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)
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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.



Dollar Set for Weekly Gain on Stalled US-Iran Talks and Middle East Uncertainty

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)
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Dollar Set for Weekly Gain on Stalled US-Iran Talks and Middle East Uncertainty

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)

The dollar was on track for its first weekly gain in three weeks on Friday in broadly muted trading, as stalled peace negotiations between the US and Iran dampened hopes for an immediate easing of Middle East tensions.

While Lebanon and Israel extended their ceasefire for three weeks ahead of its expiration on Sunday, Iran showed off its control over the Strait of Hormuz by releasing footage of its commandos storming a huge cargo ship, leaving the timing of the reopening of the world's most important shipping corridor uncertain and keeping oil prices elevated.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, slipped 0.1% to 98.75 but remained on track for a weekly gain of 0.5%. The euro was 0.1% higher at $1.169, Reuters reported.

Sterling edged 0.1% higher, with stronger-than-expected UK retail sales for March barely moving the needle.

"If you look at the last week the major theme is just that there's no real progression with peace talks. For markets, it's difficult when there's no deadline," said Tommy Von Brömsen, FX strategist at Handelsbanken in Stockholm.

Brent crude futures rose 1.5% to $106.60 a barrel.

The dollar has drawn safe-haven demand amid the uncertainty. It gained ground in March as concerns over the conflict deepened, but gave back some of those gains this month as optimism over a potential resolution grew.

"Oil and the dollar are still moving pretty closely together, and with crude creeping back up ... I'd say the dollar is still staying fairly firm," said Sho Suzuki, a market analyst at Matsui Securities.

Meanwhile, the yen was steady after four days of losses, rising 0.1% to 159.7 per dollar.

CENBANK BONANZA LOOMS

Traders are looking ahead to a central-bank-heavy week next week, with the Bank of Japan, European Central Bank, Bank of England and Federal Reserve among those due to deliver policy decisions.

"The main message from the central banks is that they are - so far at least - in a kind of 'wait-and-see' approach," said Handelsbanken's Von Bromsen.

He said the focus will be on communication and guidance, as market watchers assess how policymakers are digesting not just higher energy prices but the second-round effects of potentially higher inflation.

The European Central Bank will hold its deposit rate on April 30 but hike it in June, according to just over half of economists polled by Reuters, in a bid to protect a war-induced energy shock from knocking the euro zone economy off balance.

Meanwhile in Japan core consumer inflation slowed below the central bank's 2% target for a second straight month in March. Analysts, though, expect inflation to accelerate back above the Bank of Japan's target in coming months, as companies begin to pass on higher fuel costs from the Middle East conflict.

The BOJ is set to hold its two-day policy meeting ending on Tuesday. Reuters reported the bank is likely to hold off raising interest rates next week as fading prospects of a near-term end to the Middle East war keep the country's economic and price outlook highly uncertain. The BOJ is still expected to signal its readiness to hike to counter mounting price pressures.

Japanese Finance Minister Satsuki Katayama reiterated her verbal warning on intervention on Friday that authorities can take "decisive" action against speculative moves in the foreign exchange market, a day after saying Japan has a "free hand" to intervene and that past interventions had been effective.

The Australian dollar rose 0.1% versus the greenback to $0.7135. New Zealand's kiwi rose 0.1% to $0.5859.

In cryptocurrencies, bitcoin was little changed at $77,895.85.


Gold on Track for First Weekly Decline in Five as Iran War Drags On

One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
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Gold on Track for First Weekly Decline in Five as Iran War Drags On

One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT
One of two gold bracelets is displayed during a media presentation at the National History Museum of Romania in Bucharest, Romania, 21 April 2026.EPA/ROBERT GHEMENT

Gold prices fell on Friday and were on course for their first weekly decline after a four-week winning streak, as a US-Iran deadlock kept oil prices elevated and inflation concerns in focus.

Spot gold was down 0.2% at $4,683.23 per ounce at 0938 GMT, having hit its lowest point since April 13. It is down almost 3% so far this week. US gold futures for June delivery fell 0.5% to $4,699.

"Oil is going to be a pinch point in the Strait of Hormuz. It's going to remain elevated. And for sure, the decline in gold has mirrored the rally in oil," said independent analyst Ross Norman.

"The reality is gold is struggling to get upside momentum. When you can't breach the upside, you tend to attack the downside, and I think that's probably where we're at right now," Norman added.

Brent crude prices have risen about 18% so far this week and held above $105 a barrel, on concerns of a renewed military escalation in the Middle East and a lack of progress in re-opening the key waterway.

Higher crude oil prices can stoke inflation, increasing the likelihood that interest rates stay higher for longer.

While gold is often seen as an inflation hedge, elevated rates make yield-bearing assets more attractive, weighing on demand for non-yielding bullion, according to Reuters.

US President Donald Trump said he was in no rush to reach a peace agreement with Iran and wanted it to be "everlasting," while continuing to assert that the US had a clear upper hand in the naval stand-off in the strait.

Meanwhile, the dollar was on track for its first weekly gain in three weeks, while the benchmark 10-year US Treasury yields gained 2% this week.

On the physical demand side, gold premiums in India climbed to their highest in over two-and-a-half months this week, as supplies tightened, while buying interest picked up in China.

Spot silver fell 0.7% to $74.88 per ounce, platinum lost 1.4% to $1,978.84 and palladium gained 0.4% at $1,475.35.


Hapag-Lloyd Says One Ship Has Crossed Strait of Hormuz

Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
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Hapag-Lloyd Says One Ship Has Crossed Strait of Hormuz

Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)
Hapag-Lloyd employees monitor the status of cargo ships in the Strait of Hormuz on a screen, in Hamburg, Germany, Wednesday, April 15, 2026. (AP Photo/Ebrahim Noroozi)

Container shipping group Hapag-Lloyd said on Friday that one of its ships has crossed the Strait of Hormuz but did not have any information on the circumstances or timing.

Four out of initially six ships remain in the Gulf, after one ship's charter agreement expired, meaning it no longer belongs to the Hapag-Lloyd fleet, a spokesperson added.

The four ⁠Hapag ships remaining ⁠in the Gulf are staffed with 100 crew, who are well-supplied with food and water, Reuters quoted him as saying.

Scores of tankers and other vessels remain stuck in the Gulf as the United States is ⁠struggling to keep control of the Strait of Hormuz, one of the world's busiest shipping corridors.

The Iran war, launched by the US and Israel on February 28, has been paused since a ceasefire on April 8.

The US and Iran met in Pakistan in an attempt to end hostilities, but talks ended without agreement and ⁠a ⁠second round has yet to take place.

Tehran says it will not consider opening the strait until the US lifts its blockade of Iran's shipping, which Washington imposed during the ceasefire and Tehran calls a violation of that truce.

This week, Iran flaunted its grip over the strait with a video of commandos in a speedboat storming a huge cargo ship.