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The National
24-07-2025
- Business
- The National
Saudi Arabia leads $6.4bn worth of economic deals for Syria
Saudi Arabia has led agreements with Syria worth 24 billion Saudi riyals ($6.4 billion) as the kingdom invests in Damascus's economy to support the rebuilding of the country after more than a decade of civil war. A total of 47 deals from more than 100 Saudi and international companies are to be signed at the Syrian-Saudi Investment Forum in Damascus on Thursday, Saudi Investment Minister Khalid Al Falih said at the event. They cover key sectors including energy, industry, infrastructure, real estate, financial services, health, agriculture, communications and information technology, he said. Several projects were launched on Wednesday, Mr Al Falih added. Investments in the real estate and infrastructure sectors will exceed 11 billion riyals, including the development of three new cement factories to "secure the basic materials needed for construction and strengthening supply chains", Mr Al Falih said. Separately on Thursday, Al Badia Cement announced more than $200 million worth of investments to expand its operations and develop a second production line, which would boost its annual production to more than five million tonnes, the state-owned Syrian Arab News Agency said. "In achieving the common goals between the two countries, and our encouragement of Saudi investors, we will ... specifically encourage international investors to explore investment opportunities in this country, and to contribute to its strategic projects," he added. The agreements are a major victory for Syrian President Ahmad Al Shara, who has been leading the country's rebuilding strategy after the downfall of former president Bashar Al Assad in December last year. The Syrian economy has been devastated by a civil war that began in 2011. The UN Development Programme estimates cumulative losses, including physical damage and economic deprivation, at $923 billion as of the end of last year. The estimated cost of reconstruction has varied from $250 billion to $500 billion. After the Assad regime was toppled in a rebel offensive, the situation in Syria has been improving, with western sanctions lifted earlier this year. Gulf states are moving quickly to invest in Syria's post-Assad future, launching diplomatic, financial and infrastructure support. In May, Saudi Arabia and Qatar jointly paid off Syria's $15.5 million debt to the World Bank, unlocking access to critical reconstruction grants. Also that month, Damascus signed a $7 billion deal with a consortium of companies led by Qatar 's UCC Holding to add 5,000 megawatts to the national grid. The deal is aimed at doubling Syria's power supply to boost its postwar economy. Dubai port operator DP World signed an $800 million agreement to develop the port of Tartus, while Emirati businessman Khalaf Al Habtoor said he would be considering investments in Syria. Mr Al Shara also held talks with Saudi Crown Prince Mohammed bin Salman in Riyadh in February, with the leaders discussing collaboration in the fields of energy, technology, education and health, Syria's state news agency Sana reported at the time. The Syrian government this month amended the country's investment law, in a move that is expected to support more domestic and foreign investment in the country.
