Latest news with #MohammedBinSalman
The National
6 hours ago
- Business
- The National
Saudi Arabia's foreign minister arrives in Syria to discuss boosting economic ties
Saudi Arabia's Foreign Minister Prince Faisal bin Farhan arrived in Syria on Saturday, leading a high-level delegation that aims to strengthen ties as the war-torn nation prepares for an economic opening on the expected lifting of years-long sanctions. Prince Faisal is due to meet Syrian President Ahmed Al Sharaa, and is expected to hold economic talks between the two sides as an economic delegation is accompanying the Saudi official, the Saudi foreign ministry said in a statement. The talks will focus on ways the two sides can work together "to support Syria's economy, strengthen the development of government institutions, and achieve the aspirations of the Syrian people", the ministry said. In February, Saudi Crown Prince Mohammed bin Salman met Mr Al Sharaa in Riyadh during the latter's first trip in the region as president. Mr Al Sharaa said the meeting with Prince Mohammed has shown that Saudi Arabia had 'a genuine desire to support Syria in building its future'. The Syrian president added that his meetings in Riyadh had included plans for co-operation in the fields of energy, technology, education and health. 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 and economic deprivation – of $923 billion at the end of last year. The estimated cost of reconstruction has varied from $250 billion and $500 billion. The national economy, which had been maintaining a brisk pace of growth before the protests against the regime of deposed president Bashar Al Assad, has struggled since: gross domestic product plunged 6.4 per cent in 2016 before gradually recovering, government data shows. But the situation has been improving: in March, Syrian President Ahmad Al Shara announced new members in his government, appointing 23 ministers in a broadened cabinet, a move seen as an important milestone in the transition from decades of Al Assad family rule and the improvement of ties with the West. It further accelerated after US President Donald Trump, during his Gulf tour this week, announced the lifting of sanctions on Syria, drawing cheers from its citizens and optimism from analysts. He also met Mr Al Shara in Riyadh. On May 16, the World Bank cleared Syria of its $15.5 million outstanding debt after Saudi Arabia and Qatar paid for it, in another positive sign for the nation's damaged economy. The clearing of the arrears, made effective on May 12, reinstates Syria's eligibility to receive World Bank support and operations after a 14-year hiatus, the Washington-based institution said. 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, following discussions at the World Bank and International Monetary Fund 's spring meetings in Washington. Support from Syria's Gulf neighbours will be key to its recovery: 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 have said. Also in May, Damascus and DP World, the Dubai-based global ports operator, signed an initial agreement worth $800 million to develop Syria's port of Tartus, aimed at strengthening port infrastructure and logistics services in the country.
New York Times
6 hours ago
- Business
- New York Times
OPEC Plus Members Say They Will Fast-Track Oil Output
Eight members of the OPEC Plus oil cartel said Saturday that they planned to continue their accelerated increases in production in July, the third consecutive month. The group, including Saudi Arabia and Russia, said in a news release that it was acting 'in view of a steady global economic outlook and current healthy market fundamentals.' They pegged the increase at 411,000 barrels a day, although analysts say the actual amount is likely to be less. The move, which was expected, indicates a marked shift in oil policy by Saudi Arabia, the de facto leader of the group. Until recently, the Saudis had kept output at what was for them an uncomfortably low level to bolster oil prices, even though other members of OPEC Plus had exceeded their cap. Saudi Arabia will gain the largest share of the combined increases — boosting its ceiling to about 9.5 million barrels a day. The Saudis and other OPEC Plus members like the United Arab Emirates had chafed because some members including Iraq and Kazakhstan had exceeded their ceilings. The Saudis are now sending a message that they will not restrain output if others don't. A catalyst for the change, analysts say, is President Trump, who warmly courted Saudi Arabia's de facto ruler, Mohammed bin Salman, as a commercial and strategic partner. Want all of The Times? Subscribe.
Asharq Al-Awsat
13 hours ago
- General
- Asharq Al-Awsat
Saudi Crown Prince Presents King's Cup to Al-Ittihad
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud attended the final match of the Custodian of the Two Holy Mosques Cup for the current sports season 2024-25 on behalf of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. The Crown Prince presented the King's Cup trophy to the winner, Al-Ittihad football club after defeating Al Qadsiah in a match held on Friday evening at Alinma Stadium in King Abdullah Sports City in Jeddah. Al-Ittihad's Karim Benzema scored twice to lead his side to a 3-1 victory over Al Qadsiah in the Saudi Cup final. Minister of Sport and President of the Saudi Olympic and Paralympic Committee (SOPC) Prince Abdulaziz bin Turki bin Faisal expressed his sincere gratitude to the Custodian of the Two Holy Mosques for his generous patronage of this precious occasion and to the Crown Prince for his attendance of the final match. The match was also attended by several princes and officials.
Asharq Al-Awsat
a day ago
- General
- Asharq Al-Awsat
Saudi King, Crown Prince Receive Two Written Messages from Egypt President
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, received two written messages on bilateral relations from Egyptian President Abdel Fattah al-Sisi. Vice Minister of Foreign Affairs Walid ElKhereiji received the messages on Thursday during his reception of the Egyptian ambassador to Saudi Arabia, Ihab Abu Sarea. During the reception at the ministry in Riyadh, the two ministers reviewed the deep-rooted fraternal relations and cooperation between the two brotherly countries and discussed issues of mutual interest.
Asharq Al-Awsat
a day ago
- Business
- Asharq Al-Awsat
Saudi Crown Prince Speaks with Canadian Prime Minister
Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman bin Abdulaziz Al Saud, received a telephone call from Canadian Prime Minister Mark Carney, the Saudi Press Agency reported Friday. The conversation between the two leaders reviewed the bilateral relations between the two countries, highlighted the avenues of cooperation, and explored opportunities to strengthen and expand ties across various fields.
