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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)
    Damascus, London - Asharq Al-Awsat
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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.

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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
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Iraqi Central Bank Discusses Foreign Transfer Mechanisms with US Delegation

The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)
The Governor of the Central Bank of Iraq meets a US delegation in Baghdad. (Central Bank of Iraq)

Governor of the Central Bank of Iraq Ali Mohsen Al-Alaq held talks with Steve Lutes, Vice President of Middle East Affairs at the US Chamber of Commerce and Chairman of the US-Iraq Business Council mechanisms for international trade and Iraq’s shift to fully utilizing correspondent banks for foreign transfers. 

Sunday's discussions in Baghdad follow the US blacklisting of 14 Iraqi banks - half of the country’s total banks - on suspicions of involvement in money laundering and transferring funds to Iran and Syria. The move has prevented these banks from conducting dollar transactions.

According to a statement by the Central Bank of Iraq on Sunday, the meeting, which was also attended by the Directors General of the Investments Department and the Banking Supervision Department, addressed “banking and economic relations” between Iraq and the US. They covered a visit by a Central Bank delegation to Washington in April, during which the delegation will meet with officials from the US Chamber of Commerce and American companies.

The two sides also touched on US companies’ interest in investing in Iraq’s energy, infrastructure, and advanced technology sectors, as well as opportunities arising from Iraq’s current security stability.

Al-Alaq emphasized the Central Bank’s role in supporting Iraq’s economic growth and pledged full support to global firms, including US companies and banks, looking to invest in the country. He stressed the importance of diversifying investment sectors to bolster economic development.

Since the beginning of 2023, the Central Bank of Iraq has implemented a monitoring system for dollar transactions through a specialized platform, which was designed to regulate financial transfers by Iraqi banks and provide proactive oversight, replacing the US Federal Reserve’s previous practice of auditing daily transfers. However, the Central Bank decided to discontinue the platform at the beginning of 2024.

The closure triggered significant withdrawals of deposits by individuals and companies, amid concerns that the banks holding their funds might face bankruptcy due to non-compliance with the Central Bank’s requirements and the US Treasury Department’s standards.

According to Central Bank data, the total volume of deposits in Iraq’s commercial banks fell to its lowest level in 22 months, dropping to 123 trillion Iraqi dinars in November 2024, compared to 127.5 trillion dinars in October.

Between June and November 2024, deposits decreased by 7 trillion dinars, reflecting a continued trend of declining savings in the banking sector over recent months.