Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 
TT

Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 

In a symbolic and strategic move, Syria and Saudi Arabia took a major step toward deepening economic ties this week with the launch of the Syrian-Saudi Investment Forum 2025, held at the People’s Palace in Damascus. The event brought together top officials from both countries, including Syrian President Ahmad Al-Sharaa and Saudi Minister of Investment Khalid Al-Falih, along with over 120 Saudi investors and business leaders.

The forum marks the most significant Saudi economic delegation to visit Syria in over a decade, and comes amid a broader push by Damascus to attract regional and international investment to rebuild the war-torn country.

Speaking to Asharq Al-Awsat, Osama Qadi, Senior Advisor to Syria’s Ministry of Economy and Industry, described the forum as a turning point.

“Saudi Arabia is helping to write a new chapter in Syria’s economic history,” he said. “The Kingdom is not only a political and security partner, it will be remembered as the driving force behind what could become Syria’s economic miracle.”

Qadi said Saudi Arabia’s presence signaled deep trust in Syria’s post-conflict potential. “This initial delegation of over 120 Saudi business leaders is just the beginning,” he noted. “Minister Al-Falih has committed to encouraging investment not only from the Kingdom but from countries across the globe.”

According to Qadi, Saudi investments send a powerful signal to the international business community that Syria is stable and open for investment.

“The presence of Saudi capital builds trust,” he said. “It shows that Syria is safe, serious about reform, and prepared to welcome global partnerships.”

He emphasized that the large-scale destruction resulting from years of conflict has created opportunities in reconstruction, particularly for real estate developers, contractors, and urban planners.

In this context, he said: “The ruins can be rebuilt into a modern Syria... Before 2011, Syria already had widespread informal housing. Now, we have the opportunity to design cities with green spaces, modern infrastructure, and sustainable architecture - all while preserving local heritage.”

Qadi added that the Syrian government sees this as a chance to rebuild in line with global standards.

“Together with our partners, we can build a Syria of 2025, with smart cities, environmentally friendly construction, and livable communities for the next generation,” he underlined.

The timing of the forum, he noted, sends a strong political message to skeptics.

“Even as some areas of the country, like Sweida, remain unstable and US lawmakers debate the future of the Caesar Act sanctions, this forum shows that serious investors believe in Syria’s future,” he remarked.

Qadi expressed hope that Saudi engagement would trigger a ripple effect, saying: “Together with the Kingdom, we can attract the largest number of investors, companies, and projects. This will create jobs and help Syria become one of the region’s most attractive investment destinations.”

At a press conference Wednesday night, Syrian Minister of Information Hamza Al-Mustafa officially launched the forum under the auspices of the Supreme Council for Economic Development and in partnership with the Syrian Investment Agency. Al-Mustafa praised Saudi Arabia’s role as “a key player in the Arab regional order and a very important global actor.”

He also highlighted the strong historical and cultural ties between the two countries.

“Saudi Arabia holds a special place in the hearts of all Syrians. That’s why President Al-Sharaa’s first official visit abroad was to Riyadh. Syria received a warm welcome and a clear signal of Saudi commitment to our recovery,” the minister stated.

Al-Mustafa further said the forum reflects Syria’s readiness to turn the page.

“After decades of authoritarian rule and economic stagnation, Damascus is now presenting itself as a serious opportunity for investors. The soil is fertile, the environment is right, and we welcome all those who want to be part of Syria’s renewal,” he affirmed.

 

 

 



Barclays Bank to Cut about 5,000 Jobs amid AI Drive

Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File
Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File
TT

Barclays Bank to Cut about 5,000 Jobs amid AI Drive

Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File
Barclays says the job cuts are due to AI efficiencies. Paul ELLIS / AFP/File

British bank Barclays announced Thursday plans to cut around 5,000 jobs, or roughly five percent of its global workforce, by the end of 2026 in an AI efficiency drive.

The announcement came alongside an earnings update that showed Barclays' net profit grew 13 percent in the third quarter, fueled by surging income across its equities division, said AFP.

Barclays said in an earnings presentation that it was implementing "organizational simplification and technology change efficiency driven by AI".

"About 60 percent of the job losses relate to support functions, including fewer developers as AI makes our people more productive," it added.

The bank's profit after tax grew to £1.65 billion ($2.2 billion) in the third quarter from £1.46 billion in the July-September period a year earlier.

Barclays chief executive C. S. Venkatakrishnan noted "ongoing momentum of... operational and financial performance" and said the investment bank division "delivered strong equities performance".

Revenue from equities jumped 47 percent year-on-year, while total group income for the quarter climbed three percent to £7.37 billion.

Barclays' share price was up slightly following the news updates.

The AI "announcement comes as the company failed to match expectations with its third-quarter performance -- with the unveiling of a healthy share buyback failing to entirely ease investors' disappointment", noted AJ Bell investment director Russ Mould.

"Across the wider group, costs went up and Barclays shareholders are also having to contend with two major clouds over the business.

"The first being a widely expected increase in tax on the sector in next week's (UK) budget and the other being a reported probe into possible misrepresentation of risks in its private credit portfolio."


Norway Sovereign Wealth Fund Loses Over $30 Bn in 3rd Quarter

A view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. REUTERS/Victoria Klesty/ File Photo
A view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. REUTERS/Victoria Klesty/ File Photo
TT

Norway Sovereign Wealth Fund Loses Over $30 Bn in 3rd Quarter

A view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. REUTERS/Victoria Klesty/ File Photo
A view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. REUTERS/Victoria Klesty/ File Photo

Norway's sovereign wealth fund, the world's largest with assets of more than $2 trillion, on Thursday reported a negative return of 278 billion kroner ($31 billion) in the third quarter as it was weighed down by higher interest rates.

