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The National
28-05-2025
- Business
- The National
Deposits from Gulf states 'critical' for Syria's financial reform amid low foreign exchange reserves
Gulf countries are likely to play a major role in backing Syria's urgent efforts to reform its financial system, as the country's economy seeks to recover when international sanctions are lifted. Financial deposits from Gulf allies will support Syria's monetary stability and rebuild confidence in its commercial banking system as the country grapples with near-depleted foreign exchange reserves, analysts said. "Extremely low levels of foreign-denominated cash reserves are proving debilitating for the Central Bank of Syria, preventing it from stabilising the currency and supporting the commercial banking sector,' Dominic Pratt, senior analyst at the Economist Intelligence Unit (EIU), told The National. "Securing liquidity injections will be crucial to address these issues, and deposits from Gulf partners in particular will be critical given a lack of alternatives as balance of payment pressures remain high.' Deposits from Gulf partners in particular will be critical given a lack of alternatives as balance of payment pressures remain high Dominic Pratt , senior analyst at Economist Intelligence Unit Gulf states have a record of providing large-scale financial assistance to distressed economies in the region, which Syria can benefit from as it requires "substantial external inflows', said Hani Abuagla, senior market analyst at XTB Mena. "Deposits from Saudi Arabia, Qatar, and the UAE could provide immediate support. This approach has been employed in other crisis-hit economies to restore market confidence and prevent currency collapses,' he said. Gulf states can support Syria's financial system through several channels: A direct and immediate measure is to place foreign currency deposits with the Syrian Central Bank, helping to rebuild reserves and stabilise the exchange rate, Mr Abuagla said. Another way is financing urgent government expenditures, such as public-sector workers' wages, while long-term support could include equity injections into local banks or into infrastructure investments. Support from Gulf countries could also take the form of currency swaps, direct transfers to the central bank, concessional lending or asset trading, Mr Pratt said. Asset sales in return for foreign currency liquidity, similar to the UAE's deal with Egypt to develop the Ras Al Hekma project, is a model that can be applied in Syria, analysts said. Backing by Gulf countries in the form of foreign direct investments into projects in Syria would increase the inflow of foreign currency into the cash-strapped country, said Ibrahim Nafeh Koshaji, a Syria-based economic and banking analyst. Such a move will also improve its business environment by introducing advanced managerial and technological know-how. An employee counts money at a bank in Damascus, Syria. Banks in the Syrian capital resumed operations after Bashar Al Assad was forced from office. EPA However, foreign financial assistance often comes with strings attached and Syria is no exception, analysts said. "This type of assistance is rarely unconditional. Gulf countries would likely link their financial aid to political concessions, governance improvements and signs of serious economic reform,' Vijay Valecha, chief investment officer at Century Financial, said. "Without these, large-scale deposits could be withheld or limited to symbolic gestures.' But without near-term access to international capital markets or IMF programmes, "Gulf support remains one of the few viable paths to easing Syria's immediate external constraints', he added. War's economic toll Syria emerging from the overthrow of the Bashar Al Assad regime in December is facing the Herculean tasks of rebuilding its economy, repairing hollowed out institutions and returning to global capital markets after decades of isolation. The Syrian economy has been devastated by the civil war, which began in 2011. The UN's Development Programme estimates cumulative losses – including physical damage ($123.3 billion) and economic deprivation – of $923 billion at the end of 2024. The Syrian GDP has about halved in size since 2010 to around $21 billion in 2024, according to Bloomberg Economics calculations using World Bank data. Syria is already getting signals of interest from Gulf countries to support its economic revival. DP World – the Dubai-based global ports operator – signed an $800 million initial agreement with the Syrian government to develop and expand the north-western port of Tartus. Qatar Airways was one of the first airlines to resume flights to Damascus International Airport back in January, while UAE carrier flydubai said this month it will restart service to the Syrian capital in June. 