Gulf countries will play a major role supporting Syria's efforts to urgently reform its financial system, experts are predicting, as the country seeks to resuscitate its economy when international sanctions are lifted.
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 said.
"Extremely low levels of foreign-denominated cash reserves are proving debilitating for the Central Bank of Syria, preventing it from stabilising the currency and supporting the commercial banking sector,” Dominic Pratt, senior analyst at the Economist Intelligence Unit (EIU), told The National.
"Securing liquidity injections will be crucial to address these issues, and deposits from Gulf partners in particular will be critical given a lack of alternatives as balance of payment pressures remain high.”
Deposits from Gulf partners in particular will be critical given a lack of alternatives as balance of payment pressures remain high
Dominic Pratt,
senior analyst at Economist Intelligence Unit
Gulf states have a record of providing large-scale financial assistance to distressed economies in the region, which Syria can benefit from as it requires "substantial external inflows”, said Hani Abuagla, senior market analyst at XTB Mena.
"Deposits from Saudi Arabia, Qatar, and the UAE could provide immediate support. This approach has been employed in other crisis-hit economies to restore market confidence and prevent currency collapses,” he said.
Gulf states can support Syria’s financial system through several channels: A direct and immediate measure is to place foreign currency deposits with the Syrian Central Bank, helping to rebuild reserves and stabilise the exchange rate, Mr Abuagla said.
Another way is financing urgent government expenditures, such as public-sector workers' wages, while long-term support could include equity injections into local banks or into infrastructure investments.
Support from Gulf countries could also take the form of currency swaps, direct transfers to the central bank, concessional lending or asset trading, Mr Pratt said.
Asset sales in return for foreign currency liquidity, similar to the UAE's deal with Egypt to develop the Ras Al Hekma project, is a model that can be applied in Syria, analysts said.
Backing by Gulf countries in the form of foreign direct investments into projects in Syria would increase the inflow of foreign currency into the cash-strapped country, said Ibrahim Nafeh Koshaji, a Syria-based economic and banking analyst.
Such a move will also improve its business environment by introducing advanced managerial and technological know-how.
However, foreign financial assistance often comes with strings attached and Syria is no exception, analysts said.
"This type of assistance is rarely unconditional. Gulf countries would likely link their financial aid to political concessions, governance improvements and signs of serious economic reform,” Vijay Valecha, chief investment officer at Century Financial, said.
"Without these, large-scale deposits could be withheld or limited to symbolic gestures.”
But without near-term access to international capital markets or IMF programmes, "Gulf support remains one of the few viable paths to easing Syria's immediate external constraints”, he added.
War's economic toll
Syria emerging from the overthrow of the Bashar Al Assad regime in December is facing the Herculean tasks of rebuilding its economy, repairing hollowed out institutions and returning to global capital markets after decades of isolation.
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 ($123.3 billion) and economic deprivation – of $923 billion at the end of 2024.
The Syrian GDP has about halved in size since 2010 to around $21 billion in 2024, according to Bloomberg Economics calculations using World Bank data.
Syria is already getting signals of interest from Gulf countries to support its economic revival.
DP World – the Dubai-based global ports operator – signed an $800 million initial agreement with the Syrian government to develop and expand the north-western port of Tartus.
Qatar Airways was one of the first airlines to resume flights to Damascus International Airport back in January, while UAE carrier flydubai said this month it will restart service to the Syrian capital in June.
'Pivotal' opportunity after sanctions removal
US President Donald Trump, during a Gulf tour this month, announced the lifting of sanctions ahead of a landmark meeting with Syrian leader Ahmad Al Shara in Riyadh. Shortly after, the EU followed suit.
Removal of US and EU sanctions will be " transformative” for Syria's banking regulator, commercial lenders and the financial sector, Mr Pratt said.
The lifting of sanctions will help Syria in ending decades of isolation, opening up new credit lines and financial support and providing an opportunity to initiate critical, and long overdue reforms, he said.
A sanctions-free economy is a "pivotal” opportunity for the central bank to implement structural reforms, according to Mr Abuagla.
Without restrictions, Syria could re-enter the global financial system, reestablish access to Swift, speed remittances and revive trade flows. The recovery of frozen foreign assets would boost reserves, while some international banks have reportedly expressed interest in entering the Syrian market once sanctions are lifted.
The clearance of its debt with the World Bank has also made Syria eligible for credit lines and reconstruction funding.
The World Bank cleared Syria of its $15.5 million outstanding debt this month after Saudi Arabia and Qatar paid for it. The clearing of the arrears reinstates Syria's eligibility to receive World Bank support and operations after a 14-year hiatus.
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.
"The resumption of support from the World Bank and the IMF would also unlock funding and technical guidance essential for successful reform,” Mr Abuagla added.
'Comprehensive' reform agenda
Syria's Central Bank Governor Abdul Kader Husriyeh, who was appointed in April, told The National this week among top priorities are updating monetary policy; reviewing banking legislation; strengthening anti-money laundering measures and engaging with foreign depositors, including sovereign entities.
To achieve its goal of reforming Syria's financial system, the central bank requires a rules-based policy framework to control inflation and build investor confidence, analysts say.
Also required is stabilising the exchange rate to control the volatility that deters foreign investments, Mr Abuagla said. Institutional reforms would attract the Syrian diaspora to invest their money back home, which means these funds could return if the domestic banking system becomes more stable.
Mr Koshaji said the key requirements for reform are modernising banking operations and granting the central bank full autonomy from political interference,.
Establishing a specialised advisory board to manage new money supply through open market mechanisms and removing restrictions on withdrawals and deposits are also important, he said.
Launching government bonds in Syrian pounds and US dollars and strengthening the Damascus Securities Exchange as a funding channel for reconstruction projects will also help reform efforts, Mr Koshaji added.
UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
ASIAN%20RUGBY%20CHAMPIONSHIP%202024
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Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Results
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.
Killing of Qassem Suleimani
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
COMPANY%20PROFILE
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two stars
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The five pillars of Islam
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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Rating: 4/5
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Company%C2%A0profile
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UAE%20set%20for%20Scotland%20series
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Company%20Profile
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KILLING OF QASSEM SULEIMANI
COMPANY%20PROFILE
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Rebel%20Moon%20%E2%80%93%20Part%20Two%3A%20The%20Scargiver%20review%20
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