Saudi Arabia appoints first ambassador to Damascus in more than a decade

Saudi Arabia appointed a new ambassador to Syria on Sunday, official media said, the latest move in Arab rapprochement with President Bashar Al Assad that has been facing obstacles.

The new ambassador to Syria will be Faisal Al Mujfel, the official Saudi news agency SPA said.

Mr Al Mujfel hopes to “consolidate the bonds of bilateral relations between the two countries”, the agency reported.

Riyadh was at the forefront of an Arab drive last year to rebuild ties with Mr Al Assad, which were mostly severed after the authorities used force to suppress the peaceful revolt against his rule in 2011. By the end of the year the revolt militarised and Syria was in civil war.

Jordan and Syria discuss border security amid Gaza war tensions

Saudi Arabia closed its embassy in Damascus in 2012, and reopened it this year.

The Arab rapprochement with Damascus has had Russian support but no US endorsement. Another major obstacle to better ties has been narcotics flows from border areas controlled by the Syrian army and pro-Iranian militias.

Over the past six years, Jordan has become a main conduit for drugs flowing into Saudi Arabia, particularly the amphetamine Captagon. Arab officials say Captagon is primarily sourced from areas in southern Syria under the control of Mr Al Assad's forces.

Halting narcotics flows has been one of the main objectives of the region-wide drive for normalisation with Mr Al Assad, who was invited to an Arab League summit in Jeddah in May last year.

But there has been no significant Gulf financial flows into the reconstruction of the war ridden country.

Mr Al Assad has denied that his country has anything to do with the narcotics business, blaming it on unnamed neighbouring countries.

Jordan has boosted security and surveillance on the border with southern Syria, with the help of the US and other western allies.

Authorities in Amman have not given any figures on the incoming drug volumes or detailed how much is being transported to Saudi Arabia, widely seen as the main market for Captagon.

The bio

Favourite book: Kane and Abel by Jeffrey Archer

Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist

Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi

Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup

Hobbies: Reading and drawing

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Crime%20Wave

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Inter Milan 1 (Martinez 18' pen)

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Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.