Saudi Arabia has led agreements with Syria worth 24 billion Saudi riyals ($6.4 billion) as the kingdom invests in Damascus's economy to support the rebuilding of the country after more than a decade of civil war.
A total of 47 deals from more than 100 Saudi and international companies are to be signed at the Syrian-Saudi Investment Forum in Damascus on Thursday, Saudi Investment Minister Khalid Al Falih said at the event.
They cover key sectors including energy, industry, infrastructure, real estate, financial services, health, agriculture, communications and information technology, he said. Several projects were launched on Wednesday, Mr Al Falih added.
Investments in the real estate and infrastructure sectors will exceed 11 billion riyals, including the development of three new cement factories to "secure the basic materials needed for construction and strengthening supply chains", Mr Al Falih said.
Separately on Thursday, Al Badia Cement announced more than $200 million worth of investments to expand its operations and develop a second production line, which would boost its annual production to more than five million tonnes, the state-owned Syrian Arab News Agency said.
"In achieving the common goals between the two countries, and our encouragement of Saudi investors, we will ... specifically encourage international investors to explore investment opportunities in this country, and to contribute to its strategic projects," he added.
The agreements are a major victory for Syrian President Ahmad Al Shara, who has been leading the country's rebuilding strategy after the downfall of former president Bashar Al Assad in December last year.
The Syrian economy has been devastated by a civil war that began in 2011. The UN Development Programme estimates cumulative losses, including physical damage and economic deprivation, at $923 billion as of the end of last year. The estimated cost of reconstruction has varied from $250 billion to $500 billion.
After the Assad regime was toppled in a rebel offensive, the situation in Syria has been improving, with western sanctions lifted earlier this year. Gulf states are moving quickly to invest in Syria’s post-Assad future, launching diplomatic, financial and infrastructure support.
In May, Saudi Arabia and Qatar jointly paid off Syria’s $15.5 million debt to the World Bank, unlocking access to critical reconstruction grants. Also that month, Damascus signed a $7 billion deal with a consortium of companies led by Qatar's UCC Holding to add 5,000 megawatts to the national grid. The deal is aimed at doubling Syria's power supply to boost its postwar economy.
Dubai port operator DP World signed an $800 million agreement to develop the port of Tartus, while Emirati businessman Khalaf Al Habtoor said he would be considering investments in Syria.
Mr Al Shara also held talks with Saudi Crown Prince Mohammed bin Salman in Riyadh in February, with the leaders discussing collaboration in the fields of energy, technology, education and health, Syria's state news agency Sana reported at the time.
The Syrian government this month amended the country's investment law, in a move that is expected to support more domestic and foreign investment in the country.
UAE currency: the story behind the money in your pockets
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
Teams: UAE, Bahrain, Saudi Arabia, Kuwait, Maldives, Qatar
Friday fixtures: 9.30am (UAE time) - Kuwait v Maldives, Qatar v UAE; 3pm - Saudi Arabia v Bahrain
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
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The years Ramadan fell in May
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.3-litre%20turbo%204-cyl%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E10-speed%20auto%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E298hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E452Nm%3Cbr%3E%3Cstrong%3ETowing%20capacity%3A%20%3C%2Fstrong%3E3.4-tonne%3Cbr%3E%3Cstrong%3EPayload%3A%20%3C%2Fstrong%3E4WD%20%E2%80%93%20776kg%3B%20Rear-wheel%20drive%20819kg%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EPrice%3A%20Dh138%2C945%20(XLT)%20Dh193%2C095%20(Wildtrak)%3Cbr%3E%3Cstrong%3EDelivery%3A%3C%2Fstrong%3E%20from%20August%3C%2Fp%3E%0A
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