It posted a negative return of 0.5 percent in the quarter, dragged down by a negative return of 3.5 percent in its fixed-income investments, while its equity and property portfolios increased by 0.5 percent and 0.4 percent respectively.

"The fund's return was close to flat, ending slightly negative as rising interest rates led to weaker results on our fixed-income investments," the fund's deputy CEO Trond Grande said in a statement.

Invested primarily in equities, bonds and real estate across the globe, the fund reported a value of 22,014 billion kroner at the end of September.

Inflation around the world, fuelled in particular by soaring energy prices linked to the conflict in the Middle East, has led several central banks, including the US Federal Reserve and the European Central Bank, to raise interest rates in the third quarter.

"Equity returns were also close to zero, but there were large differences between sectors.

Energy companies rose the most, while interest-rate-sensitive sectors such as utilities and real estate fell," Grande said, according to Reuters.

Fueled by the Nordic country's oil revenues, the fund is invested in more than 7,100 companies spanning the globe, and holds around 1.5 percent of all listed companies worldwide, making it the world's largest single investor.


IMF: Non-Oil Activities Bolster Saudi Economy’s Resilience to Disruptions

King Fahd Highway in Riyadh (SPA)
King Fahd Highway in Riyadh (SPA)
TT

IMF: Non-Oil Activities Bolster Saudi Economy’s Resilience to Disruptions

King Fahd Highway in Riyadh (SPA)
King Fahd Highway in Riyadh (SPA)

The International Monetary Fund’s outlook for the Saudi economy points to promising prospects for recovery and growth, despite pressures from regional disruptions affecting energy production, trade flows and supply chains.

While the Kingdom’s GDP is expected to be affected in 2026 by a decline in oil and gas activity, non-oil activities are proving more resilient. The economy is projected to rebound strongly in 2027 as energy production gradually returns to normal and security and trade conditions improve.

The IMF’s Regional Economic Outlook, issued in October 2026, places Saudi Arabia among the major economies of the Middle East, North Africa, Afghanistan and Pakistan region, at a time when the region is grappling with the repercussions of conflicts and disruptions to energy supplies and global trade.

Temporary Growth Contraction, Non-Oil Activities Remain Resilient

The report forecasts that Saudi Arabia’s real GDP will contract by 3.3 percent in 2026, reflecting a decline in hydrocarbon-sector activity during the first half of the year amid disruptions affecting energy production, shipping and regional supply chains, particularly those linked to the Strait of Hormuz and Bab al-Mandab.

By contrast, the Kingdom’s non-oil activities have demonstrated resilience and performed relatively better than the energy sector, supported by sustained investment momentum and economic diversification programs associated with Vision 2030.

In the tourism sector, the Kingdom recorded the smallest decline in hotel occupancy rates compared with other countries directly affected by regional tensions, reflecting its relative ability to sustain tourism and services activity under the current circumstances.

Strong Rebound Expected in 2027

Despite the contraction expected in 2026, the IMF projects a strong rebound in the Saudi economy the following year, with real GDP forecast to grow by 7.9 percent in 2027.

The recovery is linked to the gradual return of energy production to normal levels, greater stability in security and trade conditions, and an improvement in global supply chains.

Over the medium term, the report projects Saudi real GDP growth to stabilize at around 3.6 percent by 2031, reflecting a return to a more stable growth trajectory following the volatility expected during the current period.

Inflation and Monetary Policy

On prices, average inflation in Saudi Arabia is estimated at around 2.7 percent in 2026 before stabilizing at approximately 2 percent in subsequent years, according to the projections cited in the report.

Factors including subsidies, price controls and fiscal discipline have helped contain inflationary pressures and maintain relative price stability compared with several other economies in the region.

On monetary policy, Gulf central banks, including Saudi monetary authorities, have taken steps in line with moves by the US Federal Reserve, with the aim of supporting financial market stability and limiting potential inflationary pressures.

Fiscal Resilience and Capacity to Absorb Shocks

Saudi fiscal policy in 2026 is characterized by discipline and prudence, while retaining room to direct spending toward strategic priorities, including infrastructure development, improving spending efficiency and supporting long-term structural reforms.

According to the report, the Kingdom also entered the period of regional disruption with comfortable reserves and fiscal buffers, helping it absorb temporary shocks that could affect the current account and official reserves.

These fiscal buffers are particularly important amid heightened regional and global uncertainty, providing greater capacity to withstand volatility while continuing to invest in economic priorities.

Artificial Intelligence

Investment in technology and artificial intelligence is one of the areas in which Saudi Arabia, alongside other Gulf countries, is seeking to expand its presence. The report examines announced investments in AI infrastructure and data centers, which, according to figures cited in the report, exceed 5 percent of GDP. These investments are expected to contribute to stronger productivity and growth over the medium term.

At the same time, structural reforms remain an important factor in strengthening the economy’s ability to withstand external shocks by increasing labor-market flexibility, investing in human capital and diversifying non-oil exports.

The report also points to the progress made by Gulf Cooperation Council countries in diversifying their merchandise exports over the past two decades, underscoring the importance of continuing efforts to broaden the production and trade base and reduce dependence on traditional sources of income.

Taken together, these trends underscore the importance of economic diversification and investment in new sectors in strengthening Saudi Arabia’s ability to weather the repercussions of current disruptions while preserving its medium-term growth prospects.