AGP Executive Report

Energy Recovery: Syria’s energy rebound could reshape regional oil and gas links, while Jordan is working to address technical problems affecting electricity connections with Syria. Business and Accountability: New economic deals involving former Assad-era figures are raising questions about justice for victims and whether old networks will retain influence. Finance and Payments: Reports say Syria is reconnecting to global finance, but ordinary Syrians remain under strain; a separate focus on missing liquidity highlights concerns over billions withheld from the economy. Mastercard Gateway has also gone live in Syria, opening a route to international digital payments. Trade and Livelihoods: Syria imported $295 million in Azerbaijani gas in the first eight months of the year, while returning farmers in Afrin are trying to revive olive production and restore incomes.

Energy: Syria’s recovery plans put the sector at the heart of reconstruction, with the transitional government regaining control of major oil and gas assets and ambitions to become a regional hub. Agriculture: Returning farmers in Afrin are trying to revive neglected olive groves, but high diesel and fertilizer costs are limiting their efforts. Payments & Finance: Mastercard Gateway has gone live in Syria, opening a route for international digital payments, even as reports say liquidity remains scarce and ordinary Syrians are still struggling. Trade: JPMorgan has facilitated a deal for Saudi oil products in Syria, another sign of commercial links reopening.

Finance: Syria is reconnecting with global finance, but ordinary Syrians continue to struggle. A separate report questions where liquidity has gone and who is holding billions from the economy. Energy: Syria imported $295 million in Azerbaijani gas in the first eight months of the year, underscoring the importance of cross-border supply. Trade: Farmers warn that apple imports threaten local produce, putting pressure on domestic growers. Business Links: JPMorgan facilitated a Syrian deal for Saudi oil products, while SalamAir has launched flights to Damascus, adding a new connection for business and travel. Transport: The road linking Damascus and Suwayda was blocked amid demands for detainees’ release, disrupting a key route between the capital and the south.

Finance and Payments: Syria’s links to global finance are widening, with Mastercard Gateway now live in the country and enabling international digital payments. But ordinary Syrians still face hardship, and questions remain over where liquidity is going. Energy: Syria imported $295 million in Azerbaijani gas in the first eight months of the year, while regional plans could position the country as an energy corridor, including a proposed Qatari gas supply route to Lebanon. Regional Investment: Jordan and Syria discussed strategic projects ahead of a coordination council meeting, and Syria and the World Bank have established a donation fund. Government Restructuring: Damascus has split industry from the Economy Ministry in its latest administrative shake-up.

Liquidity Crunch: A new report asks where billions in liquidity are being held, spotlighting pressure on cash circulation in Syria. Digital Payments: Mastercard Gateway has gone live in Syria, enabling international digital payments and opening a new route for cross-border transactions. Energy Imports: Syria imported $295 million in Azerbaijani gas in the first eight months of the year, as rising global oil prices add to energy-cost concerns. Reconstruction Finance: Syria and the World Bank agreed to establish a fund for reconstruction donations, amid an estimated $216 billion in reconstruction needs. Industry Policy: The government has split industry from the Economy Ministry in its latest shake-up, changing how the two sectors are administered.

Liquidity Crunch: Economic expert George Khuzam says capital held in Syria’s Sovereign Wealth Fund should be channelled into productive lending and investment, arguing that liquidity shortages are hurting businesses, output and purchasing power. Trade and Energy: Jordan and Syria have renewed plans to expand cooperation in trade, investment, transport and energy. Syria also imported $295 million in Azerbaijani gas in the first eight months of the year. Reconstruction Finance: Syria and the World Bank have agreed to establish a recovery and reconstruction fund, while Damascus is exploring sovereign bonds and an infrastructure recovery fund. Investment: Emirati businessman Mohamed Alabbar has outlined plans to invest up to $17 billion in Syria, and business delegations from the United States and Syria have met in Kurdistan.

Air Connectivity: SalamAir will begin direct Muscat–Damascus flights on Oct. 28, opening a new route for business and tourism and making it the first Omani airline to serve the Syrian capital. Jordan-Syria Trade: Foreign ministers met in Aqaba on Thursday as both countries seek stronger ties; officials have identified energy, transport, trade, communications, agriculture and water as areas for joint projects. Reconstruction Finance: Syria and the World Bank have agreed to establish a recovery and reconstruction fund, while Damascus is also exploring sovereign bonds and an infrastructure recovery fund. Investment: Syrian officials have named a chairman for the sovereign wealth fund, as reports point to a potential investment of up to $17 billion in Syria by UAE businessman Mohamed Alabbar.

Sanctions & Shipping: The U.S. targeted a shipping network it says moved Iranian goods, alleging a company set up by a sanctioned law firm was a front for Syria’s Al-Qatirji, accused of selling Iranian oil for the IRGC-Quds Force. Economic Recovery: Syria and the World Bank agreed to establish a recovery and reconstruction fund. Damascus is also exploring sovereign bond issuance and an infrastructure recovery fund. Government Restructuring: Syria has separated industry from the Economy Ministry in its latest shake-up, a change that could reshape oversight of businesses and manufacturing. Fuel Costs: An analysis of September’s protests said steep fuel price hikes triggered demonstrations and broader demands for policy changes, highlighting the economic pressures facing the transitional government.

