Buildex Exhibition Reveals Strong Regional and International Interest in Syria’s Reconstructionhttps://english.aawsat.com/business/5149315-buildex-exhibition-reveals-strong-regional-and-international-interest-syria%E2%80%99s
Buildex Exhibition Reveals Strong Regional and International Interest in Syria’s Reconstruction
Participants preparing to enter the venue of the “Buildex” exhibition in Damascus (SANA)
Damascus has hosted the 22nd edition of the International Building Exhibition “Buildex,” its first since the fall of Bashar al-Assad’s regime in December 2024.
The event drew strong participation and visitor turnout, signaling renewed interest in Syria’s reconstruction. More than 740 companies took part, including 490 local firms and 250 international companies from 39 countries. The exhibition was held at the new fairgrounds near Damascus International Airport.
Notably, Turkish, Saudi, and Jordanian companies led the foreign participation, with Türkiye contributing over 150 firms, by far the largest foreign presence. Saudi Arabia and Jordan followed with 28 companies each, while China participated with 10.
In contrast, companies from Iran and Russia, once dominant at the exhibition, were entirely absent. This shift reflects the waning influence of both countries following Syria’s political transformation.
Exhibitors represented sectors including construction materials, engineering, renewable energy, real estate development, water technology, and banking. Organizers described the exhibition as the largest economic event since sanctions on Syria were lifted by the US and European Union.
In comments to Asharq Al-Awsat, Ilama Matar, International Marketing Manager at the Arab Group for Exhibitions, said this was the “first edition after liberation.”
She noted that during the war, only two limited editions were held in 2023 and 2024. She called the Saudi presence particularly important, with Al-Ojaimi Industrial Group - a major Saudi company in the electrical sector - serving as the main sponsor.
B2B meetings were primarily held between Syrian, Saudi, and Jordanian companies, focusing on material supply chains and import logistics. Matar said some companies came only as visitors due to lack of available space.
“The energy here shows that Syria is open for business,” Matar said. “This is the first major event after sanctions were lifted, and companies are moving quickly to enter the market.”
Among the participating Saudi firms were United Transformers Electric Company, Plus Cable, Middle East Specialized Cables, and Sulfur Middle East Group. Executive Director Al-Baraa Abdel Jabbar Nuwair said their goal was to support Syria and contribute to rebuilding. “The turnout and excitement exceeded expectations,” he said.
Marketing Manager Ahmad Hammadeh of Middle East Specialized Cables said the company aims to explore export opportunities and showcase its infrastructure expertise. “We’ve helped build major airports, and we believe there’s potential for similar projects here.”
The exhibition, which opened May 27, was held under the patronage of Syria’s Ministries of Economy, Industry, and Public Works.
Austria Seeking Digital Partnerships, Joint Investments with Saudi Arabiahttps://english.aawsat.com/business/5313920-austria-seeking-digital-partnerships-joint-investments-saudi-arabia
Austrian State Secretary at the Federal Chancellery for Digital Affairs, Constitution and Public Service Alexander Pröll, LL.M., and Saudi Minister of Communications and Information Technology Abdullah Alswaha at LEAP 2026 in Riyadh. (Asharq Al-Awsat)
Austria Seeking Digital Partnerships, Joint Investments with Saudi Arabia
Austrian State Secretary at the Federal Chancellery for Digital Affairs, Constitution and Public Service Alexander Pröll, LL.M., and Saudi Minister of Communications and Information Technology Abdullah Alswaha at LEAP 2026 in Riyadh. (Asharq Al-Awsat)
Saudi-Austrian relations are heading toward a new phase that transcends political and diplomatic cooperation into viable commercial and research partnerships, as well as executable digital projects. This shift places an increasing focus on artificial intelligence, digital government, secure and sovereign digital infrastructure, applied research, and industrial technology.
Austrian State Secretary at the Federal Chancellery for Digital Affairs, Constitution and Public Service Alexander Pröll, LL.M., told Asharq Al-Awsat that his country was seeking “to help translate the political relationship into concrete business and research partnerships”.
Pröll is in Saudi Arabia to take in the LEAP 2026 conference in Riyadh.
“Meeting directly with Saudi ministers gives us the chance to talk frankly about where our two digital agendas overlap and where we can genuinely work together,” he added.
He hoped that the relationships built this week turn into real projects over the coming months.
Austrian State Secretary at the Federal Chancellery for Digital Affairs, Constitution and Public Service Alexander Pröll during a dialogue session at LEAP 2026. (Asharq Al-Awsat)
Saudi-Austrian relations
Pröll said: “Saudi Arabia and Austria have a long-standing and friendly relationship, and I see real momentum building specifically in the digital and technology space.”
