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Asharq Al-Awsat
18 hours ago
- Business
- Asharq Al-Awsat
Syrian Finance Minister to Asharq Al-Awsat: Syrian-Saudi Investment Forum Will Be Held Soon
Syrian ministers praised on Monday the ongoing support Saudi Arabia is providing to the 'new Syria.' Speaking to Asharq Al-Awsat on the sidelines of the reopening of the Damascus Securities Exchange, Finance Minister Mohammed Yisr Barnieh stressed: 'We appreciate Saudi Arabia's support.' 'Our brothers in Saudi Arabia have backed us in full at the international level and in returning Syria to international financial institutions,' he added, while hailing it for supporting lifting sanctions off the country. He highlighted Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah's visit to Syria last week at the head of a large economic delegation. Saudi investments are on their way to Syria, Barnieh remarked, revealing that a Saudi-Syrian investment forum will be held on June 18 and 19. Major Saudi companies will take part in the forum to explore promising investment opportunities in various fields, added the minister. Syrian Economy and Industry Minister Mohammed Nidal al-Shaar echoed the praise for Saudi Arabia, saying it was 'natural, inevitable and destined.' He expressed his joy 'at the excitement and determination we sensed from the Saudi delegation in helping Syria along its long path of reconstruction.' Joint teams have started work on agreements reached with the Saudi delegation, he revealed, expecting tangible results to be reached within a few weeks. Prince Faisal met during his visit with interim President Ahmed al-Sharaa and Foreign Minister Asaad al-Shaibani. Trading resumed on the Damascus Securities Exchange on Monday after a six-month closure, as Syria's new leaders attempt to shore up the country's battered economy and begin rebuilding after nearly 14 years of civil war.
Argaam
27-05-2025
- Business
- Argaam
Aseer welcomes 8M tourists in 2024, eyes 4,000 new hotel rooms: Minister
Minister of Tourism Ahmed Al Khateeb said Aseer region has unique natural and cultural features that qualify it to be an attractive environment for tourism investments. During his participation in the second edition of the Aseer Investment Forum, Al Khateeb said the coming years will witness the addition of approximately 4,000 new hotel rooms to the region, supported by the tourism system.
Arab News
18-05-2025
- Business
- Arab News
From American eagle to dove of peace: New era begins in Diriyah
The Ministry of Investment recently organized the Saudi-US Investment Forum as part of US President Donald Trump's trip to the Kingdom. I was honored to be invited to this convergence of political and business minds in the heart of the Saudi capital Diriyah. Since the beginning of his second term Trump has made a significant pivot in his international strategy, shifting from a policy centered on military interventions to one focused on diplomacy and peace. This strategic change is particularly evident in Trump's recent actions and engagements regarding Syria. Trump surprised the audience during his opening speech at the forum by declaring that he would lift sanctions against the Syrian Arab Republic. He confirmed that his decision was driven by Crown Prince Mohammed bin Salman's request, which he described as essential for Syria's economic recovery and long-term prosperity. This move marks a dramatic turning point in US-Syria relations, as the country has faced severe economic restrictions since the onset of the Syrian Civil War in 2011. Sanctions were initially imposed to pressure the Assad regime to halt human rights violations and engage in negotiations to end the conflict. By lifting these sanctions Trump has signaled a willingness to engage with Syria directly rather than isolate it. This decision may also reflect a broader strategy to rebuild Syria's economy and infrastructure, which could, in turn, help stabilize the region. On the forum's second day, another surprising diplomatic development occurred: the crown prince hosted a meeting with Trump, Syrian President Ahmad Al-Sharaa, and Turkish President Recep Tayyip Erdogan, who joined via conference call. The meeting marked a historic endorsement by the Trump administration of Syria's new leadership, with the Saudi leadership serving as mediator. For Syria, this engagement could open the door to greater international cooperation and support for reconstruction efforts. Recently, I attended a Ministry of Investment session on investing in Syria, presided over by Investment Minister Khalid Al-Falih and attended by CEOs from leading Saudi companies such as ACWA Power, Alfanar, BMG, Albawani, Al-Muhaidib, Abudawood, and others. The session concluded that we should postpone any investment decisions until the sanctions are lifted. On a related note, I also participated in a similar session with another government entity to explore ways to help Syria restore its devastated economy. Trump's shift from war to peace represents a bold and transformative approach to foreign policy. By lifting sanctions on Syria, engaging directly with its leadership, and collaborating with regional allies like Saudi Arabia, Trump is attempting to chart a new course in US-Middle East relations. While the long-term outcomes remain uncertain, the skies above Diriyah are showing the American eagle transforming into a dove of peace. • Basil M.K. Al-Ghalayini is chairman and CEO of BMG Financial Group.
