Latest news with #SaudiMinistryofForeignAffairs
New Statesman
23-05-2025
- Business
- New Statesman
Syria's post-sanction future
Photo by Saudi Ministry of Foreign Affairs/UPI It was meant to be a quick 'hello' during the US president's whirlwind tour of the Middle East. But Donald's Trump's unexpected meeting with Syria's interim president Ahmed al-Sharaa on 14 May in Saudi Arabia would yield one of the most significant, and surprising, results of his trip: the lifting of US sanctions on Syria, which could open avenues for oil exports, remittance flows, and reconstruction financing, and a newfound optimism for a country ravaged by 14 years of civil war. Trump's announcement was met with widespread celebrations across Syria and reaffirmed the unilateral nature of the US president's decision-making – several of his advisers were said to be against such a move, including the head of counterterrorism at the White House, Sebastian Gorka, and the former Syria Envoy in Trump's first administration, Joel Rayburn. Yet after the president's declaration in Saudi Arabia, the Trump team characteristically fell in line. In his Senate hearing for the top Middle East job at the State Department, which took place the day after Trump met with al-Sharaa, Rayburn was asked about 'rumours' of US plans to assassinate al-Sharaa. Rayburn said that the rumours were 'clearly not in line with the president's intention that he stated or his description of Mr. Sharaa in the last couple of days'. Trump's decision to lift sanctions also indicated a new strategy for the Middle East: one that favours diplomacy over war and centres economic integration as a pillar of stabilisation. In this new landscape, Syria, having long been a proxy battleground where regional and global powers played out their rivalries, stands not only to benefit economically but to play a role in shaping the future of the region. The next several months will be critical: Syrians, as well as US and European governments, will be watching whether al-Sharaa uses incoming investments and economic opportunity to address structural challenges – think corruption and institutional weaknesses following decades of control by Bashar al-Assad's cronies and the military, as well governance challenges and sectarian tensions – or whether he turns towards autocracy by consolidating control in the presidential palace. Given the complexity of lifting the sanctions on Syria, little is expected to change overnight. Some sanctions will require US Congressional approval to be permanently dismantled, while others were enacted via previous executive orders and can be lifted by another presidential executive order. For now, US secretary of state Marco Rubio has stated that a 180-day waiver will be implemented against the sanctions to ease the entry of humanitarian assistance into the country, implicitly underscoring that the US will be watching al-Sharaa's actions closely and that the waivers can be rescinded if need be. That said, several countries have already signalled their willingness to engage Syria economically, and Saudi Arabia and Qatar have confirmed they have paid off Syria's debts to the World Bank. This means that Syria is once again eligible for grants to fund reconstruction, which the World Bank estimates could run between $250bn to $1trn. While much has been made of the economic significance of Trump's decision to lift sanctions, it would be a mistake to underestimate the vast geopolitical and security implications. Syria's neighbours, which collectively host millions of Syrian refugees, will be looking for signs that the country is safe for return while they also seek opportunities for cross-border trade. Turkey, a long-time patron of anti-Assad and anti-Kurdish armed groups in the north-east, will be keen to deepen its influence through institutionalised security and diplomatic ties with the al-Sharaa government. Israel, which has made the protection of the Druze in the occupied Golan Heights a stated priority and excuse to conduct military strikes throughout the south, will have to decide whether to cooperate with al-Sharaa's government on security issues or continue to view him as a jihadi in a suit. Reports that al-Sharaa has authorised quiet engagement with Israeli security officials, coupled with his public statements in favour of peace – if not full normalisation just yet – with Israel, may calm Benjamin Netanyahu's aggression for the time being. In their meeting, Trump also put several demands to al-Sharaa, one of which was to expel foreign fighters from Syria and, more challengingly, take over the administration of the Isis camps in the north-east from the Kurdish-led Autonomous Administration of North and East Syria (AANES). The camps hold thousands of foreign fighters who came to Syria to join the messianic terrorist organisation beginning in early 2012, as well as their families, including children who have been effectively renounced by their (mostly European) governments and have spent their lives in a no-man's land (Shamima Begum, whose British citizenship was revoked by then home secretary Sajid Javid on national security grounds, is currently in one such camp). The Isis