Riyadh, Damascus Build Economic Bridge with Private Sector Boost 

Syrian President Ahmed al-Sharaa meets with a visiting Saudi business delegation. (Asharq Al-Awsat) 
Syrian President Ahmed al-Sharaa meets with a visiting Saudi business delegation. (Asharq Al-Awsat) 
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Riyadh, Damascus Build Economic Bridge with Private Sector Boost 

Syrian President Ahmed al-Sharaa meets with a visiting Saudi business delegation. (Asharq Al-Awsat) 
Syrian President Ahmed al-Sharaa meets with a visiting Saudi business delegation. (Asharq Al-Awsat) 

Saudi Arabia has begun issuing fast‑track travel permits for Saudi and Syrian businesspeople, a move officials say is designed to jump‑start private‑sector investment and help rebuild Syria’s war‑scarred economy.

The Saudi embassy in Damascus said on Tuesday that an online portal is now live for entrepreneurs and investors from both countries to obtain entry licenses, enabling reciprocal visits and on‑the‑ground due diligence.

The step follows months of high‑level Saudi diplomacy that culminated in US president Donald Trump announcing the lifting of US sanctions on Syria during a visit to Riyadh earlier this year.

According to Saudi officials, Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, pressed the case for easing restrictions.

“Riyadh’s practical measures to support Syria are speeding up,” Fadl al‑Buainain, a member of Saudi Arabia’s Shura Council, told Asharq al‑Awsat.

“Opening the door for business travel lets investors scout opportunities, restore long‑severed ties and push economic activity on solid, development‑focused foundations backed by the state.”

Al‑Buainain said Damascus’ pledge to pursue free‑market reforms, including privatizing state firms, would create openings for Saudi companies, particularly in energy, water, tourism and airport projects.

Economist Ahmed al‑Jubeir said the permits “signal Saudi facilitation for investors eager to enter the Syrian market” and could boost bilateral trade and deliver “new, high‑quality projects.”

Saudi officials frame the initiative as part of a broader strategy that weds political outreach to economic leverage. A Saudi foreign‑minister‑led delegation visited Damascus earlier this year, followed by a private mission of Saudi financiers.

“Economic recovery is the launch‑pad for comprehensive development,” al‑Buainain said, arguing that growth would shore up national unity and regional security. He urged Damascus to keep overhauling investment rules to give the private sector “legal safety and clarity”.

The embassy announcement comes days after Syrian President Ahmed al‑Sharaa received a Saudi business delegation led by Mohammed Abunayyan and Sulaiman al‑Muhaidib at the presidential palace in Damascus, where the two sides explored joint ventures across multiple sectors.

Analysts say Riyadh views economic engagement as a key plank of its Vision 2030 agenda to stabilize the Middle East through development.

With Gulf interest in Syria rising, al‑Jubeir said opening travel channels was “not just procedural— it’s an economic pivot that underlines how Vision 2030 links regional stability to inclusive, sustainable growth.”



Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
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Egypt Imposes Business Curfew to Counter Soaring Fuel Costs

Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)
Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz (File Photo)

Egypt has ordered shops, restaurants and shopping malls to close from 9:00 pm from Saturday, hoping to curb energy bills that have more than doubled because of the Iran war.

Prime Minister Mostafa Madbouly announced the curfew and said it would last for a month initially.

"Shops, shopping centers, restaurants and cafes will all close at 9:00 pm on weekdays," he said, adding that on Thursdays and Fridays at the weekend they will be allowed to stay open until 10:00 pm, Reuters reported.

The premier said that before the war, Egypt's monthly energy bill was $560 million. Today, for the same quantity, he said Egypt is paying $1.650 billion.

Madbouly said Cairo must work on the "worst-case scenario" in the face of a war whose outcome is unpredictable.

Tourism Minister Sherif Fathy said the new restrictions "will not affect tourists" or flagship destinations, a statement from his office said.

At the beginning of March, Cairo was forced to raise fuel prices by more than 30 percent, after strikes on regional oil infrastructure and threats against the Strait of Hormuz, the crucial shipping route now virtually paralysed by the war.

Around a fifth of global crude oil and liquefied natural gas passes through the waterway in peacetime.

The rerouting of shipping away from the Suez Canal is also depriving Cairo of a vital source of foreign currency.


Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Central Bank Forex Sales since Start of Iran War Close to $45 Billion

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's balance sheet for this week will show foreign exchange sales amounting to near $20 billion, bringing the total forex sales since the beginning of the Iran war to nearly $45 billion, bankers said, Reuters reported.

According to calculations made by four bankers, based on preliminary data for the first part of the week and their estimates for the rest of the week, the central bank's balance sheet will show $18-21 billion in foreign exchange sales.

Bankers said that although $8 billion of the total $20 billion was made before a public holiday last week, this figure will be reflected in the balance sheet on the first day of this week.

The central bank sold $26 billion in foreign exchange in the first three weeks of the war, using its gold reserves as well, resulting in a $35 billion decrease in its net reserves.


Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port
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Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

Mawani Adds Marsa Ocean Shipping's RSX Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) has announced the addition of the RSX service by Marsa Ocean Shipping to Jeddah Islamic Port, featuring a capacity of up to 372 TEUs and connecting Jeddah with the regional ports of Aden, Hodeidah, and Djibouti, SPA reported.

This expansion aligns with the National Transport and Logistics Strategy, aiming to enhance the Kingdom’s operational efficiency and its ranking in global performance indicators.

As a primary gateway, Jeddah Islamic Port utilizes its 62 multipurpose berths and specialized terminals to support a total capacity of 130 million tons, reinforcing Saudi Arabia’s position as a global logistics hub connecting three continents.