Asharq Al-Awsat
16-05-2025
- Business
- Asharq Al-Awsat
Trump: Nobody Will Be Able to Break Relationship with Saudi Arabia
US President Donald Trump underscored on Wednesday his 'very strong' relationship with the Saudi leadership. Speaking from Doha, he said: 'Our relationship now is very strong with Saudi Arabia. Nobody is going to be bothering that relationship.' 'Nobody will be able to break that relationship because of my relationship with the crown prince and the family. The relationship is really strong,' he added. Trump concluded on Thursday a 'historic' visit to the Middle East that he had kicked off in Saudi Arabia on Tuesday. He met with Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, on Tuesday and they both oversaw the signing of numerous agreements between their countries. They also took part in the Saudi-US Investment Forum during which Trump hailed the Crown Prince as 'very wise', expressing his admiration for him. 'I really believe we like each other a lot,' he added. He also praised the Crown Prince for his hard work in transforming Saudi Arabia into a global power, joking: 'Do you sleep at night? How do you sleep?' Crown Prince Mohammed, who was seated across from him the front row, could be seen replying: 'I try'. Trump touted what he described as a 'golden age' in the relationship between their countries. Earlier on Tuesday, Crown Prince Mohammed and Trump signed an economic strategic partnership agreement and oversaw the signing of several agreements covering energy, defense and technology. On Wednesday, they chaired the Gulf Cooperation Council-US Summit in Riyadh. Saudi Arabia was Trump's first overseas visit since his reelection. He also chose the Kingdom as his first foreign visit during his first term in office. Saudi political analyst Mubarak al-Ati told Asharq Al-Awsat that Trump's remarks underscore Saudi-US ties that date back 92 years. They also underline the personal relationship with Crown Prince Mohammed, who managed to forge them from strength and mutual trust, he added. Trump's remarks stem from the faith in Saudi Arabia in various fields, he added. So, the American administration is keen on preserving interests and benefits with the Kingdom, he went on to say.
Arab News
15-05-2025
- Business
- Arab News
Saudi Arabia's strategic role in the new world order
President Donald Trump's declaration during the US-Saudi Investment Forum in Riyadh on Tuesday that America will lift its sanctions on Syria was not merely a change in American foreign policy — it was a signal of the geopolitical evolution currently underway in the Middle East and beyond. The fact that such a consequential announcement came not from Washington, Brussels or the UN headquarters in New York but from the Saudi capital underscores Riyadh's growing influence in shaping global outcomes. The forum itself has grown into a pivotal platform where transformative regional and international decisions are unveiled. Its significance lies not just in the participation of high-profile leaders, but in what it symbolizes: the emergence of Saudi Arabia as a diplomatic power center — no longer defined solely by its economic wealth or religious importance, but increasingly by its political foresight, strategic initiatives and ability to convene power brokers across ideological and geopolitical divides. Crown Prince Mohammed bin Salman, whose leadership continues to redefine the role of the Kingdom in regional and global affairs, played a central role in facilitating the Syria sanctions breakthrough. Joined virtually by Turkish President Recep Tayyip Erdogan, the crown prince oversaw talks that reflect a new regionalism — one that prioritizes practical cooperation, long-term stability and a departure from the failed policies of the post-Arab Spring era. In a world increasingly moving away from unilateralism, the Saudi-led model of inclusive dialogue and shared regional responsibility offers a compelling blueprint for conflict resolution and reintegration. The implications for Syria are profound. After more than a decade of conflict, foreign intervention, economic collapse and humanitarian catastrophe, this announcement represents the first credible step toward normalcy. The US' lifting of sanctions — long a symbol of international isolation — opens a path for reconstruction, investment and diplomatic engagement. Crucially, it signals to the Syrian people that the world is willing to support a new chapter — if their leadership embraces genuine change. The Saudi-led model of