A branch of the Syrian Commercial Bank is destroyed in clashes at Marat Al Numan, near the northern province of Idlib. Shaam News Network / Reuters
A branch of the Syrian Commercial Bank is destroyed in clashes at Marat Al Numan, near the northern province of Idlib. Shaam News Network / Reuters
A branch of the Syrian Commercial Bank is destroyed in clashes at Marat Al Numan, near the northern province of Idlib. Shaam News Network / Reuters
A branch of the Syrian Commercial Bank is destroyed in clashes at Marat Al Numan, near the northern province of Idlib. Shaam News Network / Reuters

Syrian banks face gangs and robbery as they transport cash to Damascus


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Syrian banks are risking robbery and theft as they physically remove deposits from branches in "hot spot" areas and transport the cash to the relatively safer confines of Damascus.

The number of branches operating outside the capital is dwindling, denying the population access to banking services as the violent uprising against Bashar Al Assad further erodes the country's financial sector.

"This is happening across the board. Banks are moving their balances from places like Homs, Deir Al Zor and Aleppo - all the hot spots - to their head offices in Damascus. There have been a lot of incidents of robbery and looting in those areas as the strife gets worse every day," said a source at the Damascus Securities Exchange (DSE).

Nassib Ghobril, the chief economist at Byblos Bank in Beirut, said there were "very few branches in the cities and towns outside of Damascus, so when a bank closes its branches and moves its money to the centre, it prevents clients from accessing a bank in that location. They are on a risk-management mode - trying to manage the risks of the current situation in Syria, where they are dealing with a big conflict on the ground."

There is also a real threat of money going missing as institutions shift cash around the country.

"Bank Al Sham moved its deposit base in Homs to Damascus," said the DSE source. "But upon arrival they found a decent sum was missing. Unfortunately on the roads leading the capital there are checkpoints controlled by certain gangs, and you have to pay them off to make sure that the bulk of it actually makes it to Damascus."

And Banque Bemo Saudi Fransi (BBSF) said that "in light of the current environment", it had transferred its assets to its headquarters in Damascus from the restive Deir Al Zor.

Upon arrival, it appeared that 7.3 million Syrian pounds (Dh377,649) and US$182,198 (Dh669,167) were missing, the lender said.

The foreign-backed lender, whose major shareholder is Saudi Arabia's fourth-biggest bank by market capitalisation, did not provide further information on the cause behind the missing cash.

As Syria descends into chaos, businesses across the country are reporting a rapid rise in theft, armed robbery and looting.

In September, BBSF said it had incurred losses from fraud and forgery totalling 25m pounds. Syria International Islamic Bank, the largest shareholder of which is Qatar International Islamic Bank, in the same month said it had been targeted in a Homs robbery of 75.2m pounds.

Rising crime is not the only challenge. The stock market says it only has enough fuel to run its generators for two more weeks, leaving much uncertainty in its ability to continue operations, after Damascus and its southern suburbs were affected by a power outage after an attack on the city's main power line.

"There hasn't been electricity since [Sunday] night," said the DSE source. "The good thing is we don't have a trading session on Thursday, while Friday and Saturday is a weekend, so we will be able to preserve some of our stockpile. But fuel has become difficult to obtain and transportation of it is even harder. It's becoming a big risk for us. If anything happens, we won't be able to have a secondary backup."

Syria's state news agency Sana quoted the electricity minister Imad Khamis, who said the power cut was caused by an "attack on a main electricity cable" and that authorities were working to restore service.

There are 20 stocks listed on the DSE, 12 of which are banks, with the rest from the insurance, services, industrial and agriculture sectors.

"We know the private banks had been trying to expand their branch networks before the crisis. But when the conflict started, they stopped," Mr Ghobril said. "Syria's banking sector has been affected from the beginning and continues to be affected. It feels directly, and in a much bigger proportion the change in stability and deterioration in conditions,"

Trading on the DSE has almost halted in recent months as violence escalated in the capital and other cities across Syria. But exchange officials say they remain committed to offering investors a place to trade their holdings.