Yahoo
14-05-2025
- Politics
- Yahoo
Breaking Down Trump's Plan to Lift U.S. Sanctions on Syria
President Trump, accompanied by Saudi Crown Prince Mohammed bin Salman, meets with Syria's President Ahmed al-Sharaa in Riyadh on Wednesday, May 14. Credit - Bandar Al-Jaloud—Getty Images President Donald Trump announced on Tuesday, May 13, that he plans to end the U.S. sanctions imposed on Syria, which have been in place for over 45 years. Announcing the news on the first day of his Middle East tour, during the U.S.-Saudi Investment Forum, Trump said he would be lifting sanctions 'in order to give them [Syria] greatness.' Trump described the sanctions as 'brutal and crippling,' but also noted their important function before the collapse of the Bashar Assad regime in December 2024. The announcement was met with jubilant celebrations in the Syrian capital of Damascus, as people in the streets cheered and waved Syrian flags. On Wednesday morning, before departing for Doha, Qatar, Trump met with Syrian President Ahmed al-Sharaa. They were accompanied by Saudi Crown Prince Mohammed bin Salman, while Turkish President Recep Tayyip Erdoğan joined remotely via telephone. While travelling to Doha on Air Force One, Trump shared with reporters his impression of al-Sharaa, calling him a "young, attractive guy. Tough guy. Strong past. Very strong past. Fighter… He's got a real shot at holding it together.' Read More: Trump Meets With Syria's President After Announcing Plans to Lift U.S. Sanctions on Country Shiraz Maher, a writer and lecturer of war studies at King's College London, says that Trump's announcement shows 'an explicit vote of confidence in the new Administration. It gives Syria a new opportunity.' 'I see this as something that Obama tried to do, leading from behind, removing obstacles, and giving Syria an opportunity to do it their way.' In a post-meeting update shared on X, White House press secretary Karoline Leavitt said that Trump urged al-Sharaa to sign the Abraham Accords to normalize relations with Israel. He also encouraged al-Sharaa to remove foreign terrorists from Syria and help the United States prevent the resurgence of ISIS. The Abraham Accords, established during Trump's first term, involve a number of Arab and Muslim states normalizing diplomatic and economic ties with Israel. Since the collapse of the Assad regime in December, Israel has conducted airstrikes within Syria, recently near Damascus, citing violence in Druze areas. Israeli forces have also reportedly expanded military operations beyond the Israeli-occupied Golan Heights in the southwest corner of Syria. The Assad government was first designated by the U.S. as a state sponsor of terrorism in 1979. Since then, sanctions on the country were upgraded in 2004 and again in 2011, when the Syrian Civil War broke out. As part of the sanctions, assets and property of Syrian officials in the U.S. were frozen and a ban was placed on petroleum and petroleum products of Syrian origin. Since 2011, Syria and its population has been almost entirely cut off from the global economy, with residents facing difficulties using international bank cards or importing foreign goods amid the crippling civil war. Maher sees the proposed lifting of the sanctions as a crucial change for the Syrian people. 'The situation is incredibly desperate, [some] people have two hours of electricity per day and face hyperinflation. This is a really important signal that this can change,' he says. Remarking on the social media commentary he's seen since the news broke, Maher says he came across a commenter who said: 'Being able to use Apple Pay in [the Syrian city of] Idlib is not something I could have imagined.' A more recent additional set of sanctions, implemented under the Caesar Syria Civilian Protection Act of 2019, imposed further restrictions on the Assad regime and its supporters. Aaron Y. Zelin, a senior fellow at The Washington Institute for Near East Policy, says that this set of sanctions, in particular, could be hard to unravel. 'Congress enacted this, so the Trump Administration now has to get Congress on board to unwind those in many respects,' says Zelin. Difficulties aside, Trump's announcement is 'huge, monumental news for the Syrian government,' says Zelin, adding that this move gives the government more legitimacy and opportunity for rebuilding and investment. 'Syrians will have more access to capital and be part of the global economy once again. Right now, everything is a cash economy,' he says. But exactly how long will it be until these changes are felt? Benjamin Fève, a senior research analyst at Karam Shaar Advisory Limited, has argued that officially lifting sanctions on Syria 'isn't as simple as Trump just declaring it' and that it will 'require a lengthy process.''We can only hope that they'll make the process as quick as possible,' he said via a post on X. 'One way or the other this announcement will have to be followed by concrete actions.' Read More: Trump Brokers $200 Billion Boeing Deal in Qatar, Signaling a New Era of Aviation Diplomacy Given the interest directed toward Syria from a number of regional countries and global powers since the end of the civil war, Trump's proposal to lift sanctions on the country goes beyond its borders. 