Happy Monday, friends, and welcome to a new workweek. The AI IPO race split in two over the weekend, after the industry started to show signs of fraying seams amid safety concerns.
Nvidia is in talks to anchor Anthropic's IPO with up to USD 10 bn, Reuters reports, as the company looks to raise USD 100 bn at a USD 2 tn valuation in what would be the largest listing on record.
REMEMBER-QIA and MGX are already inside: Qatar’s fund backed Anthropic’s 2025 round, MGX co-led this year’s USD 30 bn raise, and Gulf investors have committed an estimated USD 7.5 bn to the company across prior rounds. The listing lets them cash out or double down, and they will be making that call in public.
Hours later, the other half of the race stepped back from the market. Dario Amodei published We Must Pace the Frontier, an essay urging labs to slow capability gains deliberately. Sam Altman then told Fortune that an OpenAI listing this year would be “ill-advised” given safety concerns, and endorsed Amodei's proposal on X. MGX holds equity in both — one position courting a USD 10 bn anchor investor, the other declining to come to market at all, in the same portfolio.
Meanwhile, the rate backdrop got harder on Friday. US CPI rose 0.4% in August and 3.4% y-o-y, with core at 0.3% and 2.4%. Gasoline did more than a third of the monthly work, up 3.9% on the month and 27.4% over the year, and the energy index is up 16.3% y-o-y. The Hormuz premium has arrived in the US print, which is the transmission line from our shipping lanes to the cost of every project on the regional pipeline.
That backdrop will feature in the US Federal Reserve’s two-day meeting, which starts tomorrow, with Goldman Sachs, JP Morgan, and others calling a rate hike on the back of persistent inflation. That would hit a market already carrying the heaviest global yields since 2008. –Salma
Syria is beginning to get a glimpse of what post-sanctions tourism demand could look like, but that demand has arrived ahead of the industry meant to serve it. Decisionmakers are left with a tight balancing act between promoting tourism and working around infrastructure and external bottlenecks that cannot yet handle a fast boom.
The rebound is coming off a low base but is also expanding beyond the previous base that was primarily composed of Syrians returning to see family. Visitor numbers more than doubled y-o-y in 1H 2026 to 3.52 mn visitors, according to Tourism Ministry figures, which include Syrian expatriates, Arab visitors and non-Arab foreign tourists. The biggest increase came from non-Arab foreign tourists, whose numbers jumped 448% to around 719k. Arab visitors rose 107% to 664k, while visits by Syrians living abroad increased 75% to 2.13 mn.
As the numbers boom, the country has fewer than 20k hotel rooms to accommodate this influx of visitors. Many of its four- and five-star hotels have no website, international card payments were switched back on only weeks ago, and Western governments still advise against travel. The Tourism Ministry is managing the recovery as much by restraint as by promotion.
The constraints sit on three clocks. Rooms can be added within a year by upgrading stock that already exists. Digital booking and payments infrastructure will take longer. Travel advisories and the reconnection of Syrian banks to international networks are outside Damascus’ control entirely.
What’s fueling the rebound: Syrians abroad are returning in much larger numbers after years in which travel home was difficult, helped by the reopening of Syria’s land borders. Reopened land crossings have made travel easier for Arab tourists. Independent Western travelers, bloggers and adventure tourists are making content from Syria.
Local businesses’ toolboxes are growing
“Damascus is booming,” Ninwa Hanna, a Syrian-American destination development consultant who advises the Syrian Tourism Ministry, tells EnterpriseAM. “A lot of diaspora Syrians have returned and opened businesses in Damascus — there’s an all-women’s Pilates gym that opened, there’s a ton of little cafes and F&B.” These businesses now also have access to many tools that previously weren’t within reach, including social media access, Hanna says. “Promoting your business on social media was next to none. And now, all of a sudden, they have the tools.”
Rami Nawaya, co-founder of Damascus-based tour startupSyrian Guides, is having a busier-than-ever fall season. His weekly group tours, which he markets to Western, English-speaking tourists, are filling up fast after a few months of cancellations linked to security fears due to the Iran conflict. “This month alone, there is unprecedented demand. We are trying to hire more tour guides to work on our tours, but everyone is booked,” he tells EnterpriseAM.
Historic sites that were largely empty during the war are now seeing visitors again, while restaurants, shops, and other businesses that had disappeared are reopening around the tourist trade, Nawaya says. Syrian Guides is now able to bring tourists into Syria through Damascus Airport, as well as overland from Jordan and Lebanon, with group tours spanning Damascus, Aleppo, Palmyra and Bosra.
