Saudi Arabia is planning to pay off Syria's debts to the World Bank, paving the way for the approval of millions of dollars in grants for reconstruction and supporting the country's paralysed public sector, Reuters reported on Monday.
The plans, which have not been previously reported, would be the first known instance of Saudi Arabia providing financing for Syria since rebels toppled former president Bashar Al Assad last year.
It would also be a sign of crucial Gulf Arab support for Syria beginning to materialise, after previous plans, including an initiative by Qatar to fund salaries, were held up by uncertainty over US sanctions. Last month, Qatar announced a plan to provide Syria with gas through Jordan to improve the nation's meagre electricity supply.
A representative for the Saudi Ministry of Finance refused to confirm the move, telling Reuters: "We do not comment on speculation, but make announcements, if and when they become official."
The Saudi government's media office, a World Bank representative and a Syrian government official did not immediately respond to the agency's requests for comment.
Syria has about $15 million in arrears to the World Bank which must be paid off before the international financial institution can approve grants and provide other forms of assistance.
But Damascus is short of foreign currency and a previous plan to pay off the debts using assets frozen abroad did not materialise, Reuters said.
Sources said World Bank officials have discussed providing financing to help reconstruct the country's power grid, heavily damaged by years of civil war, and also to support public sector pay.
Reuters reported on Saturday that Syria would send a high-level delegation to Washington for the annual spring meetings of the World Bank and IMF later this month, marking the first visit by Syrian officials to the US since Mr Al Assad's overthrow.
It is unclear whether the Syrian delegation will meet with any US officials.
Tough US sanctions imposed during the Assad regime's rule remain in place.
In January, the US issued a six-month exemption for some sanctions to encourage humanitarian aid, but this has had limited effect.
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A Long Way Home by Peter Carey
Faber & Faber
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
THE SPECS
Engine: 3.6-litre V6
Transmission: eight-speed automatic
Power: 285bhp
Torque: 353Nm
Price: TBA
On sale: Q2, 2020
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
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Fixtures (6pm UAE unless stated)
Saturday Bournemouth v Leicester City, Chelsea v Manchester City (8.30pm), Huddersfield v Tottenham Hotspur (3.30pm), Manchester United v Crystal Palace, Stoke City v Southampton, West Bromwich Albion v Watford, West Ham United v Swansea City
Sunday Arsenal v Brighton (3pm), Everton v Burnley (5.15pm), Newcastle United v Liverpool (6.30pm)
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
RESULT
Bournemouth 0 Southampton 3 (Djenepo (37', Redmond 45' 1, 59')
Man of the match Nathan Redmond (Southampton)
Asia Cup 2018 Qualifier
Sunday's results:
- UAE beat Malaysia by eight wickets
- Nepal beat Singapore by four wickets
- Oman v Hong Kong, no result
Tuesday fixtures:
- Malaysia v Singapore
- UAE v Oman
- Nepal v Hong Kong
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Letswork%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EOmar%20Almheiri%2C%20Hamza%20Khan%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20co-working%20spaces%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%242.1%20million%20in%20a%20seed%20round%20with%20investors%20including%20500%20Global%2C%20The%20Space%2C%20DTEC%20Ventures%20and%20other%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20about%2020%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
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The Al Barzakh Festival takes place on Wednesday and Thursday at 7.30pm in the Red Theatre, NYUAD, Saadiyat Island. Tickets cost Dh105 for adults from platinumlist.net
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press