'Pivotal' opportunity after sanctions removal US President Donald Trump, during a Gulf tour this month, announced the lifting of sanctions ahead of a landmark meeting with Syrian leader Ahmad Al Shara in Riyadh. Shortly after, the EU followed suit. Removal of US and EU sanctions will be " transformative' for Syria's banking regulator, commercial lenders and the financial sector, Mr Pratt said. The lifting of sanctions will help Syria in ending decades of isolation, opening up new credit lines and financial support and providing an opportunity to initiate critical, and long overdue reforms, he said. A sanctions-free economy is a "pivotal' opportunity for the central bank to implement structural reforms, according to Mr Abuagla. Without restrictions, Syria could re-enter the global financial system, reestablish access to Swift, speed remittances and revive trade flows. The recovery of frozen foreign assets would boost reserves, while some international banks have reportedly expressed interest in entering the Syrian market once sanctions are lifted. The clearance of its debt with the World Bank has also made Syria eligible for credit lines and reconstruction funding. The World Bank cleared Syria of its $15.5 million outstanding debt this month after Saudi Arabia and Qatar paid for it. The clearing of the arrears reinstates Syria's eligibility to receive World Bank support and operations after a 14-year hiatus. Saudi Arabia and Qatar announced their plans to settle Syria's outstanding debts on April 27, in "support of and to accelerate the recovery' of Syria. "The resumption of support from the World Bank and the IMF would also unlock funding and technical guidance essential for successful reform,' Mr Abuagla added. Syria's central bank governor Abdul Kader Husriyeh taking the oath of office in Damascus. AFP 'Comprehensive' reform agenda Syria's Central Bank Governor Abdul Kader Husriyeh, who was appointed in April, told The National this week among top priorities are updating monetary policy; reviewing banking legislation; strengthening anti-money laundering measures and engaging with foreign depositors, including sovereign entities. To achieve its goal of reforming Syria's financial system, the central bank requires a rules-based policy framework to control inflation and build investor confidence, analysts say. Also required is stabilising the exchange rate to control the volatility that deters foreign investments, Mr Abuagla said. Institutional reforms would attract the Syrian diaspora to invest their money back home, which means these funds could return if the domestic banking system becomes more stable. Mr Koshaji said the key requirements for reform are modernising banking operations and granting the central bank full autonomy from political interference,. Establishing a specialised advisory board to manage new money supply through open market mechanisms and removing restrictions on withdrawals and deposits are also important, he said. Launching government bonds in Syrian pounds and US dollars and strengthening the Damascus Securities Exchange as a funding channel for reconstruction projects will also help reform efforts, Mr Koshaji added. Vikram%20Vedha %3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Gayatri%2C%20Pushkar%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Hrithik%20Roshan%2C%20Saif%20Ali%20Khan%2C%20Radhika%20Apte%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%C2%A0%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A RACE CARD 4pm Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m 4.35pm Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m 5.10pm Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m 5.45pm Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m 6.20pm Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m 6.55pm Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m 7.30pm Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m EXPATS %3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Lulu%20Wang%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Nicole%20Kidman%2C%20Sarayu%20Blue%2C%20Ji-young%20Yoo%2C%20Brian%20Tee%2C%20Jack%20Huston%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A Racecard 6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m 7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m 7.40pm: Handicap (TB) $135,000 (D) 1,200m 8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m 8.50pm: Handicap (TB) $135,000 (T) 1,000m 9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m 10pm: Handicap (TB) $175,000 (T) 2,410m The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud Sinopharm vaccine explained The Sinopharm vaccine was created using techniques that have been around for decades. 'This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee. "What is left is a skeleton of the virus so it looks like a virus, but it is not live." This is then injected into the body. "The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said. "You have to be exposed more than one time to what we call the antigen." The vaccine should offer protection for at least months, but no one knows how long beyond that. Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today. 'Since it is inactivated, it will not last forever," she said. Naga %3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A Scoreline Abu Dhabi Harlequins 17 Jebel Ali Dragons 20 Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2 MORE FROM ED HUSAIN: The UAE-Israel accord is a win for every Muslim The 10 Questions Is there a God? How did it all begin? What is inside a black hole? Can we predict the future? Is time travel possible? Will we survive on Earth? Is there other intelligent life in the universe? Should we colonise space? Will artificial intelligence outsmart us? How do we shape the future? UK-EU trade at a glance EU fishing vessels guaranteed access to UK waters for 12 years Co-operation on security initiatives and procurement of defence products Youth experience scheme to work, study or volunteer in UK and EU countries Smoother border management with use of e-gates Cutting red tape on import and export of food The specs: 2017 Ford F-150 Raptor Price, base / as tested Dh220,000 / Dh320,000 Engine 3.5L V6 Transmission 10-speed automatic Power 421hp @ 6,000rpm Torque 678Nm @ 3,750rpm Fuel economy, combined 14.1L / 100km Abu Dhabi Grand Slam Jiu-Jitsu World Tour Calendar 2018/19 July 29: OTA Gymnasium in Tokyo, Japan Sep 22-23: LA Convention Centre in Los Angeles, US Nov 16-18: Carioca Arena Centre in Rio de Janeiro, Brazil Feb 7-9: Mubadala Arena in Abu Dhabi, UAE Mar 9-10: Copper Box Arena in London, UK UAE%20SQUAD %3Cp%3E%0D%3Cstrong%3EMen%3A%3C%2Fstrong%3E%20Saif%20Al%20Zaabi%2C%20Salem%20Al%20Marzooqi%2C%20Zayed%20Al%20Ansaari%2C%20Saud%20Abdulaziz%20Rahmatalla%2C%20Adel%20Shanbih%2C%20Ahmed%20Khamis%20Al%20Blooshi%2C%20Abdalla%20Al%20Naqbi%2C%20Khaled%20Al%20Hammadi%2C%20Mohammed%20Khamis%20Khalaf%2C%20Mohammad%20Fahad%2C%20Abdulla%20Al%20Arimi.%0D%3Cbr%3E%3Cstrong%3EWomen%3A%3C%2Fstrong%3E%20Mozah%20Al%20Zeyoudi%2C%20Haifa%20Al%20Naqbi%2C%20Ayesha%20Al%20Mutaiwei.%3C%2Fp%3E%0A Dubai World Cup Carnival card 6.30pm: UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m 7.05pm: Handicap (TB) $135,000 (Turf) 1,000m 7.40pm: Handicap (TB) $175,000 (D) 1,900m 8.15pm: Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m 8.50pm: Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m 9.25pm: Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m The National selections 6.30pm: Final Song 7.05pm: Pocket Dynamo 7.40pm: Dubai Icon 8.15pm: Dubai Legacy 8.50pm: Drafted 9.25pm: Lucius Tiberius ONCE UPON A TIME IN GAZA Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi Directors: Tarzan and Arab Nasser Rating: 4.5/5 Lexus LX700h specs Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor Power: 464hp at 5,200rpm Torque: 790Nm from 2,000-3,600rpm Transmission: 10-speed auto Fuel consumption: 11.7L/100km On sale: Now Price: From Dh590,000 BAD%20BOYS%3A%20RIDE%20OR%20DIE %3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Adil%20El%20Arbi%20and%20Bilall%20Fallah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EWill%20Smith%2C%20Martin%20Lawrence%2C%20Joe%20Pantoliano%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A The five pillars of Islam 1. Fasting 2. Prayer 3. Hajj 4. Shahada 