restart operations in the country for the first time since 2011. Its first project will focus on improving electricity access, essential for revitalizing key public services including healthcare and education. The foreign funding coincides with Syria's broader diplomatic re-entry onto the global stage, marked by shifting policies in the West. On May 13, US President Donald Trump announced the lifting of longstanding sanctions on Syria, a move reportedly endorsed by Washington in support of the Qatari initiative. The European Union soon followed, lifting most of its economic restrictions and unfreezing assets for multiple Syrian entities, including the Central Bank. Syria's president, Ahmed al-Sharaa, has sought to distance his administration from past alliances with extremist groups and has emphasized minority rights in an effort to win international legitimacy. However, sporadic violence and instability remain, complicating efforts to attract widespread investment and normalize ties. Despite these challenges, international engagement is slowly expanding. Sharaa has already met with leaders in Riyadh and Paris, and the US has removed a previous USD 10 million bounty on his head, signaling a dramatic policy reversal. Still, recovery will not be swift. A recent UN Development Programme report estimated that, without significant investment, Syria could take over 50 years to regain its pre-war economic levels. The report highlighted that 90 percent of Syrians live in poverty and one in four are unemployed, underscoring the urgency of Gulf and international aid to accelerate economic stabilization.
Time of India
24-05-2025
- Business
- Time of India
Syria welcomes US move to ease sanctions imposed on it
File photo: Syrian foreign minister Asaad al-Shibani (Picture credit: AP) DAMASCUS: Syria welcomed Saturday the move by the Trump administration to ease sanctions imposed on the war-torn country, calling it a "positive step" to ease humanitarian and economic suffering. A statement by the foreign ministry said Syria "extends its hand" to anyone who wants to cooperate with Damascus, on the condition that there is no intervention in the country's internal affairs. Saturday's statement came a day after the Trump administration granted Syria sweeping exemptions from sanctions in a major first step toward fulfilling the president's pledge to lift a half-century of penalties on a country shattered by 14 years of civil war. A measure by the state department waived for six months a tough set of sanctions imposed by Congress in 2019. A treasury department action suspended enforcement of sanctions against anyone doing business with a range of Syrian individuals and entities, including Syria's central bank. The congressional sanctions, known as the Caesar Syria Civilian Protection Act, had aimed to isolate Syria's previous rulers by effectively expelling those doing business with them from the global financial system. They specifically block postwar reconstruction, so while they can be waived for 180 days by executive order, investors are likely to be wary of reconstruction projects when sanctions could be reinstated after six months. The Trump administration said Friday's actions were "just one part of a broader US government effort to remove the full architecture of sanctions." Those penalties had been imposed on the Assad family for their support of Iranian-backed militias, their chemical weapons programme and abuses of civilians. Trump said during a visit to the region earlier this month that the US would roll back the heavy financial penalties in a bid to give the interim government a better chance of survival. Syria's foreign ministry said dialogue and diplomacy are the best way to build "balanced relations that achieve the interest of the people and strengthen security and stability in the region." It added that the coming period in Syria will be reconstruction and restoring "Syria's natural status" in the region and around the world.
Shafaq News
21-05-2025
- Politics
- Shafaq News
Coordination Framework to discuss keymatters
Shafaq News/ Iraq's Shiite Coordination Framework (CF) is expected to convene to review a series of political and regional files, a source told Shafaq News on Wednesday. According to the source, the agenda includes recent agreements between the Kurdistan Regional Government and US energy firms, as well as broader shifts in Iraq's domestic and regional landscape. The session will also address the formation of upcoming electoral alliances, proposed amendments to the election law, and their potential impact on the CF's influence. Syria's border crossings are on the table as well, as reportedly requested by Syrian Foreign Minister Asaad al-Shibani during the recent Baghdad summit. In addition, the CF will review developments surrounding Iran's nuclear file and the diplomatic climate in the region.
Shafaq News
16-05-2025
- Politics
- Shafaq News
Al-Shibani in Baghdad representing Syria's Al-Sharaa
Shafaq News/ Syrian Foreign Minister Asaad al-Shibani arrived in Baghdad on Friday to take part in the 34th Arab Summit, set to begin on Saturday. Al-Shibani is representing Syria's transitional President, Ahmad al-Sharaa, who was officially invited by Iraqi Prime Minister Mohammed Shia al-Sudani. The invitation, however, triggered a fierce political uproar in Iraq, with multiple factions openly rejecting al-Sharaa's involvement and several lawmakers launching legal action against him. Earlier on Friday, Palestinian President Mahmoud Abbas touched down in Baghdad to join the summit, while UN Secretary-General António Guterres had arrived the night before, adding to the roster of prominent international figures attending the event. Baghdad completed all preparations for hosting the summit on Saturday, underscoring Iraq's efforts to solidify its regional diplomatic role amid ongoing political, security, and economic challenges in the region.
