Trump announces lifting of Syria sanctions ahead of meeting with Al Shara



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US President Donald Trump announced in Riyadh on Tuesday the lifting of sanctions on Syria ahead of a landmark meeting with Syrian leader Ahmad Al Shara in the Saudi capital.

"I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness," Mr Trump said at the US-Saudi Investment Forum at the start of his Gulf tour.

Sanctions were "brutal and crippling and served an important function" but "now it's their time to shine", he added.

His surprise announcement came after a White House official confirmed that the US President would be meeting Syria's Al Shara during his visit to Saudi Arabia.

“The President agreed to say hello to the Syrian President while in Saudi Arabia tomorrow," the official said.

Syrian Foreign Minister Asaad Al Shibani said his country viewed Mr Trump's decision to lift sanctions "very positively" and that Syria was ready to foster relations with US based on "mutual respect, trust and common interests".

Syrian officials and a Riyadh-based diplomat told The National earlier on Tuesday that Mr Al Shara was due to travel to Saudi Arabia on Wednesday with the aim of meeting Mr Trump. The diplomat added that the US President has agreed to give the Syrian leader “listening time”.

Mr Al Shara, formerly known by the nom de guerre Abu Mohammed Al Jawlani, was on the US's "specially designated global terrorist" list when he fought with Al Qaeda insurgents in Iraq. As the leader of Hayat Tahrir Al Sham (HTS), Mr Shara commanded the rebel offensive that led to the removal of Bashar Al Assad last December.

A Syrian Foreign Ministry source, speaking on condition of anonymity, said a "45-minute session" between Mr Trump and Mr Al Shara had been suggested by Saudi officials.

Another Syrian Foreign Ministry official acknowledged that Saudi Arabia has taken the lead on mediating relations between the US and Syria, saying the result of the meeting between the two leaders, if it happens, will "depend on the Saudis".

Apart from providing limited sanctions relief, Washington has maintained most economic restrictions on Syria, complicating efforts by Damascus to reintegrate into the global economy.

"Lifting the sanctions will be the priority of the discussion [for Mr Al Shara]," one of the Syrian Foreign Ministry sources told The National before Mr Trump's announcement.

Ahead of his arrival in Saudi Arabia at the start of a regional tour, the US President had already indicated considering sanctions relief for Syria as the new authorities seek to rebuild the country after more than a decade of civil war.

“We are going to have to make a decision on the sanctions, which we may very well relieve," Mr Trump said. "We may take them off of Syria because we want to give them a fresh start."

A currency exchange business in a Damascus street. Syria's new government wants to reintegrate into the global economy. Reuters
A currency exchange business in a Damascus street. Syria's new government wants to reintegrate into the global economy. Reuters

Syria released a statement in which it welcomed Mr Trump's words and “regards them as an encouraging step towards alleviating the suffering of the Syrian people”.

The US has said it will wait to see how Syria's new authorities exercise their power and ensure human rights before lifting sanctions, opting instead for targeted and temporary exemptions.

Western sanctions, which were issued mostly after the fallen regime's repression of anti-government protesters in 2011, have restricted Syria's ability to rebuild since the former president was toppled in December.

The new Syrian authorities have been pushing for US and European sanctions to be lifted, arguing that they were imposed on the Assad regime.

Last month, the UK ended restrictions on a dozen Syrian entities, including government bodies and media outlets, while the EU has started reducing its measures.

Trump Tower

Reuters last week reported Syria's leader has offered "a Trump Tower in Damascus, a detente with Israel, and US access to Syria's oil and gas" as part of a strategic pitch for face time with Mr Trump, quoting several sources said.

Regional reports have suggested Mr Trump would meet the leaders of Syria, Lebanon and Palestine in the presence of Saudi officials in Riyadh, to discuss pathways to resolve each country’s conflict with Israel. A senior source at the presidential palace in Beirut has dismissed the reports.

After a fragile ceasefire in Gaza collapsed more than two months ago, Israel has intensified daily strikes on the coastal strip and blocked the entry of all food, medicine and other supplies, worsening the humanitarian situation in the territory.

Israel has also continued bombing Hezbollah in Lebanon despite a ceasefire agreement, and has been conducting air strikes and drone operations inside Syria.

On Monday, Jordan and Turkey denounced Israel's intervention in Syria as destabilising to the country.

Jordanian Foreign Minister Ayman Safadi said "Israel's aggression is an attempt to sow strife in Syria". He added: "Israel has no right to attack Syrian territory. It will not bring Syria anything except instability and destruction."

Mr Safadi was speaking after a meeting in Ankara with his counterparts Hakan Fidan of Turkey and Asaad Al Shibani of Syria. "The Israeli expansion is destabilising to the security of Syria and threatens its future," Mr Fidan said.

Over the past four months, Israel has expanded a buffer zone in the Golan Heights, south-west of Damascus, and bombed military and militia installations, particularly in areas in southern Syria, near Jordan.

In April, after a few weeks of lull, it bombed targets in Damascus near the presidential palace in response to attacks by pro-HTS militias on members of the Syrian Druze community. The Druze, an offshoot of Islam, are also present in Israel, Lebanon and Jordan.

A Western diplomat in Amman said Jordan and other Arab countries, particularly Saudi Arabia, are in broad agreement with Turkey on the need to end Syria's fragmentation.

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

New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
  • Shortened leave to remain - refugees will receive 30 months instead of five years
  • A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
  • To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
  • Under core protection there will be no automatic right to family reunion
  • Refugees will have a reduced right to public funds

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Profile of RentSher

Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

Investment: $2 million

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. 

Updated: May 14, 2025, 3:16 AM