US President Donald Trump’s executive order to permanently lift most sanctions on Syria is a “vote of confidence” in the country’s new leaders, removing some of the final barriers for foreign investors, Syrian officials and experts told The National.
The move implements a promise Mr Trump made in May to lift crippling sanctions on Syria’s new government, in a major policy shift aimed at giving the country a chance at “greatness”. The signing of the executive order “will definitely encourage more investors to take the step and enter the Syrian market,” Ayman Hamawiye, head of Syria’s Investment Authority, told The National.
In late May, Mr Hamawiye told The National that the authority had received hundreds of letters expressing interest, including letters from dozens of Western companies, following Mr Trump’s pledge to end sanctions. Now, Mr Trump's order terminating those sanctions will “definitely” help turn those expressions of interest into concrete investments, though expectations around the time frame should be managed, Mr Hamawiye said.
The regime of Bashar Al Assad was under a dense web of sanctions, which intensified after 2011 following a brutal crackdown on peaceful protests, which led to a 14-year civil war. Since the regime was toppled in December by Sunni rebel groups, Syria has had a surge of investment pledges, particularly from Gulf countries. The latest, announced this week, was a $1.5 billion deal backed by a Qatari company to develop an artistic and media production hub in Damascus.
“Of course, we’ll keep in mind that even executive orders need some time before they’re implemented on the ground, but in any case, this is a positive and encouraging development,” Mr Hamawiye added.
“There’s strong interest in investment, and it’s constantly growing. The more the security and international concerns diminish, the more investment interest increases, especially from major international investors,” a source at Syria's Ministry of Economy told The National.
The sanctions relief does not apply to Mr Al Assad or his associates. It also excludes people accused of human rights abuses, drug trafficking, chemical weapons activities, or linked to ISIS or Iranian proxies, White House press secretary Karoline Leavitt said on Monday.
A 'vote of confidence'
Benjamin Feve, a senior researcher at Karam Shaar Advisory, told The National the move was significant for investor confidence and Syria’s international reputation, and demonstrated Washington’s seriousness in supporting the country.
“This is really a vote of confidence from the US government towards the Syrian government. It also shows that the American administration – even its most senior figures, including those most opposed to [Syrian President Ahmad] Al Shara – were unable to convince Trump to reverse his decision on lifting the sanctions,” Mr Feve said. “This reflects a real, radical shift within the US administration itself,” he added.
During a brief, historic meeting with Mr Al Shara – a formerly Al Qaeda-linked fighter described by Mr Trump as a “handsome man” with a “tough past” – the US President urged him to meet specific conditions, including establishing ties with Israel.
Back-channel talks have taken place between Syria and Israel are continuing but have yet to yield tangible results, with the issues highly sensitive. Syria has a long history of war with Israel, which has occupied the Golan Heights, a rocky plateau bordering the two countries, since 1967.
“It's also kind of a test for the Syrian authorities, will they manage this post-Assad transitional phase well?” Mr Feve added.
Outbreaks of sectarian violence have also raised questions about the interim government’s ability to stabilise Syria, despite its pledges of inclusivity.
Some sanctions will remain on Syria, including those mandated by the US Congress, as well as the US designation of Syria as a state sponsor of terrorism. Sanctions on Hayat Tahrir al-Sham (HTS), the now-disbanded group that led the December offensive and whose former members lead the government, also remain in place.
“Obviously, none of these sanctions explicitly prevent investments, but they do damage Syria’s reputation,” Mr Feve said.
Challenges ahead
Experts and officials told The National that while the lifting of sanctions is a milestone, the path to recovery remains long. For Mr Feve, the reintegration of Syrian banks into the global financial system, a necessary step to manage the expected flow of billions in reconstruction funds, is a top priority.
“What still blocks things today are the interbank links between Syrian banks and international banks,” Mr Feve said. He said the end of sanctions does not mean foreign banks will automatically resume long-cut ties.
“International banks still don’t know whether Syrian banks are really compliant with all the measures meant to prevent money laundering and terrorism financing. So it's taking time, but those connections will gradually be re-established.”
Syria's central bank governor told The National last week that Syria's banks are expected to resume ties with international lenders within weeks. According to the source at the Ministry of Economy, challenges also lie in the urgent need for administrative reforms and the state's capacity to manage massive investments.
“The legal complications and the old chaos within government institutions will take time to dismantle. We are in the process of building a new government system – not from zero, but from a point below that, due to the presence of the old system,” the source said.
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
MATCH INFO
Tottenham Hotspur 3 (Son 1', Kane 8' & 16') West Ham United 3 (Balbuena 82', Sanchez og 85', Lanzini 90' 4)
Man of the match Harry Kane
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
UAE SQUAD
Khalid Essa (Al Ain), Ali Khaseif (Al Jazira), Adel Al Hosani (Sharjah), Mahmoud Khamis (Al Nasr), Yousef Jaber (Shabab Al Ahli Dubai), Khalifa Al Hammadi (Jazira), Salem Rashid (Jazira), Shaheen Abdelrahman (Sharjah), Faris Juma (Al Wahda), Mohammed Shaker (Al Ain), Mohammed Barghash (Wahda), Abdulaziz Haikal (Shabab Al Ahli), Ahmed Barman (Al Ain), Khamis Esmail (Wahda), Khaled Bawazir (Sharjah), Majed Surour (Sharjah), Abdullah Ramadan (Jazira), Mohammed Al Attas (Jazira), Fabio De Lima (Al Wasl), Bandar Al Ahbabi (Al Ain), Khalfan Mubarak (Jazira), Habib Fardan (Nasr), Khalil Ibrahim (Wahda), Ali Mabkhout (Jazira), Ali Saleh (Wasl), Caio (Al Ain), Sebastian Tagliabue (Nasr).
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
SUCCESSION%20SEASON%204%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreated%20by%3A%20%3C%2Fstrong%3EJesse%20Armstrong%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brian%20Cox%2C%20Jeremy%20Strong%2C%20Kieran%20Culkin%2C%20Sarah%20Snook%2C%20Nicholas%20Braun%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
RACECARD
%3Cp%3E5pm%3A%20Al%20Shamkha%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C400m%0D%3Cbr%3E5.30pm%3A%20Khalifa%20City%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C400m%0D%3Cbr%3E6pm%3A%20Masdar%20City%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E6.30pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%202%2C200m%0D%3Cbr%3E7pm%3A%20Emirates%20Championship%20%E2%80%93%20Group%201%20(PA)%20Dh1%2C000%2C000%20(T)%202%2C200m%0D%3Cbr%3E7.30pm%3A%20Shakbout%20City%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%202%2C400m%3C%2Fp%3E%0A
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
The five pillars of Islam
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
MATCH INFO
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Namibia beat Oman by 52 runs
UAE beat Namibia by eight wickets
UAE v Oman - abandoned
Oman v Namibia - abandoned
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
The%20specs
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Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Our Time Has Come
Alyssa Ayres, Oxford University Press