The coast is bustling just as much as the urban centers. At the four-star Shahin Resort just outside Tartus, bookings have roughly doubled from last year, the resort’s PR executive Samer Shalhoum tells EnterpriseAM. All 261 of the resort’s rooms are currently in use, with another roughly 200 rooms set to operate next year. And while the resort used to fill up mostly on the weekends, it has been close to full almost every day this summer, with guests booking around 20 days to a month ahead. The resort has been full since mid-June and expects to remain booked through late September, Shalhoum tells us.
The clientele is changing, too. Alongside returning Syrians, Shalhoum is seeing guests with European and US passports, as well as visitors from Jordan and the Gulf. European visitors make up the largest share of its foreign clientele.
The surge in demand is exposing the extent of Syria’s hotel-room shortage. The country has fewer than 20k hotel rooms nationwide, with roughly 60% of the stock concentrated in one- and two-star properties, according to Tourism Minister Mazen Salhani.
The one-year clock: Squeezing capacity out of what exists
Operators are already turning business away: Nawaya says he has declined commissions from other tour operators looking for accommodation in Damascus. “Because the number of beds in the Old City of Damascus is so limited, these hotels are already fully booked,” he says.
The government is trying to squeeze more capacity out of the existing stock while larger projects wait to materialize. A government program is targeting 332 one- and two-star hotels with a combined 10k keys. The scheme offers financing on favorable terms through the National Islamic Bank, alongside technical support to help operators upgrade their properties. It is a short-term means of expanding usable capacity without waiting for new-build projects.
The upgrade program is the fastest clock. The new-build pipeline is the slow one, and it has yet to produce much. The government announced around USD 1.5 bn in tourism investments in 2025, covering hotels, resorts, entertainment projects and historic sites. But the figure includes both investment contracts and memoranda of understanding, and little of that investment has yet translated into projects on the ground.
In April, the government terminated the contract with Saudi Arabia’s Le Park Concord for the Seven Gates project, formerly the Sheraton Damascus, after the investor failed to meet most of its contractual obligations. The Beaumont Damascus project, meanwhile, only moved into the execution phase this month after obtaining its development and real-estate investment license. The project, being developed by Saudi Arabia-based Ezdihar Group, has an estimated investment value of USD 250-300 mn.
The longer clock: Finding (available) hotel rooms
Rooms are the visible constraint. The harder one is that a visitor abroad often cannot find a Syrian hotel, let alone book it. Burhan Alz’ibi, founder of newly launched tourism platform Dalil Syria, says the country’s digital tourism infrastructure remains years behind the demand now emerging. “It was shocking to me that a lot of famous hotels, four- and five-star hotels in Syria, do not have a website until now,” he tells EnterpriseAM.
Dalil Syria is trying to fill part of that gap by bringing hotels, heritage houses, guesthouses and other accommodation into a searchable digital directory, but Alz’ibi says the broader problem is bigger than discoverability. “The demand has increased much faster than the fragmented tourism ecosystem can offer or can support until now,” he says. “In my opinion, it’s the digital infrastructure. This is a major factor that can discourage visitors.”
The government is backing projects aimed at improving digital connectivity. The My Syria app launched in July as an integrated digital platform for tourism, hospitality and lifestyle services. Developed by UAE-based 121 Living for Property Management, it allows users to access tourism and hospitality services and make cross-border digital payments through Apple Pay, Google Pay and major international payment cards. The government also signed an agreement earlier this year with Saudi tech firms Tamkeen, Cipher and Hawaz to support the digital transformation of the tourism sector. The impact will depend on broader improvements to internet access, electronic payments and the ability of hotels and tour operators to connect to the new platforms.
Payments compound the issue: Visa and Mastercard carried out their first international card transactions in Syria in late August, more than 15 years after the country’s payments system was cut off from the global networks and following the US removal of Syria from the state terrorism sponsor designation. The reconnection remains limited, with no nationwide rollout yet.
For tour operators, that problem presents a genuine hurdle to business. Nawaya says Syrian Guides cannot reliably take deposits from overseas customers before they arrive, leaving them to collect payment in cash once tourists are in Syria. “For the tourists too, to carry a large amount of USD is a danger because this amount could get lost or stolen,” he says.
