Business consultant Ahmed Ghazzal, whose family was forced into exile by the Syrian Baath party in 1966, hopes the fall of president Bashar Al Assad and his regime is a chance to claim back assets in Idlib that were seized from his father and uncle almost 60 years ago.
Among them is a cotton-processing factory that was expropriated and nationalised in 1966. It then became part of the Assad family's business network, before it was occupied by Islamist groups when Idlib came under rebel control in 2015.
The new administration led by Ahmad Al Shara is encouraging the return of Syrian exiles who still have deep roots in the cities they were forced to flee, and established international networks from their years abroad.
It is still a process in the making that has not yet been completed
Faisal Al Kudsi
The gradual lifting of UK and EU sanctions on Syria has led to hopes that the country will soon emerge from its economic isolation, but many such as Mr Ghazzal, who lives in Rome, fear there are still hurdles to jump before they can reinvest in the country.
The process to register and then reclaim the assets is long and the paperwork complicated. But Mr Ghazzal is doing it now because he worries that he and his cousin are the last generation in the family who can deal with the complex bureaucracy left behind by the Assad regime.
“We have boys who know nothing of that world. Now is the time to either legalise what was nationalised from us or lose it,” he told The National.
Mr Ghazzal is working with two lawyers in Idlib and Aleppo, and last week held a Zoom call with a newly appointed judge. He sensed the judge's willingness to bring back Syria’s old exiled families.
He recalled how former neighbours would “kiss our hands” whenever he returned to Idlib with his family - his last visit to the factory was in 2009. “They [the new administration] want us back because we show credibility."
Mr Ghazzal looks forward to re-establishing his family's roots in Idlib. But he is ambivalent about investing more significantly in Syria, owing to concerns about the security situation, the Islamist leaning of Syria’s administration, and the restrictions imposed by continuing sanctions.
Even if sanctions are lifted, whoever is going to invest is going to look at the security situation
Faisal Al Kudsi
“Our time to invest in Syria is gone. It should be up to the new generation,” he said.
A gradual reintegration
The Syrian administration regards sanctions as the key obstacle to Syria’s recovery, and has repeatedly called for them to be lifted.
Syria’s interim Minister of the Economy, Nidal Al Shaar, is reportedly touring Europe in a bid to get further sanctions relief, which is crucial to put the country devastated by more than 10 years of war on the road to recovery.
There were signs that the US, which still imposes the most severe set of sanctions on Syria under the Caesar Act, was “allowing” other countries to proceed with recovery efforts, said John Jenkins, a former UK ambassador to Syria and Saudi Arabia.
He spoke of the decision by Saudi Arabia and Qatar this week to pay off Syria’s $15 million debt with the World Bank. “You need to get the money flowing in. The first thing you need is that assistance,” Mr Jenkins said.
“The largest sums of aid and reconstruction money are likely to come from Riyadh and the regional Gulf states, but you will need to find a way to get the aid money in for reconstruction.”
Another key development was the French shipping company CMA CGM's 30-year deal to operate Syria's Latakia port, signed on Thursday, ending Russian control of it.
Last week, the UK lifted sanctions on entities such as the ministries of defence and interior, and to those on the central bank and financial and energy services this year.
“It is a step in the right direction. It creates a momentum that we are seeing develop among western governments,” said Ghayth Armanazi, a London-based former diplomat and author of a political memoir about Syria.
“It is very important that it grows in strength. Without the lifting of sanctions, the prospects for Syria are very grim. The country is on its knees and needs to start the recovery process, which will take a long time."
Lingering isolation
Despite these openings, European and British banks have been slow on the uptake.
Syrian banks are still struggling to open correspondence accounts with banks in Europe and the US, according to Faisal Al Kudsi, a finance professional in London. There are even anecdotal reports that the UK puts more constraints on Syrian banks than the US.
“As far as Syrian banks will be able to reopen their accounts with banks in Europe and the US, it is still a process in the making that has not yet been completed,” Mr Al Kudsi said.
Instead of banking, Syrians rely on money transfer agents for remittances, and a liquidity crisis has them queuing for hours for cash withdrawals at ATMs.
Mr Al Kudsi is from an exiled Syrian family. He owns boutique period hotels in Aleppo and Damascus, which have been closed since 2011. He had no plans to reopen these yet, he said, without a thriving cultural tourism industry.
Long-term investment was still a while away, owing to the uncertain security situation in Syria. “Even if sanctions are lifted, whoever is going to invest is going to look at the security situation,” he said.
Sanctions relief needs to be combined with efforts to "create jobs for locals" and facilitating overseas transfers, Bassel Hamwi who headed one Syria’s largest private banks and is now chief executive of HamwiConsult in New York, previously told The National.
Continued US sanctions through the Caesar Act remain “the biggest obstacle”. “That’s where much of the focus should be from those people that want to lift Syria out of poverty,” Mr Armanazi said.
