Saudi Fund to Speed Syria Recovery with Up to $1.5 Bln Financing

Delegation from the Saudi Fund for Development meets Syrian Finance Minister Mohammed Yisr Barnieh (Syrian Finance Ministry)
Delegation from the Saudi Fund for Development meets Syrian Finance Minister Mohammed Yisr Barnieh (Syrian Finance Ministry)
TT

Saudi Fund to Speed Syria Recovery with Up to $1.5 Bln Financing

Delegation from the Saudi Fund for Development meets Syrian Finance Minister Mohammed Yisr Barnieh (Syrian Finance Ministry)
Delegation from the Saudi Fund for Development meets Syrian Finance Minister Mohammed Yisr Barnieh (Syrian Finance Ministry)

A delegation from the Saudi Fund for Development, headed by its chief executive Sultan bin Abdulrahman Al-Marshad, discussed proposed priority projects in Syria’s electricity and water sectors with Syrian Energy Minister Mohammed al-Bashir and other ministry officials.

Four projects worth $250 million were presented, part of a broader list of projects across various sectors to be financed by the fund in phases, with total funding potentially reaching $1.5 billion.

Al-Marshad told Asharq Al-Awsat that development agreements to finance priority projects in vital sectors would be signed with the Syrian government “soon.”

The talks are part of a three-day visit to Syria that began on Tuesday, during which the delegation is holding meetings with several ministers and heads of public bodies to discuss priority development projects and the fund’s contribution to economic and social development in Syria, as well as support for stability.

The delegation began its meetings on Wednesday with a visit to the headquarters of the Energy Ministry in Damascus. According to a ministry statement, discussions focused on priority projects proposed in the electricity and water sectors, as part of coordination to identify areas that could be supported in the next phase.

The delegation later held an expanded meeting with Energy Ministry aides, including Ibrahim al-Adhan, for planning and institutional excellence, and with Osama Abu Zeid for water resources, attended by officials from the electricity, water, and sanitation sectors.

During the meeting, a package of service and development projects was reviewed to determine the ministry’s priorities ahead of moving to subsequent coordination and implementation stages.

The proposed projects include maintenance of the Aleppo thermal power plant to restore it to full production capacity, the supply and installation of prepaid smart water meters for institutions across all provinces, a project to convey Euphrates water from Deir el-Zor in eastern Syria to the Tadmor and Hasiya areas in Homs province, and an irrigation project for the plains of al-Bab and Tadef in northern Aleppo countryside, aimed at improving water resources and supporting the agricultural sector.

The ministry stated that the visit is part of efforts to define its requirements, noting that a subsequent meeting will be held with the Ministry of Finance to finalize coordination and select the priority projects to be supported.

In a separate statement to Asharq Al-Awsat, Al-Marshad said the visit aims to explore opportunities for development cooperation between the Saudi Fund for Development and Syria across various sectors. He said discussions are focused on financing priority projects and supporting economic and social development in Syria.

Al-Marshad said development agreements with the Syrian government to finance priority projects in vital sectors would be signed in the near future.

For his part, Energy Ministry aide for water resources Osama Abu Zeid told Asharq Al-Awsat that the proposed projects are “important and urgent to achieve early recovery and improve services for the Syrian people.”

He stated that the rehabilitation of the al-Bab and Tadef irrigation project would irrigate more than 6,600 hectares, while rehabilitating the Aleppo thermal power plant would increase electricity generation capacity by up to 600 kilowatts.

He said the rehabilitation of water stations in villages and towns destroyed during the war includes restoring 157 stations, while the supply of prepaid smart water meters would help rationalize consumption and improve water services.

Abu Zeid stated that the total value of the projects amounts to $250 million, noting that there has been positive engagement from the Saudi Fund for Development, and that funding is expected to be approved soon after the administrative procedures are completed.

The Saudi Fund for Development delegation, led by Al-Marshad, also met Syrian Finance Minister Mohammed Yisr Barnieh on Tuesday to discuss the provision of concessional financing with a high grant component to support government projects in vital sectors.

In a post on LinkedIn, Barnieh expressed hope that an agreement would be reached by the end of the visit on a list of projects to be financed in phases, with a total value potentially reaching $1.5 billion.

According to Barnieh, the projects primarily focus on the health and education sectors through the rehabilitation and equipping of hospitals and schools, as well as projects in the energy and water sectors, including electricity substations and water treatment facilities, alongside housing, disaster management, and telecommunications projects.

The projects also include financing support for a large number of micro, small, and medium-sized enterprises, helping to create productive job opportunities in several development areas.

Barnieh said he presented an initial overview outlining needs and proposed projects, prepared in cooperation with several ministries, governorates, authorities, and institutions, within the framework of a workshop organized by the Finance Ministry earlier this week in support of the “Syria Without Camps” initiative.

The Saudi Fund for Development delegation also met with Health Minister Musaab al-Ali to discuss financing and support for vital health projects within the ministry’s 2026-2028 plan, as well as with Education Minister Mohammed Abdulrahman Turko to discuss enhancing cooperation in education and improving the educational process in Syria.

The fund stated on Tuesday that the visit highlights the importance of development cooperation between the two sides in supporting the sustainable development goals and development initiatives in Syria.

Since its establishment in 1974, the fund has contributed to development projects in over 100 developing countries, financing more than 800 projects and programs worth over $22 billion.

Saudi Arabia has continued to provide extensive support to Syria across multiple sectors following the ouster of former president Bashar al-Assad on Dec. 8, 2024.

Mohammed Hamza, head of the Syrian General Authority for Exhibitions and International Markets, said during his participation as guest of honor at the “Made in Saudi Arabia” exhibition held from Dec. 15 to 17 that Saudi investments in Syria exceeded $6.6 billion in 2025 across various sectors.



Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
TT

Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty

Iraq is studying alternative measures to export crude oil after disruptions to the process amid the US-Israeli war against Iran. At the same time, the country intends to continue producing crude oil at a level of 1.4 million barrels per day.

Iraqi Oil Minister Hayyan Abdul Ghani told the official television channel Al-Iraqiya News that oil exports account for 90 percent of Iraq’s revenues, and that the ministry has decided to continue producing crude oil at 1.4 million barrels per day.

He emphasized that the production and supply of petroleum products to meet domestic demand have not stopped.

He added that refineries are operating at full design capacity to cover local needs, and that sufficient quantities of liquefied gas are available to fully meet domestic needs.

Regarding exports, he explained that the export process has stopped in the south, prompting the government to search for possible alternatives to export crude oil. He revealed that an agreement is close to being signed to export oil through the Turkish Ceyhan pipeline.

Abdul Ghani added that the ministry has prepared a comprehensive plan to manage the current phase, particularly after the new circumstances in the Strait of Hormuz, noting that a plan has been activated to transport 200,000 barrels per day by tanker trucks through Türkiye, Syria, and Jordan.

In a separate context, the oil minister denied that tankers targeted in Iraqi waters belonged to Iraq, explaining that they were not Iraqi vessels and were carrying naphtha.

Iraq recently lost its entire oil export capacity of 3.35 million barrels per day after Iran closed the Strait of Hormuz following escalating conflict in the region.

Iraq relies on crude oil sales for about 95 percent of its revenues to meet the needs of the country’s annual federal budget. This means that the country would face a critical situation if the conflict in the Gulf region and the Strait of Hormuz continues.


Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
TT

Gold Set for Weekly Drop as Oil Price Surge Weighs on Rate-cut Hopes

FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith weighs gold jewelry inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Gold prices were on track for a second consecutive weekly drop, despite edging up on Friday, as surging energy prices due to the Middle East war dimmed prospects for near-term US interest rate cuts.

Spot gold was up 0.3% at $5,095.55 per ounce, as of 0633 GMT on Friday. US gold futures for April delivery fell 0.1% to $5,100.20.

The US 10-year Treasury yields eased, increasing the appeal of the non-yielding bullion. Bullion, however, has ‌lost more ‌than 1% so far this week. Since the war ‌started ⁠on February 28, ⁠it has dropped over 3% so far.

Fears of inflation and questions about the Federal Reserve's ability to cut interest rates if high oil prices persist are somewhat counteracting gold's appeal, said Tim Waterer, KCM Trade chief market analyst.

"Given the ongoing uncertainty about the duration and scope of the conflict in the Middle East, I expect gold to remain on the ⁠radar for investors as a safety play." Heightening geopolitical ‌tensions, Iran's Supreme Leader Mojtaba Khamenei said ‌on Thursday that Tehran will keep the strategic Strait of Hormuz closed as ‌leverage against the US and Israel, which has stoked concerns about ‌global energy supply and risk assets.

Oil prices rose above $100 a barrel, as attacks on oil tankers in the Gulf and warnings from Iran shattered prospects of quick de-escalation in the Middle East conflict. As oil prices surged, US President Donald ‌Trump again demanded Fed Chair Jerome Powell cut interest rates.

Traders, however, expect the Fed to keep rates ⁠steady in the current ⁠3.5%-3.75% range at the end of its two-day meeting on March 18, according to CME Group's FedWatch tool. While recent inflation data suggest price growth is under control, the war and the resulting spike in crude prices have yet to filter through the data.

Investors are awaiting the release of the delayed January Personal Consumption Expenditures Index, expected on Friday. Gold discounts in India widened this week to their deepest point in nearly a decade as demand stayed subdued and some traders steered clear of paying import duties, while the escalating Middle East war boosted safe-haven demand in China.

Spot silver was down 1% at $82.91 per ounce. Spot platinum lost 1% to $2,111.45 and palladium fell 1% to $1,603.


Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
TT

Iran War and Rising Fuel Costs Could Boost Panama Canal Traffic, Administrator Says

A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)
A cargo ship sails under Las Americas bridge through the Panama Canal, in Panama City, Thursday, March 12, 2026. (AP)

Panama Canal Administrator Ricaurte Vásquez said Thursday that the conflict in the Middle East and rising fuel costs could ultimately benefit the interoceanic waterway as global shippers adjust routes.

In an interview with The Associated Press, Vásquez said that higher energy, fuel and navigation costs could make the Panama Canal a more attractive option for commercial traffic.

“When costs increase, in general when the price of marine fuel rises, the Panama Canal becomes a more attractive route,” Vásquez said.

Oil prices have risen amid the war in the Middle East, which has led to the temporary closure of the Strait of Hormuz by Iran in response to US and Israeli attacks. About one-fifth of the world’s oil passes through the waterway at the mouth of the Gulf.

If higher energy costs persist, routing cargo through Panama can cut voyages by between three and 15 days, depending on the route, while reducing fuel consumption, he said.

Vásquez said higher fuel costs are expected to affect container ships, bulk carriers and tankers transporting liquefied natural gas. If Middle Eastern supplies are disrupted, shipments may be replaced by other sources, including the United States, which could redirect some LNG cargo from Europe to Asia via Panama.

Gerardo Bósquez, an executive with the Panama Maritime Chamber, said a prolonged conflict could reshape global trade routes, with gas transport among the segments likely to benefit.

Vásquez cautioned that any changes will not be immediate and will depend on how long cargo operators expect the conflict and instability in the Gulf last.