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KSA cement firm to export to Syria: Saudi-based Al Jouf Cement Company and Mohammed Shahi Al Ruwaili Contracting have inked a SAR 38 mn (c. USD 10.1 mn) contract to export cement and clinker goods to Syria, according to a Tadawul statement. The agreement will be in effect from 2 February 2025 till 28 February 2026.
Details: Under the contract, Al Jouf Cement Company will sell cement and clinker products to Mohammed Shahi Al Ruwaili Contracting, who will then export to Syria. The contract’s SAR 38 mn value is over 10% of the cement company’s total revenues, and its financial impact is expected to kick in as early as 1Q 2025, according to the statement.
KSA wants Syria sanctions lifted: Saudi Arabia has been pressing the West to ease sanctions on Syria to boost reconstruction efforts, arguing that “sanctions will hinder the aspirations of the Syrian people to achieve development,” Reuters reporters last week, citing comments by Saudi Foreign Minister Faisal bin Farhan Al Saud.
The EU is considering the move: The EU is looking into easing Syria’s sanctions via a step-by-step approach, Reuters reported, citing two internal documents it has seen. The documents discuss a possible roadmap for easing sanctions, which include bans on oil imports from Syria and investment in the Syrian oil industry, as well as a freeze on Syrian central bank assets in the EU. Several EU member states have called on the bloc to temporarily lift sanctions on Syria in several areas including transport, energy, and banking, Reuters reported earlier this month. EU foreign ministers are set to discuss the proposal on 27 January.
ICYMI- The US Treasury Department issued temporary six-month sanctions exemptions to allow transactions with government institutions, the oil sector, and personal transfers in Syria earlier this month.
REFRESHER- Syria wants to revive its trade, including with the region: Syria announced plans to implement a single customs tariff to boost the movement of goods last month. Jordan also resumed agriculture trade with Syria last week following a 13-year hiatus due to civil unrest.