file will surely be one of the most significant challenges facing al-Sharaa moving forward. All of this is not to detract from this immense opportunity for the new Syrian government, not to mention Syria's long-suffering population. The country's economy has been devastated by years of conflict and sanctions. The lifting of sanctions could be transformational. However, the economy faces deep structural issues, including rampant inflation and institutional decay, which sanctions relief alone cannot resolve. While Syria's government – indeed the country's Arab neighbours and Turkey – view the sanctions relief as an opportunity for economic revival, the path to recovery will require both substantial international support and internal reforms. Whether al-Sharaa will capitalise on this opportunity is not yet certain. Subscribe to The New Statesman today from only £8.99 per month Subscribe [See also: What is Trump thinking?] Related
New York Post
17-05-2025
- Business
- New York Post
‘Forever bonds' may be back in play for Team Trump after Saudi Arabia trip
Maybe the 50-year bond isn't so dead. The conventional wisdom is that so-called 'forever bonds,' or US Treasuries with a maturity of 50 years or more, isn't something that Team Trump is considering for lots of reasons. The main one being that the notion of selling such long-term debt could make it less appealing for investors to buy more conventional treasuries such as 10- and 30-year bonds pegged to consumer rates like mortgages — which would shoot up interest rates for average Americans. President Trump shaking hands with Saudi Crown Prince Mohammed bin Salman during the Saudi-US investment forum in Riyadh on May 13, 2025. Photo by Saudi Ministry of Foreign Affairs/UPI/Shutterstock Ever since dismissing the forever bond in this column a few weeks ago, I've been hearing the other side of the story. Lots of talk along the DC-Wall Street corridor centered on the possibility that the 50-year T-bill could be making a comeback because President Trump was once warm to the idea and he has a lot of short-term debt coming due that could muck up his broader economic agenda. More recently, I've been hearing that forever bonds could in some way be part of Trump's negotiations with the Saudis, who have just pledged economic cooperation and investment in the US. I have no solid info that Trump ever broached the idea during his recent sit-down with Saudi leader Mohammed bin Salman, aka MBS. It was a love-fest between the 39-year-old crown prince and the 78-year-old Trump, with no shortage of platitudinous compliments and lots of promises of closer economic ties with the cash-rich kingdom, so who knows what came up. Plus, the Saudis operate one of the world's largest sovereign-wealth funds, the $900-billion-plus PIF. That's one reason there's speculation the Saudis could help the US refinance its debt with the 50-year bond. The other reason is our country's addiction to government spending, even with the allegedly frugal GOP in charge. There might be a need to pay our creditors later rather than sooner so we can afford tax cuts while enjoying all that spending that leads to a $2 trillion budget deficit. $36 trillion to repay Those dreaded trade deficits President Trump wants to fix through tariffs are rooted in our massive budget deficit. The potential $160 billion in DOGE cuts is nice, but it's barely making a fiscal dent and we still have $36 trillion in debt to repay. Deficits mean we need bond buyers from around the world, places like Japan and China, who buy our treasuries after they convert their currencies into ours, all of which strengthens the dollar and makes exports more expensive, aka trade deficits. The whole rigmarole leads not just to trade imbalances but to higher interest rates since we keep selling bonds to finance our largesse. A refinancing of that debt — spreading out principal and interest payments over many years — could reduce debt service costs, the theory goes, since bonds coming due now wouldn't have to be repaid for 50 years. Again, there are many in the economic community who think such a refinancing is playing with fire. It could be seen as a default, an indication to the world we don't have the money to meet our immediate commitments. My pal Stephen Moore, a former Trump economic adviser, remains a proponent of the 50-year bond. He tells me Trump was hot on the idea during his first term. It was shot down by others in the administration. Moore concedes the interest rate environment is different now than when he pitched the idea to Trump back in 2019 — long-term rates are higher so the longest bond will be relatively more expensive. But the Biden administration issued so much short-term debt (mainly to disguise the interest rate impact of its overspending) that debt-service payments will start to balloon when those bonds reach maturity in the coming months and years. Refinancing that borrowing for the next 50 years could give Trump some room to enact growth-oriented tax cuts and begin to rein in federal spending, as Treasury Secretary Scott Bessent has suggested is the Trump economic policy, Moore says. A spokeswoman for Bessent had no immediate comment.