'This really changes the game in terms of the status of the region. This will further shut out Iran and its ability to link up between proxies,' says Zelin. Hezbollah's ability to work with Iran could be further diminished, coupled with its recent decline in capability. The militant Lebanese group has taken significant hits in its conflict with Israel, and lost an important partner in Assad when he fled Syria in December and sought asylum in Russia. 'Qatar and the UAE will be very happy. The Russians will play a wait-and-see approach, they might view this [sanctions news] as a general positive, as they might invest as well depending on how much the U.S. wants to become a new partner of the Syrian government,' says Zelin. If the more engaged with the Syrian government, Russia will likely find it increasingly difficult to continue its presence in Syria, in particular with its supply of oil to the country. Russia has been Syria's major oil supplier since Assad's departure, but this could change with Trump's plans. Zelin muses that Russia 'might leverage' its oil supply 'to garner closer ties' with Syria. Qatar has previously said it would provide funding of $29 million monthly for three months to Syria in order to pay public sector wages, ultimately holding off due to U.S. sanctions. Now, however, this deal could accelerate, as Zelin suggests that Qatar could fund even more government bills after Trump's announcement. President al-Sharaa has become a key figure in the Middle East. In just under two weeks, al-Sharaa's group Hay'at Tahrir al-Sham (HTS) led a rebel coalition to overthrow Assad. HTS had held control of the northern province of Idlib in recent years, and the group was designated a terrorist organization by the United States not long after its formation. Just before the 2003 U.S. invasion of Iraq, al-Sharaa, then known under his nom-de-guerre Abu Mohammad al-Jolani, travelled to Baghdad. He would spend the next few years with al-Qaeda, recruiting members and rising through the ranks before being arrested and held in a former U.S. prison at Camp Bucca in Iraq. As the Syrian civil war raged on, al-Sharaa returned to his home country, helping establish al-Qaeda's affiliate group, the al-Nusra Front. But the militant leader went on to cut ties with the organization in 2016, going on to establish the HTS. The U.S. previously had a $10 million reward for the arrest of al-Sharaa. The bounty was scrapped in late December. Since taking leadership of Syria's new government, al-Sharaa has met with France's President Emmanuel Macron and has established strong ties with Turkey. Wednesday's meeting with Trump is perhaps the most important for Syria's President yet. Contact us at letters@
Time Magazine
14-05-2025
- Politics
- Time Magazine
Breaking Down Trump's Plan to Lift U.S. Sanctions on Syria
President Donald Trump announced on Tuesday, May 13, that he plans to end the U.S. sanctions imposed on Syria, which have been in place for over 45 years. Announcing the news on the first day of his Middle East tour, during the U.S.-Saudi Investment Forum, Trump said he would be lifting sanctions 'in order to give them [Syria] greatness.' Trump described the sanctions as 'brutal and crippling,' but also noted their important function before the collapse of the Bashar Assad regime in December 2024. The announcement was met with jubilant celebrations in the Syrian capital of Damascus, as people in the streets cheered and waved Syrian flags. On Wednesday morning, before departing for Doha, Qatar, Trump met with Syrian President Ahmed al-Sharaa. They were accompanied by Saudi Crown Prince Mohammed bin Salman, while Turkish President Recep Tayyip Erdoğan joined remotely via telephone. While travelling to Doha on Air Force One, Trump shared with reporters his impression of al-Sharaa, calling him a "young, attractive guy. Tough guy. Strong past. Very strong past. Fighter… He's got a real shot at holding it together.' Shiraz Maher, a writer and lecturer of war studies at King's College London, says that Trump's announcement shows 'an explicit vote of confidence in the new Administration. It gives Syria a new opportunity.' 'I see this as something that Obama tried to do, leading from behind, removing obstacles, and giving Syria an opportunity to do it their way.' In a post-meeting update shared on X, White House press secretary Karoline Leavitt said that Trump urged al-Sharaa to sign the Abraham Accords to normalize relations with Israel. He also encouraged al-Sharaa to remove foreign terrorists from Syria and help the United States prevent the resurgence of ISIS. The Abraham Accords, established during Trump's first term, involve a number of Arab and Muslim states normalizing diplomatic and economic ties with Israel. Since the collapse of the Assad regime in December, Israel has conducted airstrikes within Syria, recently near Damascus, citing violence in Druze areas. Israeli forces have also reportedly expanded military operations beyond the Israeli-occupied Golan Heights in the southwest corner of Syria. What are the U.S. sanctions in place on Syria? The Assad government was first designated by the U.S. as a state sponsor of terrorism in 1979. Since then, sanctions on the country were upgraded in 2004 and again in 2011, when the Syrian Civil War broke out. As part of the sanctions, assets and property of Syrian officials in the U.S. were frozen and a ban was placed on petroleum and petroleum products of Syrian origin. Since 2011, Syria and its population has been almost entirely cut off from the global economy, with residents facing difficulties using international bank cards or importing foreign goods amid the crippling civil war. Maher sees the proposed lifting of the sanctions as a crucial change for the Syrian people. 