The 2020 Act’s sanctions are expanded to include third-party entities doing business in Syria, meaning anyone dealing with a sanctioned entity in Syria would be at risk of sanctions as well.
That includes EU and UK-based companies, even if they no longer face sanctions at home.
The prospect of trade picking up again with the US Caesar Act still in place were “quite grim”, said Daniel Vinton, a political risk analyst at the London-based Enmetena Advisory.
This is partly because of a broad interpretation of what falls within the US nexus - from transacting in dollars to using US-made components or tech services, he said.
The US government suspended some of its sanctions for a six months period in the weeks after the toppling of the Assad regime. Yet, a Saudi and Qatari attempt to pay public sector salaries in Syria was reportedly postponed owing to the risk of breaching sanctions.
Republican Congressman Cory Mills set out the conditions for lifting US sanctions to Mr Al Sharaa last week, during a visit to Damascus.
These include destroying old chemical weapons from the former Assad regime, and co-ordinating with other US allies on counter-terrorism.
It is likely that Riyadh would seek further legal exemptions to get reconstruction money to Syria.
But UK and European companies are also wary of US President Donald Trump's volatile policies. "Given the current administration, there's a risk tolerance that that we're not meeting yet for any private firm that I'm aware of," Mr Vinton said.
“EU and UK companies, because they're much closer to American business, are going to be much more reticent,” he said.
“You’re going to want to see the engagement of at least the World Bank, the IMF and some EU multilateral banks way before anybody considers private investment.”
Company%C2%A0profile
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RESULTS
5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,600m
Winner: Samau Xmnsor, Abdul Aziz Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Ottoman, Szczepan Mazur, Abdallah Al Hammadi
6pm: Maiden (PA) Dh 70,000 (D) 1,800m
Winner: Sharkh, Patrick Cosgrave, Helal Al Alawi
6.30pm: Handicap (PA) Dh 85,000 (D) 1,800m
Winner: Yaraa, Fernando Jara, Majed Al Jahouri
7pm: Handicap (PA) Dh 70,000 (D) 2,000m
Winner: Maaly Al Reef, Bernardo Pinheiro, Abdallah Al Hammadi
7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: Jinjal, Fabrice Veron, Ahmed Al Shemaili
8pm: Handicap (PA) Dh 70,000 (D) 1,000m
Winner: Al Sail, Tadhg O’Shea, Ernst Oertel
More from Rashmee Roshan Lall
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
Killing of Qassem Suleimani
Federer's 19 grand slam titles
Australian Open (5 titles) - 2004 bt Marat Safin; 2006 bt Marcos Baghdatis; 2007 bt Fernando Gonzalez; 2010 bt Andy Murray; 2017 bt Rafael Nadal
French Open (1 title) - 2009 bt Robin Soderling
Wimbledon (8 titles) - 2003 bt Mark Philippoussis; 2004 bt Andy Roddick; 2005 bt Andy Roddick; 2006 bt Rafael Nadal; 2007 bt Rafael Nadal; 2009 bt Andy Roddick; 2012 bt Andy Murray; 2017 bt Marin Cilic
US Open (5 titles) - 2004 bt Lleyton Hewitt; 2005 bt Andre Agassi; 2006 bt Andy Roddick; 2007 bt Novak Djokovic; 2008 bt Andy Murray
Global state-owned investor ranking by size
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United States
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Racecard
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BIRD%20BOX%20BARCELONA
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20David%20and%20Alex%20Pastor%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EGeorgina%20Campbell%2C%20Mario%20Casas%2C%20Diego%20Calva%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Race card
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
6pm: Arabian Triple Crown Round-1 Listed (PA) Dh230,000 (T) 1,600m
6.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
7pm: Maiden (PA) Dh80,000 (T) 1,200m
7.30pm: Handicap (TB) Dh100,000 (T) 2,400m
CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EGuillermo%20del%20Toro%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tim%20Blake%20Nelson%2C%20Sebastian%20Roche%2C%20Elpidia%20Carrillo%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Don't get fined
The UAE FTA requires following to be kept:
- Records of all supplies and imports of goods and services
- All tax invoices and tax credit notes
- Alternative documents related to receiving goods or services
- All tax invoices and tax credit notes
- Alternative documents issued
- Records of goods and services that have been disposed of or used for matters not related to business
UAE currency: the story behind the money in your pockets
The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
COMPANY%20PROFILE
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Killing of Qassem Suleimani
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score)
Porto (0) v Liverpool (2), Wednesday, 11pm UAE
Match is on BeIN Sports
Company%20Profile
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Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
UAE currency: the story behind the money in your pockets
Biog:
Age: 34
Favourite superhero: Batman
Favourite sport: anything extreme
Favourite person: Muhammad Ali
