ISTANBUL // Turkey yesterday announced its economic, financial and political sanctions against Damascus, accusing Bashar Al Assad's government of turning a deaf ear to repeated appeals to stop the violence against protesters.
Main sanctions
• Strategic cooperation between the Turkish and Syrian governments has been suspended until a "legitimate government which is at peace with its people is in charge in Syria".
• All relations with Syria's central bank to be frozen.
• All bank assets of the Syrian government in Turkey are to be frozen.
• Delivery of weapons and military supplies to Syria will be blocked.
• All financial credit dealings with Syria are to be halted.
Turkey's list of sanctions followed a similar package by the Arab League. They were announced by Ahmet Davutoglu, the foreign minister, who told reporters during a televised statement in Ankara that Syria's government had ignored all appeals for reform and left the international community with no choice but to act.
Mr Davutoglu stressed the sanctions were designed to hurt the regime, not the people.
"We strongly believe that we will share a joint future with the Syrian people and that we will build this joint future together," he said.
Turkey will cut relations with Syria's central bank, freeze loan agreements with the government, stop cooperation with Syria's trade bank and suspend financing of infrastructure projects by Turkey's foreign trade bank.
Mr Davutoglu also said Syrian officials involved in the violence against protesters would be barred from Turkey and their assets frozen. Similar steps would be taken against Syrian businessmen known as supporters of the regime.
Turkey also suspended the High Level Strategic Cooperation Council with Syria, a body that had ensured cooperation between the governments before the start of the uprising against Mr Al Assad in March.
Mr Davutoglu's list of sanctions included Turkey's earlier decision to stop arms sales and to block delivery of weapons.
Political reform was the only way the Syrian government could "save itself from the dead-end street" it had entered by relying on violence, he said.
"We are concerned about the Syrian people and about the region," Mr Davutoglu said.
Ankara has been sceptical of sanctions in other cases, such as the row over Iran's nuclear programme, arguing they are a blunt, largely ineffective weapon.
That makes this decision all the more remarkable, said Semih Idiz, a foreign policy columnist for Turkey's Milliyet newspaper.
"It is the first time that Turkey goes along with sanctions. The government has so far been against the principle of sanctions," Mr Idiz told The National yesterday. "The sanctions are very much in line with the Arab League, and that shows that Turkey is not acting unilaterally, but multilaterally."
Mr Davutoglu's insistence that the sanctions are directed only against the government in Damascus, and not against the people of Syria, came after another minister had talked about possibly cutting water and electricity supplies to Syria.
Taner Yildiz, the energy minister, said last month that Turkey was considering cutting energy exports to Syria.
But President Abdullah Gul, who was consulted on the sanctions along with Recep Tayyip Erdogan, the prime minister, told reporters yesterday that water and electricity supplies would not be affected by the sanctions.
"Turkey is very careful here," Mr Gul said at a news conference. "Vital and humanitarian issues like water and power will not be included in those measure. I want the whole world and the Syrians to know this."
Trade between Turkey and Syria was US$2.8 billion (Dh10.2bn) last year; Turkish exports to Syria accounted for $1.8bn of that. Turkish companies doing business with Syria have warned that sanctions could hurt the Turkish side as well.
Mr Erdogan's government has grown increasingly critical of the Syrian regime, culminating last week with him calling for Mr Al Assad to resign.
Ankara has also stepped up its support for the Syrian opposition in exile, allowing the Syrian National Congress (SNC) to be established in Istanbul and offering protection to Syrian army defectors who have set up the Free Syrian Army (FSA) fighting against government troops inside Syria. Members of the SNC and the FSA met in a camp in Hatay, on the Turkish side of the countries' border, this week, a Turkish diplomat said.
The Turkish-based English language daily Hurriyet Daily News reported that the SNC offered its support to the defectors.
tseibert@thenational.ae
The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
Company%C2%A0profile
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs: 2017 GMC Sierra 1500 Denali
Price, base / as tested Dh207,846 / Dh220,000
Engine 6.2L V8
Transmission Eight-speed automatic
Power 420hp @ 5,600rpm
Torque 624Nm @ 4,100rpm
Fuel economy, combined 13.5L / 100km
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Zombieland: Double Tap
Director: Ruben Fleischer
Stars: Woody Harrelson, Jesse Eisenberg, Emma Stone
Four out of five stars
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
The%20Roundup
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The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
Jawan
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAtlee%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Nayanthara%2C%20Vijay%20Sethupathi%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5