inclusive dialogue and shared regional responsibility offers a compelling blueprint Hani Hazaimeh For too long, Syria has served as a battleground for proxy wars and ideological showdowns, often at the expense of its citizens. Now, under a new leadership framework, the country stands at a pivotal juncture. Reintegration into the regional system and the global community will depend on the new Syrian government's ability to meet expectations — chiefly, to uphold human rights, ensure inclusive governance and rebuild a state that serves its people rather than represses them. This is not a carte blanche but an opportunity — facilitated by Riyadh — to demonstrate a commitment to a new political and social contract. Saudi Arabia's involvement is not incidental — it is foundational. Over the past few years, the Kingdom has emerged as a quiet but powerful broker of peace. From hosting Sudanese peace negotiations to leading Arab League reconciliation efforts and supporting global humanitarian causes, Saudi diplomacy has transitioned from behind-the-scenes influence to front-line leadership. The Syria initiative is yet another manifestation of this shift. Furthermore, Saudi Arabia's strategic balancing between global powers — maintaining close ties with the US while expanding its partnerships with China, Russia and other emerging economies — has given it a unique edge. It is able to speak to all sides, understand their strategic imperatives and mediate with credibility. This equidistant diplomacy allows Saudi Arabia to act as a trusted interlocutor in conflict zones that often defy resolution through traditional channels. The economic dimension of this realignment is equally critical. The lifting of sanctions on Syria, especially in coordination with a regional power like Saudi Arabia, sends a clear signal to investors, institutions and international agencies: Syria is now potentially open for business, under new conditions. Saudi Arabia, through its sovereign funds and public-private partnerships, may play a leading role in Syria's reconstruction. More importantly, it can ensure that such investments are tied to benchmarks of stability, transparency and development — a vision that aligns with both regional security and Vision 2030's broader ambitions. Vision 2030, often seen through the lens of internal reform, must also be recognized as a geopolitical doctrine. It projects Saudi Arabia not merely as a regional leader but as a global partner — capable of hosting G20 summits, leading digital transformation efforts through the Saudi Authority for Data and Artificial Intelligence, and now influencing postconflict transitions in one of the most devastated countries in the region. The convergence of technology, diplomacy and economic diversification gives Riyadh unmatched leverage in the evolving global order. Vision 2030, often seen through the lens of internal reform, must also be recognized as a geopolitical doctrine Hani Hazaimeh Trump's decision to make this announcement in Riyadh reflects a broader truth: the center of gravity in global diplomacy is shifting. The Middle East, long regarded as a source of instability, is now producing solutions — driven by regional actors that are stepping into leadership vacuums. Saudi Arabia, with its financial power, cultural reach and increasingly sophisticated statecraft, is not just reacting to global changes — it is initiating them. For Syria, the path forward remains fraught with challenges. Internal political reconciliation, the return of refugees, rebuilding infrastructure and addressing a traumatized society will take time and vision. But with regional support — particularly from a partner as committed and capable as Saudi Arabia — the possibility of renewal is real. Riyadh's facilitation of Syria's diplomatic rehabilitation marks a pivotal test for the future of the region: can Arab states reclaim agency over their affairs and shape a future that prioritizes people over power, stability over chaos and cooperation over confrontation? Saudi Arabia's leadership today is not about dominance — it is about direction. The Kingdom is setting the tone for what the Middle East can become in the 21st century: a hub of innovation, diplomacy and responsible power. And in doing so, it is not just transforming its own identity but reshaping the narrative of an entire region. History may record the lifting of US sanctions on Syria as a turning point. But even more importantly, it will remember where it happened — and who made it possible.