UPI
16-05-2025
- Business
- UPI
Analysis: After meeting Trump, Syria's new leader must prove his willingness, capability
Saudi Crown Prince Mohammed bin Salman (3-R) hosts a conference call between U.S. President Donald Trump (C), U.S. Secretary of State Marco Rubio (R-C) and Syrian Interim President Ahmed al-Sharaa (2L) on Wednesday in Riyadh, Saudi Arabia. Turkish President Recep Tayyip Erdogan joined by phone. Photo by Saudi Ministry of Foreign Affairs/UPI | License Photo BEIRUT, Lebanon, May 16 (UPI) -- U.S. President Donald Trump's unexpected approach to Syria has presented a significant opportunity for the country's interim president, Ahmad Sharaa, to prove that he can overcome the enormous challenges he faces and lead the war-torn nation toward recovery and stabilization, political analysts and experts said. Trump's announcement of the cessation of U.S. sanctions, along with his meeting with Sharaa -- a former jihadist who, until recently, was on the U.S. most-wanted list with a $10 million bounty on his head -- marked a turning point and the beginning of a new chapter for Syria nearly six months after the fall of President Bashar al-Assad and his Baathist regime. With Assad gone, the sanctions were increasingly seen as only prolonging the suffering of the Syrian people and worsening the already catastrophic humanitarian conditions. Had the sanctions remained in place, Syria would have become a failed state, as it was just weeks away from financial collapse, according to Mouaz Mustafa of the Syrian Emergency Task Force. In an interview with PBS NewsHour, Mustafa warned that continued sanctions would have led to disastrous consequences for both the region and the world. With layers of sanctions in place since 1979, the process of lifting them remains unclear, and experts say it will take time. "There is a huge difference between deciding to lift sanctions and actually lifting them," Nanar Hawach, a senior Syria analyst for the International Crisis Group, told UPI. However, he said it would be "a game-changer" for the economy, giving the green light for the private sector and other stakeholders involved in Syria to step in and "be more bold." Since taking over after Assad's ouster, Sharaa has repeatedly called for the lifting of U.S. and other international sanctions to allow his country to breathe again. He understands that without funding and financial support, there is little he can do to put Syria back on track. Mona Yacoubian, director of the Middle East Program at the Center for Strategic and International Studies, said that the continuation of sanctions was hindering the country's ability to recover and move forward. Yacoubian noted that removing the sanctions would open the way for Gulf countries in particular to "do more" and channel more resources toward Syria's early recovery and stabilization, and eventually, reconstruction -- provided it is done "transparently and in a responsible way." However, Syria's problems will not be resolved simply by ending the sanctions. Sharaa is facing "very significant issues," including sectarian tensions, the need for transitional justice, and how to manage the more extreme elements of Hayat Tahrir al-Sham, or HTS -- the group he led before becoming president -- as well as affiliated factions on which he continues to rely while trying to consolidate control. "So how will he use this newfound breathing space and the anticipated resources to consolidate his personal power, or rather to put Syria on a more sustainable path toward stability and, ultimately, peace?" Yacoubian asked rhetorically. She added that he will have to demonstrate a willingness to undertake complex processes related to transitional justice, inclusive governance, and national reconciliation. According to Hawach, Trump has given Sharaa "the benefit of the doubt," and the new leadership in Damascus will need to seize this opportunity to meet internal and external expectations. "How willing are they to take bold, risky steps such as distancing themselves from their radical base and expanding to include a broader range of constituencies?" he asked. "Are they prepared to take courageous actions to rein in or address the presence of foreign fighters? Would they focus on other issues, such as building institutional capacity or strengthening military capabilities?" Trump, who described Sharaa as an "attractive, tough guy," urged him to join the Abraham Accords and normalize relations with Israel, expel foreign fighters from Syria, deport Palestinian militants, assist the U.S. in