'The situation is incredibly desperate, [some] people have two hours of electricity per day and face hyperinflation. This is a really important signal that this can change,' he says. Remarking on the social media commentary he's seen since the news broke, Maher says he came across a commenter who said: 'Being able to use Apple Pay in [the Syrian city of] Idlib is not something I could have imagined.' A more recent additional set of sanctions, implemented under the Caesar Syria Civilian Protection Act of 2019, imposed further restrictions on the Assad regime and its supporters. Aaron Y. Zelin, a senior fellow at The Washington Institute for Near East Policy, says that this set of sanctions, in particular, could be hard to unravel. 'Congress enacted this, so the Trump Administration now has to get Congress on board to unwind those in many respects,' says Zelin. Difficulties aside, Trump's announcement is 'huge, monumental news for the Syrian government,' says Zelin, adding that this move gives the government more legitimacy and opportunity for rebuilding and investment. 'Syrians will have more access to capital and be part of the global economy once again. Right now, everything is a cash economy,' he says. But exactly how long will it be until these changes are felt? Benjamin Fève, a senior research analyst at Karam Shaar Advisory Limited, has argued that officially lifting sanctions on Syria 'isn't as simple as Trump just declaring it' and that it will 'require a lengthy process.' 'We can only hope that they'll make the process as quick as possible,' he said via a post on X. 'One way or the other this announcement will have to be followed by concrete actions.' Wider impact in the region Given the interest directed toward Syria from a number of regional countries and global powers since the end of the civil war, Trump's proposal to lift sanctions on the country goes beyond its borders. 'This really changes the game in terms of the status of the region. This will further shut out Iran and its ability to link up between proxies,' says Zelin. Hezbollah's ability to work with Iran could be further diminished, coupled with its recent decline in capability. The militant Lebanese group has taken significant hits in its conflict with Israel, and lost an important partner in Assad when he fled Syria in December and sought asylum in Russia. 'Qatar and the UAE will be very happy. The Russians will play a wait-and-see approach, they might view this [sanctions news] as a general positive, as they might invest as well depending on how much the U.S. wants to become a new partner of the Syrian government,' says Zelin. If the more engaged with the Syrian government, Russia will likely find it increasingly difficult to continue its presence in Syria, in particular with its supply of oil to the country. Russia has been Syria's major oil supplier since Assad's departure, but this could change with Trump's plans. Zelin muses that Russia 'might leverage' its oil supply 'to garner closer ties' with Syria. Qatar has previously said it would provide funding of up to $89 million over three months to Syria in order to pay public sector wages, ultimately holding off due to U.S. sanctions. Now, however, this deal could accelerate, as Zelin suggests that Qatar could fund even more government bills after Trump's announcement. Who is Syrian President Ahmed al-Sharaa? President al-Sharaa has become a key figure in the Middle East. In just under two weeks, al-Sharaa's group Hay'at Tahrir al-Sham (HTS) led a rebel coalition to overthrow Assad. HTS had held control of the northern province of Idlib in recent years, and the group was designated a terrorist organization by the United States not long after its formation. Just before the 2003 U.S. invasion of Iraq, al-Sharaa, then known under his nom-de-guerre Abu Mohammad al-Jolani, travelled to Baghdad. He would spend the next few years with al-Qaeda, recruiting members and rising through the ranks before being arrested and held in a former U.S. prison at Camp Bucca in Iraq. As the Syrian civil war raged on, al-Sharaa returned to his home country, helping establish al-Qaeda's affiliate group, the al-Nusra Front. But the militant leader went on to cut ties with the organization in 2016, going on to establish the HTS. The U.S. previously had a $10 million reward for the arrest of al-Sharaa. The bounty was scrapped in late December. Since taking leadership of Syria's new government, al-Sharaa has met with France's President Emmanuel Macron and has established strong ties with Turkey. Wednesday's meeting with Trump is perhaps the most important for Syria's President yet.
