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.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
Nancy 9 (Hassa Beek)
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(In2Musica)
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
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How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
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Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
RESULT
Bournemouth 0 Southampton 3 (Djenepo (37', Redmond 45' 1, 59')
Man of the match Nathan Redmond (Southampton)
More from our neighbourhood series:
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
Mobile phone packages comparison