“Both our countries are pursuing ambitious, government-led digital transformation agendas - Vision 2030 on the Saudi side, and on ours a clear push toward digital sovereignty, from our Public AI Initiative and our Chatbot ‘ida’ for the federal administration, GovGPT, to our digital identity system, ID Austria,” he went on to say.
“That gives us a genuinely shared language: both countries understand digitalization not just as a technology question, but as a question of capability, resilience and sovereignty.”
The delegation at LEAP 2026 “brings together such a broad Austrian delegation - our national research institution, our federal infrastructure and telecom regulatory bodies, and leading companies in cloud infrastructure and engineering technology - is itself a sign of how seriously we take this partnership,” he noted.
LEAP: From dialogue to projects
Commenting on LEAP, Pröll said: “It is one of the very few platforms where you can have serious conversations with governments, researchers and industry from across the world in the space of a few days.”
“My first objective is to present Austria's approach to digital sovereignty and responsible AI to an international audience - what we have built with GovGPT, our Public AI initiatives, and our push for a European approach to digital infrastructure - and to learn from what Saudi Arabia has achieved at a pace and scale that few countries can match,” he stressed.
“We have brought the heads of our national research institution, our federal real estate and infrastructure company, our telecoms and media regulator, and companies active in cloud and data infrastructure and in engineering and mobility technology. My objective is to open doors for them - to introduce them to the right Saudi counterparts, in government and in industry, and to help translate the political relationship into concrete business and research partnerships,” he said.
AI’s ‘immediate potential’
Pröll said AI is probably the area where he sees the most “immediate potential”.
“Digital government is a good example: we have built GovGPT as a tool to make our public administration more efficient and more accessible, and Saudi Arabia has invested heavily in digitizing government services at scale - there is a lot we can learn from each other on implementation, on user adoption, on what actually works,” he stated.
“On data infrastructure, Austria is investing significantly in expanding our own sovereign compute capacity, and Saudi Arabia is building some of the most ambitious digital infrastructure projects in the world. That is an area where I would like to explore how Austrian expertise - in engineering, in energy-efficient and secure infrastructure - can be part of that story,” he told Asharq Al-Awsat.
Austrian State Secretary at the Federal Chancellery for Digital Affairs, Constitution and Public Service Alexander Pröll during a dialogue session at LEAP 2026. (Asharq Al-Awsat)
AI governance
Pröll raised the question of responsible and trustworthy AI. “I've argued, including at the UN Global Dialogue on AI Governance, for a binding international framework for AI governance,” he said.
“I don't see that as a brake on innovation. I see trust as a precondition for AI to be adopted at scale, by citizens and by businesses,” he continued.
“I would like Saudi Arabia and Austria to be part of that conversation together, alongside our work on AI research through institutions, like our Austrian Institute of Technology,” he stressed.
Partnerships and investment
Pröll said that opportunities for Saudi and Austrian companies are not limited to exchanging expertise, but extend to joint research and development, projects, and direct investments.
“Each of the organizations travelling with me brings something specific to the table. Our national research institution works on applied AI, data infrastructure and technology research, and is a natural partner for joint R&D with Saudi research institutions and universities,” he went on to say.
“Our federal real estate company manages public infrastructure at national scale and has real expertise to offer on developing the physical infrastructure that digital and data projects need. Our telecoms and broadcasting regulator can offer a regulatory dialogue on everything from spectrum to platform governance, which becomes more important as both our digital sectors grow,” he noted.”
“We have a company specializing in cloud and data center infrastructure that is actively looking at international markets, and a global engineering technology company with deep expertise in powertrain, mobility and simulation technology that is highly relevant to Saudi Arabia's industrial diversification and mobility ambitions,” he added.
Pröll said: “My hope is that this visit is the start - that these meetings lead to concrete pilot projects, business partnerships, and where it makes sense, direct investment in both directions.”
“I see Austrian companies as reliable, high-quality partners for the technology ambitions of Vision 2030, and I hope Saudi partners will see the same potential we do.”
Austrian State Secretary at the Federal Chancellery for Digital Affairs, Constitution and Public Service Alexander Pröll at LEAP 2026. (Asharq Al-Awsat)
Beyond AI
Pröll added that technological cooperation between Austria and Saudi Arabia does not stop at artificial intelligence, pointing to significant potential in quantum technologies and quantum communications.