Forbes
14-05-2025
- Business
- Forbes
Here Are The Biggest Corporate Winners From Trump's Visit To The Middle East
Boeing's stock reached its highest point in the past year Wednesday after Qatari Airways announced a deal to buy 210 jets from the American aircraft company, the latest in a string of massive deals American companies have struck in the Middle East this week amid President Donald Trump's four-day visit to the region. Boeing is one of several American companies making deals in the Middle East this week. (Photo by: ... More Images Group via Getty Images) Boeing shares were up nearly 1% as of 2:30 p.m. EDT, reaching their highest point since last February. Shares of the aircraft manufacturer are up 19.3% since the start of 2024, when Boeing's stock traded at $171.87. Nvidia, which struck a deal to sell 18,000 AI chips to the new Saudi-backed AI company Humain, is up around 3.5% on Wednesday at $134.76, reaching its highest point since February. Palantir, which is one of several American firms that attended the U.S.-Saudi Investment Forum this week, reached an all-time high of $129.91 as of 2:30 p.m. EDT. Elon Musk attended the investment forum and has benefited with a 4% surge in Tesla stock Wednesday, though the electric vehicle maker's stock is down 8% since the start of the year. This is a developing story. Check back for updates.
Leaders
14-05-2025
- Business
- Leaders
Trump Praises The Saudi Crown Prince, Highlights Economic Progress at Investment Forum
President Donald Trump used a speech at the U.S.-Saudi Investment Forum on Tuesday—initially billed as a major foreign policy address—to focus largely on domestic accomplishments and to deliver glowing praise for Saudi Crown Prince Mohammed bin Salman. President Trump commended the Crown Prince for his leadership and friendship. 'He's your greatest representative. And if I didn't like him, I'd be out of here so fast—you know that. He knows me well. I like him a lot. Maybe too much. That's why we give so much—too much. I like you too much,' Trump said during his remarks in Saudi Arabia. The speech marked a stark contrast to the Biden administration's previous stance on Saudi Arabia. Trump, however, praised both the Crown Prince and Saudi Arabia's economic strides. 'For everyone in this room, the days of economic hardship under the last administration are giving way to what may become the greatest economy in world history,' he declared. Addressing Saudi royals and global business leaders, Trump credited MBS with transforming the nation's capital. 'Riyadh is becoming more than just a seat of government—it's emerging as a global center for business, culture, and technology,' Trump said. He concluded with a rhetorical nod to the Prince's ambitions: 'Mohammed, do you sleep at night? How do you sleep?' Trump asked, as the audience applauded. 'Critics once doubted what was possible, but over the past eight years, Saudi Arabia has proven them completely wrong.' Related Topics : Syria Welcomes Trump's Statement on Possible Relief of Sanctions No Decentralization: Syria Warns Kurds against Delay in Integrating into State Trump Praises Crown Prince Mohammed bin Salman as Exceptional Leader NCUSAR Vice President: U.S. Visit Underscores Saudi Arabia's Global Significance Short link : Post Views: 81