The clock Damascus cannot wind forward
In March, Syria made a comeback at Berlin’s ITB, the world’s largest annual tourism industry fair. Manaf AlHalabi, who lives between Syria and Germany, was among the exhibitors. He is hoping to revive his family’s tourism agency, which has been arranging tours for German tourists to Syria since the 1980s but went out of business during the war.
“We received a lot of interest in Syria. It is gaining a nice image, not one of war and asylum,” AlHalabi tells EnterpriseAM.
Germany, the UK, Canada and the US continue to advise against travel to Syria, making European and North American tour companies reluctant to sell the destination even as individual travelers begin returning, AlHalabi says. “The actual return of tourism needs an entire system. You need flights, hotels, transport, services, electronic payment, for example, marketing, trained staff, integrated tourism experiences. All of this is on the way, but to the companies we deal with, it is still a long way,” he says.
That gap between interest and capacity is why the ministry is promoting cautiously. “They are still cautious with promotion because the infrastructure doesn’t support even the tourists who are already arriving,” Nawaya says.
Alz’ibi expects tourism numbers to continue rising in the near to medium term, but says the pace will depend on improvements to the infrastructure supporting visitors. “If things stay on the same level, I think there will still be an increase, but not a significant one,” he says.
The demand will keep coming whether or not Damascus markets for it. The question facing the ministry is how much of it the system can absorb before the experience starts working against the image.
Diplomacy and escalation are running side by side this morning, as the UAE and Iran signaled a possible warming at Brics, while Houthi and Iraq-launched attacks pressed on Saudi’s oil export infrastructure over the weekend.
A UAE-Iran opening?
Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan met with Iran’s President Masoud Pezeshkian on the sidelines of the Brics summit, marking the first meeting between officials from the two countries since the war began, according to state news agency Wam. They discussed easing regional instability and promoting de-escalation.
UAE presidential adviser Anwar Gargashfollowed up on X, noting Pezeshkian had expressed “balanced and rational positions during the protracted crisis.” The UAE and Iran were also among those inking a joint statement calling for de-escalation in the regional war, with Pezeshkian telling BBC Arabic the two countries wanted to “turn the page on the past and look to the future.”
The backdrop: The Emirates severed trade and financial ties with Iran just last month, following the first direct attack on UAE territory in months — something that Tehran has denied involvement in.
A parallel diplomatic track seems to be stalled, however. Gulf foreign ministers were scheduled to meet their Iranian counterparts in Salalah today to discuss an emergency transit agreement for Hormuz, but that meeting has been postponed. It remains unclear when the meeting will happen now, and Iran has stopped short of suggesting a full reopening and is also looking to retain control over who can actually pass through, Bloomberg reports.
Saudi’s oil export routes under multi-front pressure
The East-West pipeline is down: Drones launched from Iraq targeted Saudi’s East-West oil pipeline on Friday, temporarily shutting it and causing injuries and damage still being assessed, according to the Foreign Ministry. It’s the Kingdom’s main export lifeline since Hormuz effectively closed. Saudi oil buyers and traders told Reuters Riyadh could run out of exportable stocks within days if the pipeline isn’t restarted, potentially removing up to 4% of global supply.
Iraq is on notice: Riyadh condemned the strike but held back from retaliating after Iraqi PM Ali Al Zaidi asked for time to prevent further attacks. Baghdad opened an urgent investigation, dismissed its Maysan province operations commander, and closed the Shalamcheh border crossing with Iran. Iraq was bombed by Saudi-US air forces in July after a similar attack, and remains under diplomatic pressure to demonstrate control over territory used by Iran-backed militias.
Houthis are cornering Bab Al Mandab: The group expanded its control over Yemen’s Red Sea coast, reaching the strategic islands of Perim and Hanish and the coastal towns of Mocha and Dhubab, Reuters reports That puts Houthi forces within roughly 50 km of the strait and in a stronger position to target shipping, threatening the same Red Sea route the pipeline feeds. Houthi military spokesperson Yahya Saree said shipping remained safe except for Saudi vessels, which continues the blockade from July.
Ongoing exchanges: The Houthis struck a military base in Najran's Sharurah yesterday, and a projectile fell in Al Tawwal governorate — injuring two people and damaging a mosque, Saudi civil defense said. The Kingdom retaliated with 129 strikes over the weekend from bases in Khamis Mushait and Taif across Taiz, Marib, Hodeidah, Al-Jawf, Saada, Amran, and Hajjah.
