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."
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
US Industrial Market figures, Q1 2017
Vacancy Rate 5.4%
Markets With Positive Absorption 85.7 per cent
New Supply 55 million sq ft
New Supply to Inventory 0.4 per cent
Under Construction 198.2 million sq ft
(Source: Colliers)
Breaking News: The Remaking of Journalism and Why It Matters Now
Alan Rushbridger, Canongate
MATCH INFO
Al Jazira 3 (O Abdulrahman 43', Kenno 82', Mabkhout 90 4')
Al Ain 1 (Laba 39')
Red cards: Bandar Al Ahbabi (Al Ain)
The Specs:
The Specs:
Engine: 2.9-litre, V6 twin-turbo
Transmission: 8-speed automatic
Power: 444bhp
Torque: 600Nm
Price: AED 356,580 incl VAT
On sale: now.
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.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
'Ashkal'
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
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Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
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The five pillars of Islam
The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
SCHEDULE
Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.
Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.
Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.
Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.
Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.
Saturday, April 27: 4pm and 8pm awards ceremony.
Asia%20Cup%202022
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
