Latest news with #MohammadAlShaar
The National
09-06-2025
- Business
- The National
UAE's Al Habtoor Group explores investment opportunities in Syria
The billionaire Emirati entrepreneur Khalaf Al Habtoor is heading to Syria to explore new investment opportunities as the country opens up its economy following the lifting of US and EU sanctions. The founding chairman of the Dubai-based conglomerate Al Habtoor Group will lead a delegation of senior executives from the company to the war-ravaged Arab nation in the coming days, Al Habtoor Group said in a statement on Monday. 'Syria is a country rich in culture, history, and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment,' Mr Al Habtoor said. The Syrian economy has been devastated by the civil war, with the UN's Development Programme estimating cumulative losses – including physical damage and economic deprivation – at more than $923 billion at the end of last year. The estimated cost of reconstruction of the country, including critical road infrastructure, ports, aviation facilities and housing, will be somewhere between $250 billion and $500 billion, according to experts. In a recent interview with Wam, Mohammad Al Shaar, Syria's Minister of Economy and Industry, estimated the total cost of reconstruction at $1 trillion. 'As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies,' Mr Al Habtoor said on Monday. The move come as Gulf countries as well as Turkey announce new investments in Syria after US President Donald Trump announced the removal of sanctions on the country last month during his Gulf visit. Dubai-based DP World is among the regional companies that have taken the lead in Syrian investments, with an $800 million deal to develop the port of Tartus. A consortium of companies from Turkey, Qatar and the US have also committed to invest $7 billion in Syria's energy sector to build new power plants to help the country overcome power shortage. Saudi Arabia and Qatar also paid $15.5 million to the World Bank to clear Syria's arrears and pave the way for Washington lender's support for Damascus. The UNDP is also planning to support Syria with $1.3 billion in funding over three years to rebuild its infrastructure and back digital start-ups. Set up by Mr Al Habtoor in 1970, Al Habtoor Group is active in multiple sectors, including hospitality, automotive, real estate, education, insurance and publishing, in the UAE and in international markets such as London, Vienna, Budapest, Beirut and the US. Earlier this year, Mr Al Habtoor said he would cancel all planned investments in Lebanon due to lack of security and stability in the country.
Arab News
05-06-2025
- Business
- Arab News
Saudi Arabia and Syria explore investment cooperation in bid to boost economic integration
RIYADH: Saudi Arabia and Syria are set to advance economic cooperation following a virtual meeting between the Kingdom's Minister of Investment Khalid Al-Falih and the Middle Eastern country's Minister of Economy and Industry Mohammad Al-Shaar. The two sides reviewed prospects for investment partnerships and discussed opportunities to expand collaboration in both public and private sectors, according to a report by the Saudi Press Agency. The discussions focused on promoting high-quality investments across productive and service industries, with the goal of supporting Syria's economic development and enhancing regional financial integration. The meeting also examined ways to build a favorable environment for cross-border investments that can contribute to long-term stability. Syria is undertaking significant efforts to revive its economy following years of conflict. The transitional government, led by President Ahmed Al-Sharaa, has initiated reforms, including the privatization of state enterprises, the lifting of import restrictions, and the encouragement of foreign investment. Notable developments encompass a $7 billion energy infrastructure agreement with a Qatari-led consortium, the reopening of the Damascus Securities Exchange, and a $300 million fiber-optic project involving Gulf telecom firms. 'Al-Falih emphasized the importance of creating an enabling environment for expanding regional investment partnerships,' SPA said. He added that Saudi Arabia is keen to assist in stabilizing and developing the Syrian economy, which he described as essential for serving mutual interests and promoting regional economic prosperity. Additionally, the Kingdom and Qatar have pledged financial support for Syrian public sector salaries in May. These initiatives, alongside the easing of Western sanctions, aim to stabilize the economy and attract international investment. The talks are part of broader Saudi efforts to expand its global investment footprint and strengthen economic ties across regions. In May, Saudi Foreign Minister Prince Faisal bin Farhan visited Damascus, where he met Al-Sharaa and pledged Saudi-Qatari support for Syria's public sector, with a particular focus on energy and infrastructure investments. The Kingdom has also ramped up high-level international engagements this year. Minister of Finance Mohammed Al-Jadaan participated in the Saudi-US Investment Forum in Riyadh in May to discuss cross-border investment opportunities. In April, Al-Jadaan met with Pakistan's Finance Minister Muhammad Aurangzeb in Washington to deepen financial and economic cooperation. Additionally, Minister of Economy and Planning Faisal Alibrahim signed a memorandum of understanding with Spain on May 22 to promote trade diversification and new investment opportunities. Alibrahim also represented Saudi Arabia at the World Government Summit in Dubai in February to advance Vision 2030 partnerships.