5. Zakat THE BIO Mr Al Qassimi is 37 and lives in Dubai He is a keen drummer and loves gardening His favourite way to unwind is spending time with his two children and cooking Gulf Men's League final Dubai Hurricanes 24-12 Abu Dhabi Harlequins OPTA'S PREDICTED TABLE 1. Liverpool 101 points 2. Manchester City 80 3. Leicester 67 4. Chelsea 63 5. Manchester United 61 6. Tottenham 58 7. Wolves 56 8. Arsenal 56 9. Sheffield United 55 10. Everton 50 11. Burnley 49 12. Crystal Palace 49 13. Newcastle 46 14. Southampton 44 15. West Ham 39 16. Brighton 37 17. Watford 36 18. Bournemouth 36 19. Aston Villa 32 20. Norwich City 29 Ticket prices Golden circle - Dh995 Floor Standing - Dh495 Lower Bowl Platinum - Dh95 Lower Bowl premium - Dh795 Lower Bowl Plus - Dh695 Lower Bowl Standard- Dh595 Upper Bowl Premium - Dh395 Upper Bowl standard - Dh295 %20Ramez%20Gab%20Min%20El%20Akher %3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Asharq Al-Awsat
20-05-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Ready for Multiple Oil Price Scenarios, Economy Minister Says
Saudi Arabia is always ready for multiple oil price scenarios, and budgets are driven by priorities, the kingdom's economy minister said on Tuesday. "We're always ready for scenarios - multiple scenarios, and we have buffers," Faisal Alibrahim told an audience at the Qatar Economic Forum in Doha. "We have the long-term fiscal planning and medium-term frameworks that help us adjust depending on what scenario actually plays out," he said. Meanwhile, Saudi Arabia's stock index rose 0.29%. "Fundamentally, the Saudi stock market remains supported by a positive economic outlook, which could lead to potential advances in the medium term, provided oil prices and external factors are favourable," said Hani Abuagla, Senior Market Analyst at XTB MENA.
Zawya
19-03-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets retreat on geopolitical tensions
Most stock markets in the Gulf ended lower on Wednesday amid escalating geopolitical tensions in the region after Israeli airstrikes in Gaza killed over 400 people, disrupting nearly two months of relative peace since the ceasefire began. Palestinian militant group Hamas and Israel accused each other of breaching the truce. It had broadly held since January and offered respite from war for the 2.3 million inhabitants of Gaza, which has been reduced to rubble. Egypt and Qatar, the mediators in the ceasefire deal along with the U.S., condemned the Israeli assault, while the European Union, in a statement, deplored the breakdown of the ceasefire. Saudi Arabia's benchmark index dropped 0.7%, with oil giant Saudi Aramco falling 2.2% and Saudi Arabian Mining Company losing 2.8%. Elsewhere, Sahara International Petrochemical Company was down 3%, after the firm missed its annual profit estimates. Oil prices approaching recent lows further intensified pressure on the market, said Hani Abuagla Senior Market Analyst at XTB MENA. "Saudi equities are expected to remain vulnerable to both external factors and fluctuating oil prices in the near term." Oil prices fell after Russia agreed to U.S. President Donald Trump's proposal that Moscow and Kyiv temporarily stop attacking each other's energy infrastructure, a move that could eventually pave the way for Russian oil to enter global markets. Dubai's main share index slipped 0.6%, hit by a 3.7% slide in top lender Emirates NBD and a 0.4% decrease in blue-chip developer Emaar Properties. In Abu Dhabi, the index finished 0.3% lower. The Qatari index declined 0.7%, with the Gulf's biggest lender Qatar National Bank losing 1.7%, while Qatar International Islamic Bank retreated 3% on trading ex-dividend. Outside the Gulf, Egypt's blue-chip index concluded 0.8% lower, as most of its constituents were in negative territory including Talaat Moustafa Group Holding, which was down 1.5%. SAUDI ARABIA declined 0.7% to 11,709 Abu Dhabi down 0.3% to 9,438 Dubai dropped 0.6% to 5,117 QATAR slipped 0.7% to 10,385 EGYPT lost 0.8% to 31,348 BAHRAIN eased 0.3% to 1,965 OMAN gained 0.6% to 4,386 KUWAIT added 0.3% to 8,496 (Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna Chandra Eluri)
Reuters
19-03-2025
- Business
- Reuters
Most Gulf markets retreat on geopolitical tensions
