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The Star
23-07-2025
- Business
- The Star
Saudi delegation arrives in Syrian capital for investment forum aimed at boosting economic ties
DAMASCUS, July 23 (Xinhua) -- A high-level Saudi delegation led by Investment Minister Khalid bin Abdulaziz Al-Falih arrived in the Syrian capital Damascus on Wednesday to launch the Saudi-Syrian Investment Forum, in a move seen as a significant step toward restoring and expanding economic cooperation between the two countries, according to the state news agency SANA. The delegation, dispatched under the direction of Saudi Crown Prince Mohammed bin Salman, includes more than 130 businessmen and investors. According to SANA, the forum aims to explore avenues for bilateral cooperation and facilitate the signing of agreements that support sustainable development and mutual economic interests between the two nations. As part of the program, the forum will include the launch of a white cement factory project in the Adra Industrial City in the Damascus countryside. In an interview Wednesday with Saudi-owned Al Arabiya TV, Saudi Ambassador to Syria Faisal bin Saud Al-Mujfel said the forum reflects the kingdom's leadership's commitment to supporting Syria's recovery, institutional rebuilding, and territorial unity. The Saudi Ministry of Investment stated that the kingdom's investments are part of broader efforts by the kingdom to strengthen bilateral ties and contribute to Syria's economic stabilization and long-term recovery. On Tuesday, Syrian interim leader Ahmad al-Sharaa received a separate delegation of Saudi business leaders, including ACWA Power Chairman Mohammad Abunayyan and Al Muhaidib Group Chairman Suleiman al-Muhaidib, to discuss deepening economic and investment cooperation. The Saudi Embassy in Damascus also announced that travel permits for businesspeople from both countries are now available, enabling mutual visits and exploration of investment opportunities across various sectors.
See - Sada Elbalad
27-04-2025
- Politics
- See - Sada Elbalad
Experts: Trump's Statements over Suez Canal "False"
Taarek Refaat Mohamed Mustafa Abu Shama, director of the Strategic Forum for Thought and Dialogue said that the Suez Canal transit fees are the same for all ships and were increased in 2024 due to economic conditions. He pointed out that US President Donald Trump's recent statements regarding the Suez Canal were intended to pressure Cairo. Abu Shama added during an interview on Al Arabiya TV that relations between Egypt and the United States are deeper than that, and that they have had ongoing relations since the signing of the peace treaties. Abu Shama pointed out that the US president made a mistake in linking the two issues and confused his understanding of the historical relationship between the United States and the Suez Canal, since it has no role in it and does not even have a role in the present situation. Abu Shama said that Egypt may have the right to demand compensation from the United States for the customs duties it imposed on the world, which are no less dangerous than the Houthi attacks in the Red Sea. US President Donald Trump wrote on his personal account, Truth Social, that US ships, both military and commercial, should be allowed free passage through the Panama and Suez Canals, which would not exist without the United States. He asked Secretary of State Marco Rubio to work on this matter immediately. Trump said in a post on Truth Social that the Suez Canal and the Panama Canal "would not exist without the United States," claiming that America's historic role in establishing these waterways justifies his demands. He announced that he had instructed Secretary of State Marco Rubio to follow up on the matter "immediately." Trump's statements sparked mixed reactions in Egypt and Panama, with some considering them provocative and an interference in national sovereignty. The statements sparked widespread public resentment in Egypt on social media, with tweeters pointing out that the Suez Canal, which opened in 1869, predates the establishment of the United States itself as a modern state. Egyptian diplomatic sources confirmed that the management of the Suez Canal is a sovereign Egyptian matter, noting that the canal is subject to the 1888 Constantinople Convention, which guarantees freedom of navigation for all countries in exchange for a uniform fee. Egyptian international law expert Ayman Salama commented on US President Donald Trump's statements regarding the transit of American ships, whether military or commercial, through the canal. He described the Suez Canal "free of charge" as "an unacceptable violation of international law and a complete disregard for Egyptian sovereign rights." He emphasized that the Suez Canal represents "a vital artery for global trade and is subject to a well-established Egyptian legal system" based on clear legislation and