Latest news with #SaudiSupport
Asharq Al-Awsat
15 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.
Yahoo
3 days ago
- Business
- Yahoo
Saudi Arabia's top diplomat lands in Syria in new sign of support
Saudi Arabia's Foreign Minister Faisal bin Farhan on Saturday arrived in Damascus for cooperation talks, in a fresh sign of the oil-wealthy monarchy's support to Syria's new leaders. Earlier this month, Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, hosted a meeting in Riyadh between US President Donald Trump and Syrian President Ahmed al-Sharaa, marking the first encounter between the leaders of the two countries in 25 years. During his trip to Saudi Arabia, Trump announced the lifting of all US sanctions on Syria. Following his arrival in Damascus with a high-level economic delegation, bin Farhan met al-Sharaa and reiterated Saudi support for the war-shattered country. During the visit, the Saudi officials will hold talks with their Syrian counterparts with the aim of supporting Syria's economy, the Saudi Foreign Ministry said in a statement. Bin Farhan said on Saturday in Damascus that Saudi Arabia and Qatar would jointly offer financial support for public sector workers in Syria. He did not give further details. Last month, the two energy-rich Gulf countries said they would settle Syria's outstanding arrears with the World Bank Group, amounting to some $15 million. Saudi Arabia and Qatar have been major supporters of Syria's new leadership since the fall of long-time ruler Bashar al-Assad in December. Al-Assad, who governed Syria for more than two decades, was overthrown by an Islamist-led rebel alliance commanded by al-Sharaa. Syria's new leadership has since sought to garner world recognition and economic support to rebuild the country.
Arab News
18-05-2025
- Business
- Arab News
Syria handed a significant opportunity
There is clear and ongoing support from Saudi Arabia for the Syrian state, manifested in various ways. This includes humanitarian assistance through food, medical and essential aid provided by the Saudi aid agency KSrelief, as well as the continuous influx of volunteers in various medical and service sectors, coordinated by the Saudi government. Additionally, there is economic support, exemplified by the Kingdom, in partnership with Qatar, covering an amount of $15 million, which represents Syria's arrears to the World Bank. Politically, Riyadh was the first capital visited by new Syrian President Ahmad Al-Sharaa, where he met with Crown Prince Mohammed bin Salman. Saudi Foreign Minister Prince Faisal bin Farhan has met his Syrian counterpart Asaad Al-Shaibani several times, advocating for the necessity of supporting Syria's stability and unity. Moreover, he has worked to convince a number of European and Arab capitals of the importance of addressing the negative consequences of the past decade in Syria, which has been marked by internal conflict and war, foreign influence and rival armed factions, all of which have contributed to Syria's status as a failed state, a fertile ground for terrorism, a threat to neighboring countries and a source of drug production and trafficking. The most significant Saudi support occurred during US President Donald Trump's visit to Riyadh last week. During this visit, Trump announced the lifting of American sanctions imposed on the previous Syrian regime, a decision that was made at the request of the crown prince. The following day, prior to the Gulf-American summit, a meeting took place between the American and Syrian presidents, attended by the Saudi crown prince, with Turkish President Recep Tayyip Erdogan joining the meeting via phone. The announcement of the lifting of American sanctions, followed by the meeting between Trump and Al-Sharaa, represented a significant achievement for Saudi diplomacy and served as evidence of Riyadh's ability to present perspectives characterized by composure and respect in Washington. Some may wonder: What motivates Saudi Arabia to undertake all these efforts for Syria? The fall of former Syrian President Bashar Assad's regime last December was not a trivial event. Rather, it represented a significant political and security shift that created a structural vacuum within state institutions. This vacuum necessitated filling to prevent chaos, civil war and conflict. Furthermore, when Assad fled to Russia, he was not the only one to abandon the country; foreign allies, particularly officers from the Iranian Revolutionary Guards, as well as fighters from Lebanese, Afghan, Iraqi and Pakistani factions who had been fighting alongside Syrian forces, also left. Additionally, the diminished role of Russia in Syria caused the biggest vacuum. The announcement of the lifting of American sanctions represented a significant achievement for Saudi diplomacy. Hassan Al-Mustafa This vacuum consists of two levels: internal and external. Therefore, it is crucial to have a strong Syrian government that ensures security and manages state institutions. For this government to endure and succeed, it must receive Arab support, which would act as a regional safety net, enabling it to establish diplomatic relations with neighboring countries and restore connections that were severed due to the policies of Assad. So, there were two options: either support the new system and encourage reform and good governance or choose the second option, which is a vacuum that will lead to chaos and uncertainty. Saudi Arabia has chosen to take the first option, considering Syria's position in Arab politics and its geographical location. Additionally, the changes that have occurred, such as the decline in influence of Iran and its allied factions, as well as the reduction in drug trafficking operations targeting Saudi Arabia, all contribute positively to Riyadh's interests. Simultaneously, the Kingdom did not undertake these steps without an awareness of the existing complexities, the ideological background of the new rulers in Syria, the presence of foreign fighters allied with them within Syrian territory, the strained relations with the Kurds, and the ongoing Israeli assaults on Syrian land. All these are intricate issues that cannot be resolved without a long-term political vision, genuine national consensus and a civil government that includes various components of the Syrian population without sectarian or ethnic discrimination. Any resolution also requires a national reconciliation that closes the chapter on the past, prevents revenge and curtails any violent actions that may be carried out by extremist groups close to the government or those that have had ties with some of its figures. This political, security and sectarian complexity will only get worse with a fragile economy, high unemployment rates, inflation, a lack of investment and a lack of job opportunities. Therefore, the US president's announcement from Riyadh that he would lift sanctions on Syria was a 'great gift,' coming through a 'bold and important' decision, as described by Prince Faisal. He also expressed hope that 'European sanctions on Damascus will also be lifted,' indicating that 'Syria has many opportunities to witness a major economic renaissance.' Prince Faisal emphasized that the Kingdom will be a pioneer in supporting the Syrian economy. Following his meeting with President Trump, Al-Sharaa stated that the decision to lift sanctions will usher in a new chapter for Syria, contributing to the achievement of security, stability and reconstruction. Al-Sharaa praised the role of the crown prince, who he said had 'fulfilled his promises.' There is widespread joy in both the Syrian and Arab streets, a joy that is well-deserved. However, the announcement, despite its significance, necessitates diligent and responsible action from the Syrian government to capitalize on this 'golden opportunity.' Notably, Trump urged them to 'show us something.' Additionally, White House spokesperson Karoline Leavitt posted a statement on X outlining five key points that Trump encouraged Al-Sharaa to implement. This indicates that there will be close American monitoring, requiring high-level coordination between Washington and Damascus to build trust step by step. Saudi Arabia has fulfilled its obligations toward the Syrian people and government, engaging in effective diplomacy to preserve Syria's unity and security, while preventing sectarian conflict and condemning the ongoing Israeli aggressions. Riyadh continues this effort, which implies that Syrian diplomacy and internal governmental bodies bear a great responsibility to leverage this exceptional support and fulfill the promises made by the Syrian president in his addresses to the people, as this is the only path to reconstruction and development.