“Austria has a strong research base in quantum computing and quantum communication, and this is a field where early cooperation between countries can shape the next decade of technological competitiveness,” he explained.
Cybersecurity is another: as our societies digitize, protecting that infrastructure becomes as important as building it, and it's an area where regulatory and technical cooperation go hand in hand,” he revealed.
He also pointed to mobility and engineering technology, “where Austrian companies are global leaders in powertrain development, simulation and testing - directly relevant to Saudi Arabia's ambitions in advanced manufacturing and future mobility.”
Beyond LEAP
Pröll stressed that the most critical step following the Riyadh visit is to ensure that the momentum does not stall once the conference concludes.
“I would like to see this visit translate into a structured, ongoing dialogue - regular contact between our ministries and agencies, and a clear framework for cooperation that the companies and institutions in this delegation can build on,” he said.
“Concretely, I would welcome the chance to follow up with a Saudi delegation visiting Austria, so our partners can see firsthand what we have built and continue these conversations on our home ground,” he remarked.
“What matters most to me is that the relationships built this week don't stay at the level of good intentions, but turn into real projects - in research, in infrastructure, in AI governance - over the coming months,” he added.
Chevron Expands Venezuela Bet with $7 Billion Plan to Double Output in Five Years https://english.aawsat.com/business/5313846-chevron-expands-venezuela-bet-7-billion-plan-double-output-five-years
In this file photo taken on Jan. 26, 2022, the Chevron logo is displayed at a gas station in El Segundo, California. (AFP/Getty Images)
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Chevron Expands Venezuela Bet with $7 Billion Plan to Double Output in Five Years
In this file photo taken on Jan. 26, 2022, the Chevron logo is displayed at a gas station in El Segundo, California. (AFP/Getty Images)
Chevron will invest more than $7 billion to double its crude output from Venezuela to about 600,000 barrels per day in the next five years, as part of a plan to expand joint ventures with state company PDVSA following an energy reform.
The US oil major's expansion, announced on Wednesday, is the culmination of several months of negotiation conducted separately from Washington's announcement of an unprecedented deal to take majority control of about 65 billion barrels of Venezuela's oil reserves.
Venezuela has the world's largest oil reserves, but years of mismanagement, corruption, under-investment and US sanctions have severely weakened its oil industry.
Production peaked at more than 3 million barrels per day in the late 1990s before declining sharply. In recent months it has been around 1.1 million to 1.2 million bpd.
Chevron's expanded agreement gives it the right over nearly half of that production. Lately, it has produced around 290,000 bpd of crude, all of it exported to the US.
The agreements provide enhanced fiscal, commercial and legal terms and include additional acreage in Venezuela's Orinoco Belt, Chevron said.
US PUSHES ENERGY INVESTMENT
Following the US capture and removal of Venezuelan President Nicolas Maduro from office in January, US President Donald Trump has pushed a $100 billion reconstruction plan for Venezuela's energy sector, urging US oil companies to invest in the country.
While Chevron's Venezuela operations have continued uninterrupted for at least 100 years, fellow oil producers ExxonMobil and ConocoPhillips have remained on the sidelines.
Both companies exited the country in 2007 when their assets were nationalized under the previous government of President Hugo Chavez.
Chevron said the investment would support production growth at its three Venezuelan joint ventures, which have increased output by 15% so far this year. Total costs are expected to remain below $20 per barrel, the company said.
Chevron's Petroindependencia joint venture, in which it holds a 49% stake, received rights to develop two new areas in Venezuela's Orinoco Belt, expanding its operations in the region.
"Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades," said Chevron CEO Mike Wirth.
Chevron has operated in Venezuela since 1923 and has three joint ventures in the country. Petroindependencia and Petropiar operate in the Orinoco Belt, while Petroboscan operates in western Zulia state.
The expanded acreage and improved terms give Chevron a larger position in Venezuela as the US oil major seeks to increase production from the country's vast extra-heavy crude resources.
Italy's Eni, India's ONGC, Colombia's GeoPark and US firm GE Vernova are also expected to sign agreements for energy projects in Venezuela this week.
Winter Tests European Energy Security... Algeria Advances to the Forefronthttps://english.aawsat.com/business/5313767-winter-tests-european-energy-security-algeria-advances-forefront
Winter Tests European Energy Security... Algeria Advances to the Forefront
Pipes at the landfall facilities of the “Nord Stream 1” gas pipeline are pictured in Lubmin, Germany, March 8, 2022. (Reuters)
Europe is approaching winter facing a more complex gas equation than in previous years: lower-than-usual inventories, prices that have surged to levels the market has not witnessed in years, and disrupted Qatari supplies due to the war in the Middle East, all while Brussels moves forward with phasing out Russian gas.