preventing an ISIS resurgence and take responsibility for ISIS detention centers in northeast Syria. What Syrians want most is a more inclusive national dialogue and political process, the formation of a national army and measures to address the fears of minority groups. Anas Joudeh, a political researcher and founder of the Nation Building Movement in Syria, said the first step would be for Sharaa to seriously engage with all of the country's constituencies, restart the national dialogue, adopt a new constitution, and form a more inclusive government. "We can't expect things to be perfect right now," Joudeh told UPI. "We will strongly support any move toward greater inclusivity, as the country is heading toward total economic and social collapse." He said the key to Syria's successful transition is the formation of a national army, which poses a "big challenge" for Sharaa. This includes absorbing the armed factions, addressing the foreign fighters who still maintain control in several areas and convincing the Druze, Alawites and Kurds to lay down their weapons. "But that would be very difficult if Sharaa keeps on [running the country] with the same mentality," Joudeh said. Sharaa will, therefore, need to address the concerns of the Druze, Alawites and Kurds, find solutions to mitigate feelings of existential threat, impose security and, ultimately, act not as a faction leader, but as the leader of the entire country, Hawach said. "If they decide to make positive steps towards these communities, this is the perfect time to do so," he added. He explained that with the possibility of accessing much-needed funds, the country can recruit for the army, establish better command control and gain more leverage to deal with armed factions that are not yet fully under the new authorities' control. Makram Rabah, a political activist and history professor at the American University of Beirut, said Trump's meeting with Sharaa will put more pressures on him to act as a political leader. "Lifting the sanctions sent a message not only to Sharaa but also to the Druze, Kurds and Alawites: that there is political cover, a form of settlement, and a need to work together," Rabah told UPI. "However, this is far from easy."
Asharq Al-Awsat
13-04-2025
- Politics
- Asharq Al-Awsat
Saudi Arabia Condemns Attacks on Sudanese IDP Camps
The Saudi Ministry of Foreign Affairs expressed the Kingdom of Saudi Arabia's condemnation of the recent attacks on internally displaced persons (IDP) camps near El Fasher (Zamzam and Abu Shouk) in western Sudan, which resulted in deaths and injuries and constitute a clear violation of international law and international humanitarian law. In a statement, the ministry reiterated the Kingdom's firm rejection of such violations and stressed the urgent need to protect relief and humanitarian personnel, SPA reported. It underscored the importance of an immediate cessation of hostilities, the avoidance of targeting civilians, and the full implementation of the Jeddah Declaration of Commitment to Protect the Civilians of Sudan, signed on May 11, 2023. The ministry conveyed its deepest condolences to the families of the victims and extended its wishes for a swift recovery to those injured.
Asharq Al-Awsat
05-04-2025
- Politics
- Asharq Al-Awsat
Saudi Arabia Strongly Condemns Israeli Escalation in Occupied Palestinian Territories
The Saudi Ministry of Foreign Affairs has strongly condemned the Israeli escalation in the occupied Palestinian territories, the continued targeting of unarmed civilians and their shelters, and the killing of dozens, including the targeting of Dar Al-Arqam School that shelters the displaced in Gaza. The Kingdom also strongly denounced on Friday the Israeli targeting and destruction of a warehouse owned by the Saudi Center for Culture and Heritage in the Morag area, east of Rafah, along with the medical supplies it stored, which were intended to assist the sick and injured in the Gaza Strip. The ministry stated that the absence of international accountability mechanisms to deter Israeli violence and destruction has allowed the Israeli occupation authorities and forces to continue violating international law and international humanitarian law. It added that the continued lack of international accountability mechanisms exacerbates Israeli aggression and violations, threatening regional and international security and stability. The Kingdom reaffirmed the critical importance of Security Council members assuming their role in ending the tragedy experienced by the Palestinian people.