Where’s Washington in all this? Crown Prince Mohammed bin Salman asked Trump for military support against the Houthis, Reuters reports, citing sources familiar with the matter. Washington declined direct military action but offered intelligence-sharing and targeting support. Trump said the Houthis had told his administration they did not want US involvement and were letting most ships pass. Al Zurqa expects Washington to widen intelligence support, air defense, early warning, and protection of facilities and sea lanes if the attacks continue, with any shift to broader offensive involvement depending on the nature and scope of the threat.
Norway ups its diplomatic representation in Qatar: Norway is opening its first embassy in Doha as the wealthy Scandinavian nation looks to expand ties with the GCC major, with the Foreign Ministry naming conflict resolution and sectors, such as tech, green investments, energy, and defense as core areas of business interest that the new embassy will serve. This will be Norway’s third embassy in the GCC after the UAE and Saudi. Norway and Qatar have had diplomatic relations since 1973, but the GCC nation has been primarily served by Norway’s embassy in Abu Dhabi, which also covers Kuwait.
The relationship’s oldest anchor, though, is industrial: Qatar Fertilizer Company (Qafco) is 25%-owned by Norway’s Yara International since 1969. Norway’s sovereign wealth fund (NBIM), the world’s largest, also holds some USD 1 bn in Qatari equities, such as Industries Qatar, Ooredoo, Al Rayan Bank, Qatar Islamic Bank, and QNB.
ICYMI- A Qatari trade mission made a trip last May to meet Norwegian officials and businesses for discussions on tech, AI and biotech cooperation.
ZOOMING OUT- The move is also part of a wider diplomatic restructuring that will see Norway close diplomatic posts elsewhere. The first casualty is Norway’s embassy in Lilongwe, Malawi, which is closing by the end of July 2027 — putting an end to 27 years of presence. Both moves sit inside the government’s ongoing revamp of its development policy, due before parliament as a white paper next spring.
Iraq has awarded Qatar’sOoredooa contract to build internet transit capacity to Europe, deepening Baghdad’s bid to become the Gulf’s overland alternative to vulnerable Red Sea cables, AGBI reports. The project routes data through a corridor linking the southern port of Faw to the Rabia crossing on the Turkish border — the same 2k km fiber backbone Communications Minister Mustafa Jabbar Sanad activated in July as part of Iraq’s Civilizations Road digital corridor, the state’s first internet transit network.
“Our policy prioritized establishing Iraq as a secure, high-speed internet transit route with low latency,” Sanad told state-run Iraqi News Agency, citing shorter distance to Europe, incentivised pricing, and infrastructure insulated from weather and regional conflict as the deciding factors over rival Arab transit routes.
Ooredoo’s second bite at the same corridor: The agreement uses an Indefeasible Right of Use structure to lease network capacity — Iraq’s first use of the model — and has already drawn interest from several Gulf states in the past week, according to Sanad.
GO DEEPER- Ooredoo signed a separate agreement with France’s Alcatel Submarine Networks in January 2025 to build Fibre in Gulf (FIG), a submarine cable linking the six GCC states and Iraq to Europe with up to 720 Tbps of capacity, outside traditional cable routes.
Why it matters: Iraq is one of several competing land corridors Gulf states are financing to route data around Red Sea chokepoints exposed by regional conflict. Ooredoo Oman and Saudi’s stc are separately buildingSONIC, a terrestrial Saudi-Oman link, while a UAE-backed consortium is pushing a rival USD 700 mn Iraq route, WorldLink, targeting 900 Tbps capacity on a similar Faw-Turkey path. Iraq isn’t locking in one transit partner — it’s auctioning the same corridor to whoever builds fastest.
From runway fuel tanks to AI data centers, the UAE’s most strategic infrastructure is being redesigned around the assumption it will be shot at. Dubai Airports is weighing burying fuel tanks and reinforcing other systems at Al Maktoum International against drone and missile strikes, CEO Paul Griffiths told the Financial Times — while across the emirates, the UAE is quietly breaking up its 5-GW UAE-US AI Campus into a dispersed network and weighing underground builds, six sources told Reuters.
The AI Campus rethink runs on the same logic. What was originally a single 26 sqkm site in Abu Dhabi will likely be broken up into a network of data centers spread across the country, with authorities weighing air defenses and underground construction to protect facilities from drones and missiles, Reuters reported. G42, which is leading the project with Nvidia, Oracle, Cisco, OpenAI, and SoftBank, told Reuters the campus is “subject to continuous review in line with the security, resilience and operational standards expected of critical infrastructure at this scale.”