precise regulations that specify transit fees and limited exemptions. The Egyptian legal expert confirmed to RT that the Suez Canal Authority regulates the traffic and fees of ships under the laws of Egypt and its executive regulations. He added that "these laws do not differentiate between the nationality or nature of ships" and adopt clear criteria for fees based on the ship's tonnage and type. He emphasized that "there is no provision in Egyptian legislation that grants the United States or any other country a special exemption from paying transit fees." The international law professor pointed out that Egyptian laws may include exceptional cases for exemption from fees, "usually related to rescue vessels or vessels belonging to specific international organizations under special agreements or in cases of extreme necessity." However, these exceptions are clearly defined and do not in any way include granting free privileges to a specific country, "regardless of its power or influence." The international expert believes that US President Donald Trump's demand to exempt the United States alone from paying the fees "lacks any legal or logical basis," suggesting that this request is based on "the logic of power and influence, ignoring the principles of equality among states and the rule of international law." He emphasized that the Suez Canal belongs to no one but Egypt and is subject to its laws and regulations, and that all states must respect these laws without discrimination. Salama emphasized that the Suez Canal will remain under full Egyptian sovereignty, and that the passage of ships will continue in accordance with Egyptian law and international maritime rules. He also emphasized that "no illegal statements or demands can detract from this sovereign right or impose unjustified exceptions." Egypt has repeatedly affirmed its commitment to ensuring freedom of navigation in the canal for all states in accordance with the 1888 Constantinople Convention, "but this does not mean relinquishing its sovereign right to collect transit fees." read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Zawya
15-04-2025
- Business
- Zawya
Dubai's Majid Al Futtaim Properties to launch $4.7bn mega project in Riyadh: Report
The property development arm of Dubai-based Majid Al Futtaim is planning to build a mega mixed-use project in Riyadh with investments of 17.5 billion Saudi riyals ($4.7 billion), according to a news report. The project's engineering designs are underway, with the tender and construction work scheduled to start in early 2026, Majid Al Futtaim Properties' CEO Ahmed Al Shamy told Al Arabiya TV. The final installment of $100 million was paid in 2024 to complete land ownership, he said. The project will cover an area of 850,000 square metres (sqm), with commercial, residential, administration and entertainment facilities. Saudi Arabia is an attractive market in the long run as its GDP exceeds $1.5 trillion, Shamy said. (Editing by Anoop Menon) (
Gulf Insider
15-03-2025
- Gulf Insider
Nearly 4m Vehicles Use Mecca Roads In 10 Days Of Ramadan
More than 3.7 million vehicles used roads leading to the Saudi city of Mecca, home to Islam's holiest mosque, in the first 10 days of the current Islamic month of Ramadan, the kingdom's road authorities have said. The rise in traffic rates was due to a surge in pilgrims performing the Umrah or minor pilgrimage in the Grand Mosque during Ramadan, the Roads General Authority added. The Authority said vehicle traffic was facilitated through an integrated system of services including major improvements to the road network infrastructure and implementing the highest safety and quality standards. The roads were surveyed and maintained, utilizing the latest technologies to ascertain the safety of road users. The month of Ramadan, noted for devout worshipping, traditionally marks the peak season for Umrah performers. The Grand Mosque houses the Holy Kaaba, the direction of prayer for Muslims worldwide. More than 25 million worshippers, including 5.5 million Umrah pilgrims, prayed in the mosque during the first 10 days of Ramadan that began this year on March 1, according to Saudi-owned Al Arabiya TV. Millions of Muslims from all over the world flock to Saudi Arabia, Islam's birthplace, to undertake the Umrah and pray in the Grand Mosque in Mecca that is known as the 'Holy Capital'. In the run-up to the sacred month, Saudi authorities have mobilized all resources to receive the influx of pilgrims and enable them to perform the rites with ease and comfort.
Argaam
26-02-2025
- Business
- Argaam
ARDCO investment portfolio totals SAR 6.3B: CFO
Riyadh Development Co. (ARDCO) investment portfolio totals approximately SAR 6.3 billion, said the company's CFO Mohammed Alkulaib. The portfolio includes the SAR 3.5-billion Sports Boulevard project, where ARDCO holds a 30% stake and serves as the real estate developer, he told Al Arabiya TV.