At the heart of this equation, Algeria emerges as one of the most critical available alternatives, particularly for European countries bordering the Mediterranean, while Germany is moving more seriously for the first time to secure long-term contracts for Algerian gas.
Europe’s primary concern is not an immediate gas shortage, but a narrow safety margin ahead of the heating season, with EU inventories at approximately 64.7 percent in early September and Germany in a particularly vulnerable position. Simultaneously, the benchmark Dutch TTF gas price climbed to roughly 69.90 euros per megawatt-hour - its highest level since January 2023 - amid rising anxieties over liquefied natural gas (LNG) supplies from the Gulf.
The sensitivity of the situation is heightened because the European market does not only need to fill its storage facilities before winter, but must do so at a time when Asia is competing for the exact same shipments of LNG, making any additional supply shortfall even more costly.
01 September 2026, Algeria, Algier: Johann Wadephul (L), German Foreign Minister, meets with Abdelmadjid Tebboune, President of Algeria. (dpa)
Algeria enters the spotlight
In this scene, Algeria is advancing to the forefront of the European scene as a nearby supplier capable of providing gas through pipelines, alongside LNG shipments.
During his visit to Algeria on Tuesday, German Foreign Minister Johann Wadephul said his country wants to negotiate long-term gas contracts with Algeria, stressing that diversifying supply sources has become a necessity and that Algeria represents a reliable source that can help meet Germany’s needs.
The German move does not come from a vacuum; Germany’s VNG and Algeria’s company Sonatrach signed a new gas supply contract in July, with deliveries scheduled to begin in 2027, as part of expanding and diversifying the German company's portfolio of gas sources.
Germany and Algeria underscored the importance of their energy partnership in July, expressing mutual interest in increasing gas supplies and cooperating on the Southern Hydrogen Corridor project. This collaboration reflects a strategic effort to establish an enduring energy relationship that extends beyond short-term supply security.
Why Algeria?
Algeria is gaining increasing importance in the European energy security equation, not only as a primary supplier of gas but also due to its weight in the oil market as a member of the Organization of the Petroleum Exporting Countries (OPEC) since 1969, producing around one million barrels per day of crude oil, including high-quality Sahara Blend. Alongside its oil wealth, Algeria possesses around 4.5 trillion cubic meters of proven natural gas reserves, cementing its position as the largest gas producer in Africa and providing a resource base capable of supporting its role as a long-term supplier to global markets.
Algeria's importance to Europe is magnified by its geographic proximity to the continent's markets and its existing export infrastructure, which includes pipelines and LNG networks. These advantages allow Algeria to respond to shifts in European demand more rapidly than suppliers that require massive investments and new infrastructure before increasing their deliveries.
The vast scale of the European market reveals both the scope of the opportunity and the challenge facing Algeria simultaneously. European Union natural gas consumption reached around 339 billion cubic meters in 2025, while domestic production did not exceed 33 billion cubic meters, leaving the continent heavily dependent on imports.
US President Donald Trump during a visit to a liquid natural gas export terminal in Louisiana. (Reuters)
With European demand projected to decline by more than 2 percent in 2026, the primary issue is not consumption growth, but rather securing supplies and diversifying their sources, particularly as Europe continues to reduce its reliance on Russian gas.
Algeria already plays a pivotal role in supplying southern Europe, particularly Italy and Spain, while Germany seeks to secure a share of Algerian supplies as part of its efforts to diversify gas sources and reduce reliance on traditional suppliers. The movement of Algerian flows to Europe reveals flexibility in directing exports according to market needs; while some flows to Italy declined, supplies heading to Spain rose, reinforcing Algeria's role in balancing the European market.
However, this importance does not mean that Algeria is capable on its own of filling the gap left by the decline of Russian supplies or any potential shortfall in Qatari deliveries. The scale of Algerian production and export capacities is insufficient to fully compensate for these supplies. Consequently, the European wager on Algeria is not based on replacing one supplier with another, but rather on a gradual reshaping of the European energy map, diversifying supply sources, and reducing the risks of relying on any single provider.
3D-printed oil pump jacks and the QatarEnergy logo appear in this illustration taken March 2, 2026. (Reuters)
Qatar absent at the worst time
The larger issue for Europe is that Qatar, which has been one of the world's most critical sources of LNG, is absent from the market at a time when the continent needs every possible additional shipment.