The DSE General Index has lost more than half of its value since the uprising began. It traded at 1,523.14 points on March 15, 2011, the start of the uprising, and has since fallen to 784.37

The IMF has not provided figures on the Syrian economy since the start of violence.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
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  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
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  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

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UAE currency: the story behind the money in your pockets
Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank 

Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

What is dialysis?

Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.

It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.

There are two kinds of dialysis — haemodialysis and peritoneal.

In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.

In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.

It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.

ESSENTIALS

The flights

Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes. 

The trip

From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.

RESULT

Bournemouth 0 Southampton 3 (Djenepo (37', Redmond 45' 1, 59')

Man of the match Nathan Redmond (Southampton)

Racecard

6.35pm: American Business Council – Maiden (PA) Dh80,000 (Dirt) 1,600m 

7.10pm: British Business Group – Maiden (TB) Dh82,500 (D) 1,200m 

7.45pm: CCI France UAE – Handicap (TB) Dh87,500 (D) 1,400m 

8.20pm: Czech Business Council – Rated Conditions (TB) Dh105,000 (D) 1,400m 

8.55pm: Netherlands Business Council – Rated Conditions (TB) Dh95,000 (D) 1,600m 

9.30pm: Indian Business and Professional Council – Handicap (TB) Dh95,000 (D) 1,200m  

Company Profile

Company name: NutriCal

Started: 2019

Founder: Soniya Ashar

Based: Dubai

Industry: Food Technology

Initial investment: Self-funded undisclosed amount

Future plan: Looking to raise fresh capital and expand in Saudi Arabia

Total Clients: Over 50

Ain Dubai in numbers

126: The length in metres of the legs supporting the structure

1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch

16 A380 Airbuses: The equivalent weight of the wheel rim.

9,000 tonnes: The amount of steel used to construct the project.

5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place

192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.

Match info

Liverpool 4
Salah (19'), Mane (45 2', 53'), Sturridge (87')

West Ham United 0

The cost of Covid testing around the world

Egypt

Dh514 for citizens; Dh865 for tourists

Information can be found through VFS Global.

Jordan

Dh212

Centres include the Speciality Hospital, which now offers drive-through testing.

Cambodia

Dh478

Travel tests are managed by the Ministry of Health and National Institute of Public Health.

Zanzibar

AED 295

Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.

Abu Dhabi

Dh85

Abu Dhabi’s Seha has test centres throughout the UAE.

UK

From Dh400

Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

Essentials

The flights

Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes. 
 

The stay

A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.

AUSTRALIA SQUADS

ODI squad: Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Josh Hazlewood, Marnus Labuschagne, Mitchell Marsh, Glenn Maxwell, Kane Richardson, Steve Smith, Mitchell Starc, Matthew Wade, David Warner, Adam Zampa

Twenty20 squad: Aaron Finch (captain), Sean Abbott, Ashton Agar, Alex Carey, Pat Cummins, Mitchell Marsh, Glenn Maxwell, Jhye Richardson, Kane Richardson, Steve Smith, Mitchell Starc, Matthew Wade, David Warner, Adam Zampa

PROFILE BOX:

Company/date started: 2015

Founder/CEO: Rami Salman, Rishav Jalan, Ayush Chordia

Based: Dubai, UAE

Sector: Technology, Sales, Voice, Artificial Intelligence

Size: (employees/revenue) 10/ 100,000 downloads

Stage: 1 ($800,000)

Investors: Eight first-round investors including, Beco Capital, 500 Startups, Dubai Silicon Oasis, Hala Fadel, Odin Financial Services, Dubai Angel Investors, Womena, Arzan VC

 

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

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%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
The%20specs
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Cracks in the Wall

Ben White, Pluto Press 

SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

Sour%20Grapes
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