Syria's economy minister seeks cooperation with the US to attract American business investment.
"We're not going to ask for aid. We're going to ask for investment experience," said Mr Al Shaar, highlighting Syria's focus on investment.
Syrian Economy Minister Mohammed Al Shaar expressed willingness on Tuesday to co-operate with the US to reassure American businesses that their investments in the country would be secure.
The new Syrian government has been seeking to reconnect with the international community and global financial system after the toppling of former president Bashar Al Assad's regime in December.
Severe Assad-era sanctions imposed on the country by the US and others left Syria disconnected from the world during its nearly 14-year civil war.
“We're back with open hearts. We would like to co-operate. We believe in the American financial system,” Mr Al Shaar said on the sidelines of the International Monetary Fund and World Bank annual meetings in Washington.
President Donald Trump lifted most US sanctions on Syria during a Riyadh speech in May. And the US Senate last week moved towards repealing the 2019 Caesar Act, which imposed sanctions on Syria in response to the Assad government's war crimes.
Mr Al Shaar said at the time the decision marked the start of a new step in Syria's economic recovery, Syria's state-run news agency reported. The repeal of the Caesar Act, which is tied to a US defence policy bill, still requires approval from the House of Representatives.
“We believe that we can benefit from the models created in the US and we think that in Syria, the fact that we're coming out of nothing … that presents an opportunity for us to do things right the first time,” he said in a discussion at the Gulf International Forum.
“We believe that the US financial system is a unique system. It's a good system for us and we can follow up on it. To do that, we have to integrate ourselves into that system."
Experts say that the removal of sanctions alone is not enough to reassure investment. People tied to the Assad regime and other sanctioned figures such as ISIS remain in Syria.
When asked by The National on the priority to co-operate with US regulators on anti-money laundering and counter-terrorism finance, Mr Al Shaar said: “Definitely, that's number one. Of course that's our desire."
Mr Al Shaar also said a top priority would be to ask for a technology transfer, saying Syria has missed on technology and digitisation. He said Syria's young population can benefit from expertise in advanced technologies such as artificial intelligence, programming, cryptocurrencies and blockchain technology.
“Those three guiding principles will pretty much control everything we do, starting from infrastructure rebuilding, all the way to energy, all the way to SMEs. Everything we do those the overriding principles will govern our action.”
Regional integration
Mr Al Shaar said Syria was “completely deprived of everything” under the Assad regime – losing its technological and social advancements, as well as human capital.
Now, as Syria looks to make inroads on reconnecting with regional neighbours and the broader community, he said the government is operating under the principles of resilience, governance and transparency, and inclusion.
He also noted the importance of reintegrating Syria with neighbouring countries in the Arab world.
Gulf states and Turkey have led the push to invest in Syria since the fall of the Assad regime, with Qatar and Saudi Arabia paying off Syria's $15.5 million outstanding arrears to the World Bank, making it eligible for grants to help fund rebuilding costs.
Syria and a Qatar-led consortium signed a $7 billion deal in May to help rebuild its energy sector, while the new government in July signed an $800 million agreement with DP World to develop the port of Tartus.
Mr Al Shaar said that Syria is seeking investment opportunities, not international aid, to support its shattered economy.
“Our economic resources are limited, so we have to rely on our friends to provide investment opportunities. We're not going to ask for aid. We're going to ask for investment experience,” he said.
Company%20profile
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FIGHT%20CARD
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
MATCH INFO
Manchester City 6 Huddersfield Town 1
Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
Huddersfield: Stankovic (43')
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Yuki Means Happiness
Alison Jean Lester
John Murray
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