REMEMBER- UAE knows what an airport and data center under fire need to do. Two AWS data centers in the UAE and one in Bahrain were damaged during the June exchanges, and Iran’s armed forces released a video in April naming the Stargate UAE campus as a potential target. Meanwhile, Dubai International fielded 111 alerts of ballistic activity during the war, but only 17 actually hit. Real-time coordination with the UAE military let the airport shift passengers to underground locations at short notice — with as little as 10 minutes between alert and all-clear. One of those strikes did hit above-ground fuel tanks, briefly halting operations before flights resumed within about an hour.
Why it matters: The Gulf’s operator class spent a decade optimizing critical infrastructure for scale and cost. The next decade will price in redundancy and resilience. That means reshaping things like site selection, procurement, insurance, and construction timelines for anything that qualifies as strategic infrastructure: airports, data centers, power, refining, ports.
What’s next: More than AED 55 bn of contracts for Al Maktoum are due to be awarded this year, with the first phase of commercial operations slated for 2032. Watch the technical specs on the fuel-storage and utilities tenders — that’s where the new doctrine for battle-hardened infrastructure would show up.
Gulf national oil companies are on the sell side today. QatarEnergy is leaving Egypt’s biggest refinery in a December close, and Aramco is weighing an outright sale of its Dutch synthetic rubber business — a step past the sale-and-leasebacks that have carried its divestment drive so far.
Qalaa Holdings is more than doubling its stake in subsidiary Egyptian Refining Company (ERC) to 27.1% from 13% in a transaction that takes QatarEnergy out of the refinery, according to a bourse filing (pdf). Closing is penciled in for December, with shareholders helping foot the bill through a capital hike.
Qalaa is buying 55.4% of New Age Refining, which is itself acquiring QatarEnergy’s local holding company QPI Egypt, and its 25.4% effective indirect stake in ERC, at par value. That works out to 14.1 percentage points of added exposure for Qalaa, by our math. ERC is Qalaa’s single largest asset, producing 4.2 mn tons of liquid petroleum products a year, plus 600k tons of pet coke and sulfur, according to the filing. It has contributed 88% of Qalaa’s total EGP 38.3 bn revenue in 3Q 2025 — the most recent period for which Qalaa issued financial statements.
Aramco is weighing an outright sale of Arlanxeo, its Netherlands-based synthetic rubber business, Bloomberg reports, citing people familiar with the talks. Aramco’s recent monetization has leaned on sale-and-leasebacks and minority stakes in real estate and export terminals, transactions that raise money while keeping Aramco in operational control. Selling a business outright would go further, putting a non-core operating asset on the block rather than monetizing the asset while retaining control.
IN CONTEXT- Aramco is in the middle of a USD 35 bn divestment drive where it intends to keep full control of its upstream business while it explores stake sales midstream and downstream, including energy infrastructure, oil export and storage terminals, and real estate. It already sold its 50% stake in Malaysia’s PRefChem to Petronas in May and is exploring a sale-and-leaseback of real estate worth up to USD 10 bn.
Beltone Holding’s Beltone Venture Capital is closing three new investments worth around USD 1 mn in the next two to three months, CEO and Managing Partner Ali Mokhtar tells our Egypt desk. All three targets are local — fintech, proptech, and consumer finance — two at pre-seed and one at a more advanced operating stage, he says.
Exits are paying for it. Beltone VC has closed five exits since it started and is recycling proceeds. It’s at final signing on what Mokhtar calls a “big exit” locally, and a second Moroccan holding may be acquired outright at a 3x return in under 18 months — after its 100% IRR exit from Morocco’s Cathedis. Beltone VC’s planned EGP-denominated fund should go live by 1Q 2027 at the latest, announced at EGP 250 mn and possibly larger as new investors commit.
Oman is writing another Hong Kong cheque: The Oman Investment Authority (OIA) has received “in-principle approval” to commit up to HKD 250 mn (USD 32 mn) to the Templewater Innovation Fund — roughly 25% of the fund’s HKD 1 bn (USD 128 mn) target. The investment would mark the first Gulf sovereign commitment into the Hong Kong government’s Innovation and Technology Venture Fund Enhanced Scheme (ITVF), a HKD 2 bn government-backed program with nine preliminarily approved funds.
Half the fund’s capital is earmarked for deployment inside Oman, across advanced manufacturing, new energy, AI and data science, and health tech. It follows the same “Omani Angle” logic the OIA is embracing in other tech deals, such as ITHCA Group’s USD 13 mn investment in US chip designer GSME earlier this year: relatively small sovereign checks, in exchange for a standing claim on tech localization and knowledge transfer.