According to Reuters data, Qatar's LNG exports fell by around 96 percent during the first six months of the US-Israel war on Iran, with the number of shipments leaving Qatar dropping to just 18, compared to 509 during the same period last year.
This is no longer limited to a temporary disruption; QatarEnergy has extended the suspension of gas shipments to Italy’s Edison until early November, resulting in the cancellation of five additional shipments. This brings the total number of suspended shipments to 29, equivalent to around 3.8 billion cubic meters of gas.
Herein lies the paradox: Europe is entering the phase of replenishing its inventories, while one of the world's largest suppliers of LNG is unable to return to the market at full capacity.
Russia leaving the picture but not fast enough for Europe
On the opposing side, Europe is moving forward along the political and legal path to end its reliance on Russian gas. The European Union has adopted a gradual plan to ban Russian gas imports, with a full ban on long-term liquefied natural gas contracts set to begin in January 2027, and pipeline gas contracts facing a ban by September or November 2027 at the latest.
Russian gas remains present in the European market despite EU efforts to reduce reliance on it. EU countries imported over 16 percent more Russian liquefied natural gas during the first half of 2026 compared to the same period last year, totaling approximately 5.96 billion euros (USD$6.9 billion), with France, Belgium, and Spain leading as the top importers according to data from the German non-profit organization Urgewald.
These figures reflect the continued reliance of some European markets on Russian gas during the transitional phase, even as the EU moves toward a gradual phase-out of these imports and the diversification of its supply sources. This reveals the contradiction facing Europe: a political decision to eliminate Russian gas versus an ongoing market need for supplies before alternative options are fully realized.
An LNG (Liquefied Natural Gas) ship loads gas to a cruise ship in Barcelona, Spain, January 29, 2024. (Reuters)
Market prices the risk
This equation was directly reflected in prices as the Dutch TTF gas contract rose to approximately 69.90 euros per megawatt-hour on September 1, marking a 4.4 percent increase in a single session. Market data indicates that European gas prices have surged by more than 130 percent since the beginning of the year.
Most importantly, the price curve itself reflects anxiety regarding the winter season, as near-term prices have become higher than some futures contract prices. This phenomenon, known as backwardation, means the price of a commodity for immediate or near-term delivery is higher than its price for future delivery, which weakens the economic incentive for traders to store large quantities of gas now, despite Europe’s need for it ahead of winter.
In the most severe scenario, European gas prices could exceed 100 euros per megawatt-hour if LNG supplies from the Middle East remain limited and competition with Asian buyers intensifies.
Winter is the real test
Therefore, the European question this winter will not be: Is there gas in the market? Rather, it will be: Is there enough gas at a price that Europe can afford?
Europe today possesses more diverse sources than it did during the 2022 crisis, with increased reliance on Norway, the United States, and Algeria, alongside the expansion of infrastructure to receive liquefied natural gas. However, this new flexibility has not eliminated the market's sensitivity to geopolitical shocks.
Europe requires substantial volumes of US LNG to offset a portion of the shortfall, but the US itself faces growing domestic gas demand, particularly with the expansion of data centers and artificial intelligence, while US gas exports cannot be increased indefinitely at a rapid pace. In July, Europe received 4.76 million tons of US gas, compared to 3.32 million tons that went to Asia.
A pressure gauge is pictured at a Gaz-System gas compressor station in Rembelszczyzna outside Warsaw October 13, 2010. (Reuters)
Algeria is an important, not a sole alternative
Algeria is therefore acquiring increasing strategic importance. It is located close to Europe, possesses existing pipelines, and has extensive experience in gas exports, while it has already begun expanding its relations with European companies.
However, the European wager on Algeria does not mean the country can single-handedly fill the supply gap left by Russia and Qatar. New German demand for Algerian gas and emerging contracts reflect a broader strategic shift toward diversifying suppliers and minimizing reliance on any single source.
Ultimately, Europe's ability to safely navigate the winter will be determined by three interconnected factors: the volume of available supplies, the speed of inventory replenishment, and the severity of winter temperatures. If a cold winter coincides with the continued absence of Qatari gas and weak Russian supplies, Europe may find itself forced to pay higher premium prices to attract global shipments, while Algeria, Norway, the US, and other sources become central to the battle to secure every additional unit of gas.
So, the upcoming European gas crisis does not appear to be a mere storage issue, but rather a test of the new system built by Europe following the collapse of the Russian gas model; a system that is more diversified, yet more exposed to global prices, Asian competition, and geopolitical shocks.
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