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Turkey Lauds NEOM, Saudi Development Projects

Conference visitors watch 3D presentation during an exhibition on NEOM. Reuters
Conference visitors watch 3D presentation during an exhibition on NEOM. Reuters
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Turkey Lauds NEOM, Saudi Development Projects

Conference visitors watch 3D presentation during an exhibition on NEOM. Reuters
Conference visitors watch 3D presentation during an exhibition on NEOM. Reuters

Turkey commended NEOM project, which was announced by Crown Prince Mohammed bin Salman in October, along with giant development and economic projects launched by the kingdom of Saudi Arabia recently.

Turkish Economy Minister Nihat Zeybekci hailed the huge development projects launched by Saudi Arabia, especially NEOM project, which would turn the Kingdom into a leading model in various aspects of life and create more investment opportunities.

This project will have huge and positive effects on economy in the region, besides attracting large capitals and investments, he added.

On Wednesday, Istanbul witnessed the organization of Saudi-Turkish Business and Investment Forum that targeted reinforcing business and economic cooperation between the two countries.

NEOM aims to establish a smart city that would become a new vital destination, in north-west Saudi Arabia and extending to Egypt and Jordan. It will encompass the best minds and firms to reach the maximum levels of innovation.

The project will focus on developing various sectors, mainly the future of energy, water, transportation, vital technologies, nutrition, digital sciences, advanced manufacturing, media, entertainment and future of living.

Saudi Commerce and Investment Minister Majid al-Qasabi stressed the depth of the historic relations between Saudi Arabia and Turkey. Turkey is an important strategic partner of the Kingdom at all levels, foremost of which are economy and commerce, he added.

Qasabi referred to the importance of exchanging visits and meetings among business sectors in the two countries, as well as creating investment opportunities to push the trade relations towards wider fields.

He stressed the role of the private sector in the two countries, describing it as a key partner in the development process. The private sector can create more trade opportunities, as well as support and encourage quality and joint investment that may enhance the cooperation between the two countries, according to Qasabi.

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Syria Says to be Relinked to SWIFT Payment System

A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)
A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)
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Syria Says to be Relinked to SWIFT Payment System

A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)
A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)

Syria will be fully reconnected to the SWIFT international payment system "in a matter of weeks" after more than a decade of sanctions, central bank governor Abdelkader Husrieh told the Financial Times in an interview published on Monday.

We “aim to enhance the brand of the country as a financial hub given the expected foreign direct investment in rebuilding and infrastructure — this is crucial," Husrieh said. “While significant progress has been made, there’s still much work ahead.”

Interim President Ahmed al-Sharaa received a major boost last month when US President Donald Trump unexpectedly lifted sanctions.

While that was a welcome step, “a full policy shift is still needed”, said Husrieh, who began his new job in April. “So far, we’ve only seen license issuance and selective sanctions removal. Implementation must be comprehensive, not ad hoc.”

According to the Financial Times, Husrieh has been working with the finance ministry on “a six to 12 month stabilization plan.” This involves reforming banking laws and the central bank, and overhauling social security and housing financing to encourage Syrians in the diaspora to invest in the country, among other initiatives.

Husrieh wants to end the Assad regime’s interventionist legacy, and restore lending capabilities, transparency and trust.

“The central bank previously micromanaged the financial system, over-regulated lending, and restricted deposit withdrawals,” he said. “We aim to reform the sector through recapitalization, deregulation and by re-establishing their role as financial intermediaries between households and businesses.”

SWIFT’s return will help encourage foreign trade, cut import costs and facilitate exports, he said. It would also bring much-needed foreign currency into the country, strengthen anti-money laundering efforts and ease the dependence on informal financial networks for cross-border trade.

“The plan is for all foreign trade to now be routed through the formal banking sector,” Husrieh said, thereby eradicating the role of money changers who would charge 40 cents of every dollar that came into Syria. He said banks and the central bank have been assigned Swift codes, and the “remaining step is for correspondent banks to resume processing transfers.”

Foreign investment will also be shored up by guarantees, he said. While the public banking sector is already fully backed by the government, Husrieh is looking to establish a state institution to guarantee private banks’ deposits.