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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…

Gulf busy as IPOs slow elsewhere Banks work unpaid for months ‘Not helpful or healthy’ says analyst Investment banks in the Gulf are cutting or even waiving fees to secure roles in regional initial public offerings (IPOs).  As activity slows elsewhere, companies in the world’s largest oil producing region are selling shares to fund expansion. With IPO activity slowing in the US, Europe and China, legal and financial advisors say the Gulf, especially the UAE, is being flooded with newcomers offering to work for free to gain market share. Ahmed Ibrahim, managing partner at law firm Ibrahim and Partners, which…

Over the past five years, the Gulf’s petrochemical industry has found itself at a critical juncture. A mix of rapid geopolitical developments, the lingering effects of the COVID-19 pandemic, and a slowdown in global economic growth, particularly in key markets like China and other parts of Asia, has disrupted longstanding business models and cast uncertainty over the future of the sector. Industry experts and analysts, speaking to Asharq Al-Awsat, pointed to a convergence of four primary challenges facing Gulf petrochemical companies today. Among them are weak innovation strategies, limited domestic downstream capabilities, ongoing geopolitical volatility affecting supply chains, and increasingly…

Over the past five years, the Gulf’s petrochemical industry has found itself at a critical juncture. A mix of rapid geopolitical developments, the lingering effects of the COVID-19 pandemic, and a slowdown in global economic growth, particularly in key markets like China and other parts of Asia, has disrupted longstanding business models and cast uncertainty over the future of the sector. Industry experts and analysts, speaking to Asharq Al-Awsat, pointed to a convergence of four primary challenges facing Gulf petrochemical companies today. Among them are weak innovation strategies, limited domestic downstream capabilities, ongoing geopolitical volatility affecting supply chains, and increasingly…

Relations between Saudi Arabia and Sweden are witnessing rapid development with the expansion of cooperation in the fields of innovation, logistics and services and others. Swedish Ambassador to Saudi Arabia Petra Menander told Asharq Al-Awsat that the Saudi-Swedish joint committee is currently working on further deepening relations. “In November last year, we agreed on 45 activities across four sectors to improve our cooperation, half of which have been implemented,” she added. “Sweden and Saudi Arabia are natural partners in the global transition toward a more sustainable, knowledge-based economy,” she remarked. “The presence of approximately 60 Swedish companies in the Kingdom,…

The United States added 139,000 jobs in May, more than expected but pointing to a labor market that continues to slow. The employment data released Friday by the Bureau of Labor Statistics exceeded forecasts for about 120,000 payroll gains but marked a decline from the revised 147,000 jobs added in April. The unemployment rate held steady at 4.2%, remaining near historic lows. Stocks surged at Friday’s open, with all three major indexes gaining about 1%. In return, US government borrowing costs climbed as investors anticipated the Federal Reserve would keep interest rates higher for longer, making it less attractive to…

The United States added 139,000 jobs in May, more than expected but pointing to a labor market that continues to slow. The employment data released Friday by the Bureau of Labor Statistics exceeded forecasts for about 120,000 payroll gains but marked a decline from the revised 147,000 jobs added in April. The unemployment rate held steady at 4.2%, remaining near historic lows. Stocks surged at Friday’s open, with all three major indexes gaining about 1%. In return, US government borrowing costs climbed as investors anticipated the Federal Reserve would keep interest rates higher for longer, making it less attractive to…

Indonesia said on Saturday that free trade negotiations with the European Union, which have been going on for nine years, are expected to finish by the end of June. Airlangga Hartarto, the chief economic minister for Southeast Asia’s biggest economy, met with EU Commissioner for Trade Maros Sefcovic in Brussels on Friday. “Indonesia and the European Union have agreed to conclude outstanding issues and we are ready to announce a conclusion of substantial negotiations by the end of June 2025,” Airlangga Hartarto said in a statement. He did not disclose details about what agreements may have been reached. Denis Chaibi,…

Flynas Launches First Direct Flights Between Riyadh and Damascus After 12-Year Suspension Saudi airline flynas has inaugurated direct flights between Riyadh and Damascus, becoming the first Saudi carrier to reconnect the two capitals after more than 12 years. The move marks a significant milestone in the airline’s strategic expansion plan, launched under the slogan “Connecting the World to the Kingdom.” The inaugural flight ceremony took place on Thursday at King Khalid International Airport in Riyadh, attended by Syrian chargé d’affaires in Riyadh Counselor Hussein Abdulaziz, along with representatives from flynas, Riyadh Airports Company, and various media outlets. Passengers traveling on…

Middle East economic data For more, go to our GCC economic data and Mena economic data pages Qatar economic indicators at a glance Qatar nominal GDP Qatar GDP per capita Qatar GDP growth Qatar oil breakeven prices Qatar’s GDP dipped in 2020 and again in 2023, as seen in the nominal GDP and the GDP per capita charts. The IMF is forecasting increases for the next few years. Qatar’s non-oil and oil GDP both rose in 2022 – with non-oil GDP up nearly 6 percent – but recorded much smaller increases the following year. Qatar’s oil breakeven price hit the $50…