March 19 (Reuters) - Most stock markets in the Gulf ended lower on Wednesday amid escalating geopolitical tensions in the region after Israeli airstrikes in Gaza killed over 400 people, disrupting nearly two months of relative peace since the ceasefire began. Palestinian militant group Hamas and Israel accused each other of breaching the truce. It had broadly held since January and offered respite from war for the 2.3 million inhabitants of Gaza, which has been reduced to rubble. Egypt and Qatar, the mediators in the ceasefire deal along with the U.S., condemned the Israeli assault, while the European Union, in a statement, deplored the breakdown of the ceasefire. Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.7%, with oil giant Saudi Aramco ( opens new tab falling 2.2% and Saudi Arabian Mining Company ( opens new tab losing 2.8%. Elsewhere, Sahara International Petrochemical Company ( opens new tab was down 3%, after the firm missed its annual profit estimates. Oil prices approaching recent lows further intensified pressure on the market, said Hani Abuagla Senior Market Analyst at XTB MENA. "Saudi equities are expected to remain vulnerable to both external factors and fluctuating oil prices in the near term." Oil prices fell after Russia agreed to U.S. President Donald Trump's proposal that Moscow and Kyiv temporarily stop attacking each other's energy infrastructure, a move that could eventually pave the way for Russian oil to enter global markets. Dubai's main share index (.DFMGI), opens new tab slipped 0.6%, hit by a 3.7% slide in top lender Emirates NBD ( opens new tab and a 0.4% decrease in blue-chip developer Emaar Properties ( opens new tab. In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.3% lower. The Qatari index (.QSI), opens new tab declined 0.7%, with the Gulf's biggest lender Qatar National Bank ( opens new tab losing 1.7%, while Qatar International Islamic Bank ( opens new tab retreated 3% on trading ex-dividend. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab concluded 0.8% lower, as most of its constituents were in negative territory including Talaat Moustafa Group Holding ( opens new tab, which was down 1.5%.
Zawya
06-03-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets in red on tariff war worries
Most stock markets in the Gulf ended lower on Thursday amid U.S. tariff uncertainties, although First Abu Dhabi Bank drove the Abu Dhabi index higher. Market anxiety persisted with escalating trade tensions spark fears of slowing economic growth, following U.S. imposition of 25% tariffs on imports from Mexico and Canada, along with additional duties on Chinese goods. Saudi Arabia's benchmark index dropped 0.7%, weighed down by a 2.3% fall in Saudi Telecom Company, while oil giant Saudi Aramco retreated 1.1%. Aramco is in the early stages of considering a potential bid for BP's lubricant business Castrol, Reuters reported on Wednesday, citing a person with knowledge of the matter. On Tuesday, Aramco reported a drop in annual profit and signalled it will slash its dividend payouts by nearly a third this year to $85.4 billion. Among other losers, Mouwasat Medical Services plunged 9.3%, as the firm saw a decline in 2024 profit. The Saudi index posted its second weekly loss of 2.5%. Dubai's main share index closed 0.7% lower, with blue-chip developer Emaar Properties losing 1.8%. However, Mashreqbank climbed 1.5%, a day before going ex-dividend. The Dubai bourse moved lower, continuing its sideways movement amid uncertainty around current levels. Most sectors performed negatively, particularly the real estate and financial sectors, said Hani Abuagla Senior Market Analyst at XTB MENA. In Abu Dhabi, the index nudged 0.1% higher, helped by a 0.8% gain in the country's biggest lender First Abu Dhabi Bank (FAB). FAB is planning to split its operations into four new divisions in a bid to strengthen its business in the Gulf and boost shareholder returns, two sources familiar with the matter said. Outside the Gulf, Egypt's blue-chip index added 0.2%, with EFG Holding advancing 4.2%. Egypt's inflation rate is forecast to have tumbled to 14.5% in February, as the exceptionally high price increases of the last two years are no longer reflected in the statistics, according to a poll released on Wednesday. SAUDI ARABIA lost 0.7% to 11,811 Abu Dhabi up 0.1% to 9,562 Dubai fell 0.7% to 5,274 QATAR added 0.2% to 10,514 EGYPT rose 0.2% to 30,947 BAHRAIN eased 0.1% to 1,974 OMAN down 0.3% to 4,396 KUWAIT fell 0.6% to 8,664 (Reporting by Ateeq Shariff in Bengaluru; Editing by Tasim Zahid)
