Syrian Foreign Minister Asaad Al Shibani speaks in Amman on Tuesday. Reuters
Syrian Foreign Minister Asaad Al Shibani speaks in Amman on Tuesday. Reuters
Syrian Foreign Minister Asaad Al Shibani speaks in Amman on Tuesday. Reuters
Syrian Foreign Minister Asaad Al Shibani speaks in Amman on Tuesday. Reuters

Syrian Foreign Minister calls for further easing of US sanctions


Khaled Yacoub Oweis
  • English
  • Arabic

Syria's Foreign Minister Asaad Al Shibani urged Washington on Tuesday to scrap all sanctions imposed during the former Assad regime and said lifting them partially was not enough to put the country on the road to recovery.

President Joe Biden's administration on Monday eased some US sanctions on Syria to allow an expansion of humanitarian assistance to Syrians under the interim administration installed by Hayat Tahrir Al Sham (HTS), which led the rebel offensive that toppled former president Bashar Al Assad on December 8.

HTS traces its roots to Al Qaeda, and its leader, Ahmad Al Shara, was a wanted man in the US until last month, when a $10 million bounty was lifted after his meeting in Damascus with US officials. But Washington still considers HTS a terrorist organisation, a designation applied in 2014 when the armed group started becoming a main player in the civil war.

"These sanctions should be fully scrapped for the Syrian people to be granted a complete opportunity and live in peace and security and prosperity," Mr Al Shibani said in Amman.

He and other officials of the interim government visited the Jordanian capital on Tuesday as part of a regional tour to establish relations with Arab governments that had begun to restore ties with Mr Al Assad over the past three years.

Mr Al Shibani said the US sanctions "should have been scrapped immediately after the fall the regime" because they hinder a much-needed recovery "in all aspects".

Syrian Foreign Minister Asaad Al Shibani and Jordanian Foreign Minister Ayman Safadi met in Amman, Jordan. Reuters
Syrian Foreign Minister Asaad Al Shibani and Jordanian Foreign Minister Ayman Safadi met in Amman, Jordan. Reuters

Jordan and Arab countries played a part in convincing Washington to waive some of the sanctions on Syria but "the Assad regime has left a heavy legacy of problems with its people and with neighbours", he said.

"We will, God willing, erase this memory. Syria will be a source of security and stability and co-operation," he said.

Esfandyar Batmanghelidj, a sanctions specialist who teaches at Johns Hopkins University, told The National that the remaining sanctions could hinder would-be supporters of the new government "from making significant commitments in getting involved in the reconstruction, in engaging in trade, and in making investments".

But if the sanctions are lifted quickly, "there will be doubts about the extent to which the new leadership in Syria is incentivised to actually continue trying to create a more equitable and transparent governance structure for the country", Mr Batmanghelidj said.

An internationally backed reconstruction drive in Syria, he said, must be "tied to … a series of steps that incrementally lift sanctions, where at each milestone, you build trust that this is moving in the right direction".

For the next six months, the US will grant waivers to aid groups and companies to provide parts and services for Syria's water and electricity sectors, as well for sending humanitarian relief.

The US first imposed sanctions on the Syrian regime during the 1970-2000 rule of Mr Al Assad's father Hafez, who supported extremist Lebanese and Palestinian groups, as well as the Kurdistan Workers Party (PKK) in Turkey. It increased the sanctions in the 2000s, when Mr Al Assad supported militants in Iraq, and again after his forces killed thousands of civilians in a crackdown on a pro-democracy movement in 2011.

The Caesar Act passed by the US Congress in 2019 elevated sanctions on Syria to a new level, imposing bans on dealing with the Syrian regime and its associates across entire economic sectors. It was named after a photographer code-named Caesar who defected from Mr Al Assad's military and provided photos made public in 2014 that documented the killing of thousands of political prisoners.

Although HTS has its roots firmly in militant ideology, it has sought to project an image of moderation since taking charge in Damascus last month. The Syrian delegation that has been touring the region in recent days includes Defence Minister Marhaf Abu Qusra and intelligence chief Anas Khattab, a close associate of Mr Al Shara.

In Jerusalem a senior Israeli official said engagement with the new rulers in Damascus should proceed cautiously. “We want to warn everyone not to buy so quickly the attack of smiles or the short-term prop of using western suits to disguise the real essence of these groups,” Foreign Ministry Director General Eden Bar Tal said.

Additional reporting by Thomas Helm in Jerusalem and Matthew Kynaston in Beirut

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Trump v Khan

2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US

2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”

2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.

Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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Founders: Abdulaziz AlBlooshi and Harsh Hirani

Based: Dubai, UAE

Number of employees: 10

Sector: AI, software

Cashflow: Dh2.5 Million  

Funding stage: Series A

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UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

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Name: Dr Hassan Mohsen Elhais

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: January 08, 2025, 3:22 AM