Foreign real estate investors are now buying more expensive property in Jordan. The value of property transactions made by non-Jordanians rose 19% y-o-y in the first eight months of 2026 to record JOD 147.1 mn, even as the number of transactions remained almost flat at 1.5k, according to Department of Land and Survey data.
Iraqis led the pack, closing 373 transactions at a combined value of JOD 63.1 mn, accounting for about a quarter of all foreign real estate transactions in Jordan and 43% of their total value. Saudis came next with 195 transactions, followed by Syrians, Palestinians, and US citizens.
Apartment purchases rose 7% y-o-y to 953, while land deals fell 12% to 562, suggesting buyers traded volume for pricier units. Iraqis led both by count (373 properties) and value (JOD 63.1 mn, 43% of the total), ahead of Saudis, Syrians, Palestinians, and Americans. August alone saw 257 transactions, up 31% y-o-y.
Iraq taps private sector player to double a key gas field’s output: Iraqi state-run North Oil Company tapped Iraqi private sector outfit Kar Electrical Power Production Trading (KEPPT) to develop and operate the Ajeel oil and gas field in Saladin province for a period of 25 years. Under the contract, KEPPT will work on raising Ajeel’s gas production from 135 mn to 300 mn standard cubic feet a day (mmscf/d) and crude output from 30k to 40k bbl / d.
IN CONTEXT- Iraq can significantly improve its domestic natural gas production without new discoveries by just cutting on natural gas lost to flaring. The country ranks third in flaring after Iran and Russia as per the World Bank's estimates, losing some 24 bn cubic meters (bcm) to flaring every year — almost four times what it imported from Iran to cover domestic power generation.
Ajeel’s build-out feeds into a broader national push: Baghdad wants to achieve natural gas self-sufficiency by 2030, and an end to flaring by 2029, as per Oil Minister Khudair — a target that the Gharraf and Nassiriyah fields are also racing toward, with 200 mmscf/d of capacity expected by early 2027.
Spot me?
Qatar is looking beyond the spot market to plug in its production shortages: QatarEnergy is looking to secure long-term LNG supply from US producers, with industry sources telling Reuters the global LNG major is in discussions with Venture Global, Cheniere, and Woodside for LNG supply agreements running through 2031. The negotiations mark a doubling down strategy on US cargoes QatarEnergy has been buying to cover commitments to customers following the hit to its Ras Laffan complex.
Why this matters: Long-term contracting would allow QatarEnergy to make deliveries if repairs in its own production fields and trains take longer, and also hedges against Hormuz disruptions in the year to come. It gives the global supplier the option to lift US cargoes and send them directly to customers from American terminals.
Running to stand still
An 8% y-o-y boost in Tunisia’s exports in the first eight months of 2026 has failed to deliver an improved trade balance for Tunisia, whose trade deficit widened 22% y-o-y during the same period to TND 17.8 bn, according to data from the National Institute of Statistics carried widely by the Tunisian press.
The bill of energy imports was the main driver for the widening trade deficit, which is set to cast its shadow on the country’s fiscal deficit as Fitch predicts a fiscal gap of 6.4% of the GDP by the end of 2026. Despite the headwinds, Fitch affirmed Tunisia credit rating at B- with a stable outlook last week despite the fact that the fiscal gap is almost double the 3.3% median for B rated economies, citing “higher GDP per capita and human development indicators than peers, a diversified economy with an educated workforce and a resilient external position despite external shocks.”
Meanwhile, exports to Egypt (76% increase) and Saudi Arabia (+51%) carried the exports surge, despite shrinking exports to Tunisia’s neighbors Morocco and Algeria.
In formation
The Egypt-Syria Business Council formation is now complete after Egypt’s investment and external trade minister issued a decree last week appointing the members representing Egypt’s side. The appointments include chairman of the Port Said Chamber of Commerce Mohamed Saada as co-chair, Chairman of Taqa Arabia Khaled Abubakr, alongside a number of other private sector executives spanning sectors like construction, real estate, steel, pharma, and the food industries.
This comesalmost four months after Syriafinalized its own side of the council, with Syrian businessman and CEO of Karim Metal and Mechanical Industries Ghassan Karim tapped as co-chair back then.
REMEMBER- Egyptian capital is yet to make any major commitment in Syria, but the country’s private sector has been warming to reconstruction business prospects in sectors like iron and steel and infrastructure projects, amid diplomatic warming on the governments level, we previously reported.