Syria, UAE Prepare to Reactivate Council of Businessmen

UAE Minister of Economy Abdullah bin Touq Al Marri. (WAM)
UAE Minister of Economy Abdullah bin Touq Al Marri. (WAM)
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Syria, UAE Prepare to Reactivate Council of Businessmen

UAE Minister of Economy Abdullah bin Touq Al Marri. (WAM)
UAE Minister of Economy Abdullah bin Touq Al Marri. (WAM)

The Syrian and Emirati economy ministers have held talks on trade, investment, and cooperation and reactivating the Syrian-UAE Council of Businessmen.

Syrian Minister of Economy and Foreign Trade Mohammad Samer al-Khalil and his UAE counterpart Abdullah bin Touq Al Marri met on the sidelines of the Dubai Expo 2020.

The meeting addressed the agreement to restructuring and reactivating the Syrian-Emirati Businessmen Council to encourage trade exchange, investment, and cooperation at the economic level between the two countries, said a Syrian statement on Sunday.

Western officials have indicated that the US Caesar Act is an obstacle to developing relations in the public and private sectors.

Khalil highlighted the importance of Syrian-Emirati relations and promoted Syria's new investment laws, saying they "encourage investors to set up projects in all domains through offering great facilitation and privileges."

Khalil stressed the importance of Syrian-Emirati relations and the need for both countries to diversify their economies.

He also congratulated the UAE hosting the Expo despite the challenges posed by the coronavirus pandemic.

Bin Touq, in turn, expressed his country's willingness to support Syria by transferring its experience in the economic sector, stressing the importance of continuing meetings and exchanging visits between the two sides.

Meanwhile, the Chairman of the Syndicate of Jordanian Truck Owners, Mohammad Khair al-Daoud, estimated the number of trucks entering and leaving Syria through al-Jaber crossing between the two countries at about 150 trucks per day.

In a statement to al-Rai newspaper, Daoud said that the number of trucks entering and leaving Syria is expected to increase in the coming period.

He added that the truck sector has been waiting for years to reopen the crossing after the losses it sustained due to its closure for several years.

He praised the bilateral agreement between the Amman and Damascus governments to allow transport movement between the two countries, noting that the decision will positively reflect the Jordanian and Syrian industries and the transport sector in both countries.

Damascus and Amman decided to open the Jaber-Nassib crossing last Wednesday to allow the movement of people and trucks.



Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
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Abu Dhabi's XRG Targets Gas, LNG Capacity of 20-25 Million Tons a Year by 2035

Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo
Sultan Al Jaber, COP28 President, speaks at the United Nations climate change conference COP29 opening in Baku, Azerbaijan November 11, 2024. REUTERS/Maxim Shemetov/File Photo

XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.

XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.

On Tuesday, its board, whose members include former BP CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan.

Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America, Reuters reported.

ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in US natural gas in coming months.

XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday.

The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said.

ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.