Investment: Emirati developer Mohamed Alabbar unveiled plans to invest up to $17 billion in Syria, a major proposed private-sector commitment. Economic Reform: Damascus has separated industry from the Economy Ministry in a government reshuffle, while Syrian and Saudi finance ministers discussed stronger bilateral cooperation. Reconstruction: Syria and the World Bank agreed to establish a fund for recovery and reconstruction. Energy & Trade: Syrian experts say the country could become a regional energy corridor, and JPMorgan has facilitated a deal to supply Syria with Saudi oil products. EU Ties: Relations with the EU are warming, though the restored cooperation agreement offers limited direct trade benefits.

Banking and Fuel Trade: JPMorgan helped Syria secure its first letter of credit in 14 years, enabling a Saudi Aramco fuel deal. Syria has received 65,000 tonnes of diesel, with gasoline and light crude possible in future shipments. Recovery Finance: Syria and the World Bank agreed to establish a recovery and reconstruction fund, while Damascus is exploring sovereign bonds and infrastructure financing. Investment: Syrian businessman Mohamed Alabbar has announced plans to invest up to $17 billion in the country. Economic Restructuring: The government has separated industry from the Economy Ministry and reshuffled leadership at the petroleum corporation and sovereign wealth fund. Trade and Infrastructure: DP World is accelerating development of Tartous port, while experts see potential for Syria to become a regional energy corridor. Two pipeline incidents, including an explosion and fire, highlight risks to energy infrastructure.

Banking & Energy: J.P. Morgan helped Syria issue its first letter of credit in 14 years, enabling a Saudi Aramco fuel deal; 65,000 tonnes of diesel have arrived, with more shipments possible. Reconstruction Finance: Syria and the World Bank agreed to establish a recovery and reconstruction fund, while Damascus is exploring sovereign bond issuance and an infrastructure recovery fund. Investment: Emaar founder Mohamed Alabbar outlined plans to invest up to $17 billion in Syria, a major potential boost to reconstruction and development. Economic Governance: The government separated Industry from the Economy Ministry in its latest reshuffle, signaling a new approach to managing industrial policy.

Regional Energy: Qatar’s draft Lebanon plan includes two 825-megawatt power plants, a 20-year LNG deal and gas transit through Syria, plus 300 MW of Syrian electricity imports. The project still needs government approval, and financing terms remain unsettled. Economic Governance: President Ahmad al-Sharaa restored a separate Industry and Domestic Trade Ministry, but the division of responsibilities with the Economy Ministry is not yet clear. Reconstruction Finance: Syria and the World Bank agreed to establish a recovery and reconstruction fund. Damascus is also exploring sovereign bonds and an infrastructure recovery fund. Investment: Emirati developer Mohamed Alabbar says he plans to invest up to $17 billion in Syria; details and timing remain unclear. Trade & Transit: Iraqi oil exports reportedly rose above 3.4 million barrels a day, with some shipments routed through Syria. Syrian experts say energy corridors could generate transit, port and logistics revenue, but would require investment, security and stable rules. Recent pipeline attacks underscore the risks.

Reconstruction Finance: Syria and the World Bank agreed to establish a recovery and reconstruction fund, managed by the Bank with donor support to coordinate aid, fund projects and encourage private investment. Investment: Dubai developer Mohamed Alabbar said planned investments in Syria could reach $16–17 billion, subject to feasibility and development needs. Economic Policy: Damascus is exploring sovereign bond issuance and an infrastructure recovery fund, while decrees reshuffled leadership at the Petroleum Corporation and sovereign wealth fund; a new chairman has also been named to the wealth fund. Energy and Trade: Syrian experts say the country could become a regional oil and gas transit hub, but say investment, security and stable rules are essential. Recent pipeline attacks underscore the risks to energy infrastructure. Syria has also resumed sending international parcels abroad for the first time in more than a decade.

Reconstruction Finance: Syria and the World Bank agreed to create a multi-donor recovery fund offering concessional finance, investment guarantees and technical support. The World Bank estimates reconstruction needs at about $216 billion. Capital Markets: Finance Minister Mohammed Yisr Barnieh says Damascus is exploring a sovereign bond issue next year and has begun preliminary talks with international banks. Investment: Emaar has outlined plans to invest $17 billion in Syria, a major signal of private-sector interest in rebuilding. Energy: President Ahmed al-Sharaa appointed new leaders to the Syrian Petroleum Corporation and Sovereign Wealth Fund as pipeline attacks and fuel-sector concerns keep energy infrastructure under pressure. Trade: Syria has resumed outbound international parcel services for the first time in more than a decade, a small but notable step toward reconnecting commerce.

Investment: Emaar has announced plans to invest $17 billion in Syria, while Gulf capital remains cautious: some commitments were frozen after the regional war began, though officials say Syria’s strategic value endures. Infrastructure: DP World is accelerating development of Tartous port, but attacks and other incidents have damaged Syrian oil and gas pipelines, threatening energy links needed for recovery. Trade & Finance: Syria has resumed outbound international parcel shipments for the first time in more than a decade and is set to rejoin the IMF’s Arab Group on November 1. Syrian and regional finance ministers have also discussed stronger cooperation.

Economic Ties: Egypt and Syria discussed expanding financial and economic cooperation, following an Egyptian business delegation’s visit to Syria; a visit to Damascus is being prepared. Energy Infrastructure: Attacks damaged two Syrian pipelines, including a gas export line in Hasakah, while a separate oil pipeline incident caused a spill—threatening already fragile energy operations. Trade Links: Syria sent its first international parcels abroad in more than a decade, a step toward restoring cross-border delivery services. Investment and Recovery: Emaar’s chairman outlined plans to invest up to $17 billion in Syria, while the World Bank and Netherlands have also signalled support for recovery.