Saudi Arabia's Foreign Minister Prince Faisal bin Farhan said during a visit to Damascus on Saturday that the kingdom will, with Qatar, offer financial support to state employees in Syria.
He made the remarks during a press conference with his Syrian counterpart Asaad Al Shibani as part of a trip with a high-level delegation aiming at strengthening ties, as Syria prepares for an economic opening with the lifting of sanctions.
He did not provide details on the size of the financial support to be provided by Riyadh and Doha. However, it echoes a similar move by Qatar to bankroll Syria's public sector.
A statement by Saudi Arabia and Qatar later said on Saturday that the joint financial support would be delivered in a three-month period.
Several more visits to Syria would follow in the coming days by Saudi businessmen to discuss investments in energy, agriculture, infrastructure and other sectors, Prince Faisal said.
The prince also met Syrian President Ahmad Al Shara, Saudi state media reported. The talks were “focused on relations, with both sides discussing regional security and stability, as well as efforts to support Syria’s economy and strengthen its national institutions to realise the aspirations of the Syrian people”, the Saudi Press Agency said.
In February, Saudi Crown Prince Mohammed bin Salman met Mr Al Shara in Riyadh during the latter's first trip in the region as president.
Mr Al Shara said the meeting with Prince Mohammed showed Saudi Arabia had “a genuine desire to support Syria in building its future”. The Syrian President added that his meetings in Riyadh had included plans for co-operation in energy, technology, education and health.
The Syrian economy has been devastated by a civil war which began in 2011. The UN's Development Programme estimates cumulative losses – including physical damage and economic deprivation – of $923 billion at the end of last year.
The estimated cost of reconstruction has varied from $250 billion to $500 billion.
The national economy, which had been maintaining brisk growth before the protests against the regime of Bashar Al Assad, has struggled since. Gross domestic product plunged 6.4 per cent in 2016 before gradually recovering, government data shows.
But the situation has been improving. In March, Mr Al Shara announced new government members, appointing 23 ministers in a broadened cabinet. The move was seen as important in the transition from decades of Al Assad family rule and the improvement of ties with the West.
In a further improvement, US President Donald Trump, during his recent Gulf tour, announced the lifting of sanctions on Syria, drawing cheers from citizens and optimism from analysts. He also met Mr Al Shara in Riyadh.
On May 16, the World Bank cleared Syria of its $15.5 million outstanding debt after payments from Saudi Arabia and Qatar, in another positive sign for the nation's damaged economy.
The clearing of the arrears, made effective on May 12, reinstated Syria's eligibility to receive World Bank support after a 14-year hiatus, the Washington institution said.
Saudi Arabia and Qatar announced plans to settle Syria's outstanding debts on April 27, in “support of and to accelerate the recovery” of Syria, following discussions at the World Bank and International Monetary Fund's spring meetings in Washington.
Support from Syria's Gulf neighbours will be crucial to its recovery: financial deposits from Gulf allies will support Syria's monetary stability and rebuild confidence in its commercial banking system as the country grapples with depleted foreign exchange reserves, analysts have said.
Also in May, Damascus and DP World, the Dubai global ports operator, signed an initial agreement worth $800 million to develop Syria's port of Tartus, in a deal aimed at strengthening port infrastructure and logistics services in the country.
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
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
