Companies from banks to port operators and energy companies are lining up to grab their share of business opportunities arising out of Syria’s $500 billion reconstruction effort as the war-torn country opens up its economy.
Turkey’s Deniz Bank, which is fully owned by Emirates NBD, expects more financing opportunities to support Syria’s reconstruction, while the port operator DP World plans to ship more cargo out of Turkey to Syria.
Turkish conglomerate Kalyon Holding also expects more deals in Syria after signing a $7 billion energy investment agreement to build power plants in the country on Thursday. US and Qatar-based companies are also part of this consortium.
As part of the agreement, natural gas power plants with a total installed capacity of 4,000 megawatts and a solar power plant with an installed capacity of 1,000 megawatts will be built in Syria.
“Despite security challenges, the international community's commitment is strong in Syria, with support from the EU and the US,” Kalyon Enerji chief executive Murtaza Ata said in Istanbul.
Kalyon Enerji is a unit of Kalyon Holding, which has interests in a number of sectors, including construction.
“The group we formed is one of the best solution providers who can successfully implement all these projects,” Mr Ata said. “Syrian people are fed up with the struggle and the war of 15 years and are looking for development projects.”
The company is also looking at other opportunities in Syria, including the reconstruction of the airport, Kalyon Holding chief executive Mustafa Kocar said.
The company built Istanbul airport in Turkey and this expertise can be applied in Syria and other countries, he added.
Infrastructure devastated by war
The Syrian economy has been devastated by the civil war, with the UN's Development Programme estimating cumulative losses – including physical damage and economic deprivation – at more than $923 billion at the end of last year.
The estimated cost of reconstruction has varied from $250 billion and $500 billion, according to experts.
Earlier this month, US President Donald Trump made a surprise announcement about lifting economic sanctions on Syria as he visited Saudi Arabia to pave the way for investments in the country.
Following the decision, the European Union also said that it would begin lifting sanctions to help Syrian people rebuild the country.
Last week, Syria signed a separate agreement with Turkey for the supply of two billion cubic metres of natural gas to help the country overcome power shortages.
Deniz Bank is also bullish about Syria as the country reopens. “There will be a good opportunity for us,” Deniz Bank chief executive Recep Bastug told media in Istanbul.
“In the past, it was an opportunity of commercial, but now infrastructure and other parts of investment will be there … because Turkey has serious amount of construction power in terms of companies, there will be very important opportunities.”
Despite security challenges, the international community's commitment is strong in Syria, with support from the EU and the US
Murtaza Ata,
Kalyon Enerji chief executive
However, he did not elaborate on the extent to which the lender’s balance sheet would be strengthened due to opportunities in Syria.
Emirates NBD bought Deniz Bank from Russia’s Sberbank for $3.2 billion to expand its footprint in Turkey in 2018.
Kris Adams, DP World's executive vice president for East Europe, said the reopening of the Syrian economy provides new opportunities for ports in neighbouring countries for shipment of cargo.
“A country that has been war-torn for many, many years is finally looking at some positives and will require a lot of rebuild,” Mr Adams said in Istanbul.
“The ports in the country itself will be relevant, but also ports in neighbouring countries like Turkey, which has a border with Syria, will see more cargo flowing through in order to assist with that rebuild.”
Earlier this month, Dubai-based DP World signed an initial agreement with the Syrian government to develop the port of Tartus in an $800 million deal.
Opportunity for many nations
Syria reopening is “not just an opportunity for Turkey but also for many other nations”, according to Burak Daglioglu, president of the Investment Office of the Presidency of Turkey.
“After the lifting of sanctions, the opportunities will be for all countries, but the biggest opportunity will be for civilians themselves."
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
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THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
More from Neighbourhood Watch:
CHELSEA'S NEXT FIVE GAMES
Mar 10: Norwich(A)
Mar 13: Newcastle(H)
Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
Turkish Ladies
Various artists, Sony Music Turkey
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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Gina%20Prince-Bythewood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Viola%20Davis%2C%20Thuso%20Mbedu%2C%20Sheila%20Atim%2C%20Lashana%20Lynch%2C%20John%20Boyega%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
