{"id":5813,"date":"2010-03-19T06:05:54","date_gmt":"2010-03-19T06:05:54","guid":{"rendered":"http:\/\/joshualandis.com\/blog\/?p=5813"},"modified":"2010-03-19T06:05:54","modified_gmt":"2010-03-19T06:05:54","slug":"syrian-economy-israel-us-clash","status":"publish","type":"post","link":"https:\/\/joshualandis.com\/blog\/syrian-economy-israel-us-clash\/","title":{"rendered":"Syrian Economy; Israel – US Clash"},"content":{"rendered":"

\"\"on the Clash between Israeli and US Interests<\/a> – This is pretty dramatic. Thanks to “Pulse”<\/p>\n

\"\"Fox News: Syria\u2019s Economy<\/a>
\n2010-03-18<\/p>\n

Damascus is abuzz with activity, from international investors carrying out due diligence on business opportunities and infrastructure projects, to diplomats passing through to see if Syria can\u2019t help unblock the peace process. Syria remains on the …<\/p><\/blockquote>\n

Syria’s Banking Sector Grew by 14 Percent in 2009<\/strong>
\nSyria Report<\/p>\n

Syria’s commercial banks held total assets of SYP 1.96 trillion at the end of 2009, a year-on-year increase of 14.4 percent, according to data from the Central Bank of Syria. Read<\/p><\/blockquote>\n

\"\"Syria: Public Investment Planned<\/a>
\n17 March 2010<\/p>\n

Details from the draft stages of Syria’s forthcoming 11th Five-Year Plan suggest that the government intends to place a renewed emphasis on public investment in the coming years.<\/p>\n

Speaking to official Syrian news agency SANA towards the end of last month, the deputy prime minister, Abdullah Al Dardari, said the new plan would focus on investment in infrastructure and energy security. “We have signed several contracts worth $5bn to produce 5000 MW of electric power by the end of 2013, increasing the generation of electric power in Syria during the next five years by 70%,” Al Dardari said.<\/p>\n

Earlier reports state that the new plan is expected to be ready by next March, and will set ambitious targets of 8% annual GDP growth, and a reduction in unemployment to 4%. By comparison, recent growth levels before the global crisis were averaging between 5% and 6%, while unofficial estimates for unemployment are between 10% and 12%. his profile.<\/p>\n

The Syrian government appears keen to extend the public-private partnership model (PPP) to other areas of infrastructure investment, with the government sponsoring the country’s first PPP conference last October in Damascus, where Al Dardari told potential investors that Syria would require in the order of $50bn of infrastructure investment over the next five years.<\/p>\n

The Syrian government has been working alongside the World Bank’s International Finance Corporation for the past few months in preparation for the country’s first independent power project (IPP) – a 250 to 350-MW plant to be located 60 km north of the capital, Damascus, on a 20 to 25-year build-operate-transfer concession. According to regional press, two bids for the power plant have been shortlisted since September 2009: one led by Marafeq, a joint venture of locally based Cham Holding including participation from several Kuwaiti firms, and the other a joint venture between Finland’s Wartsila and Greece’s Terna Energy.<\/p>\n

As it currently stands, Syria lacks a domestic legal framework for PPP contracts. However, recent changes to banking regulations requiring private banks to up their minimum capital from $33m to $220m seem designed to improve the nascent sector’s capacity to fund large-scale infrastructure projects. The first such project to be run by Syria’s domestic private banking sector saw a $340m syndicated loan, involving 16 local and international financing partners, made available to French cement producer Lafarge for the construction of its new Syrian plant late last year.<\/p>\n

The book-runner on that loan was Bank Audi Syria, whose deputy chairman and general manager, Bassel Hamwi, recently told local press that hurdles remained in the movement toward PPPs. Noting that the key concern for business was return on investment, Hamwi described the speed at which the government moves ahead in structuring and implementing projects as “crucial”. “The worst thing that could happen is for investors to put in the funds and their return on equity plummets,” he said.<\/p>\n

The issue is indeed a genuine concern for the banking sector: currently 10% of bank capital must be deposited at the Central Bank, where in the absence of a treasury bill market or certificate of deposit system it currently earns no interest. As a result, banks must work their remaining capital especially hard to ensure a return on equity for investors. While PPPs would offer a potentially rewarding return on investment for that capital, the government must first build confidence in the sector, ensuring that such contracts proceed smoothly.<\/p><\/blockquote>\n

Gulfsands Jumps 21 Percent in London Trading After Approach<\/a>
\nBy Brian Swint<\/p>\n

March 18 (Bloomberg) — Gulfsands Petroleum Plc, a U.K. oil and gas explorer with operations in the Middle East and the U.S., surged to a record in London trading after receiving a takeover approach.<\/p>\n

Gulfsands jumped as much as 21 percent to 313 pence, the highest intraday price since the shares were first sold to the public in April 2005. The stock gained 5.3 percent yesterday.<\/p>\n

\u201cThe board of directors of Gulfsands Petroleum notes the recent movement in the company\u2019s share price and confirms that it has received a preliminary approach that may or may not lead to an offer for Gulfsands,\u201d the London-based company said in a statement. It didn\u2019t identify the potential buyer.<\/p>\n

Gulfsands reported a first-half profit in September after a jump in production at its Khurbet East Field in Syria. It won approval to develop another field in the country in January.<\/p>\n

Gulfsands in September denied that it was in talks with China\u2019s Sinochem Corp. about a takeover. Sinochem, China\u2019s biggest chemicals trader, announced a 532 million pound ($811 million) bid for Emerald Energy Plc in August. Emerald and Gulfsands each hold a 50 percent stake in the Khurbet East oil field.<\/p><\/blockquote>\n

Syria: timing of accord depends on EU ‘flexibility’<\/a>
\n(AFP)<\/p>\n

DAMASCUS \u2014 Syria said on Tuesday it will soon restart talks with the European Union on a stalled partnership agreement, but that its timing will depend on the flexibility shown to Damascus over certain points.<\/p>\n

“A European delegation will travel to Damascus to negotiate the points in the agreement that raise Syrian concern,” Foreign Minister Walid Muallem said at a news conference with visiting EU foreign policy chief Catherine Ashton.<\/p>\n

“The date for signing the agreement will depend on the two parties, and on the degree of flexibility shown during the forthcoming negotiations,” he added, without elaborating on points of concern to Damascus.<\/p>\n

The association agreement had been due to be signed last October, but was deferred after President Bashar al-Assad said Syria wanted “to revise” certain clauses.<\/p>\n

At the time The Netherlands insisted on including a separate document from its EU partners linking the agreement to Syrian respect for human rights.<\/p>\n

Muallem said that both sides “share the same points of view. They want an agreement based on equality, respect for sovereignty and independence, and non-interference in internal affairs.”<\/p><\/blockquote>\n

\"\"Wahab\u2019s attack is part of Syria\u2019s campaign against the president<\/a>
\nMarch 18, 2010, Ya Lubnan<\/p>\n

Wiam Wahab\u2019s call for the resignation of the president was obviously not a personal opinion as he stated during his visit to MP Michel Aoun at Rabiyeh, but was reportedly part of a campaign against President Michel Suleiman orchestrated by Syria\u2019s allies in Lebanon according to local observers.<\/p>\n

Former minister Wahab a staunch ally of Syria on Wednesday attacked President Michel Suleiman and called on him to resign for allegedly failing to govern the country.<\/p>\n

According to An-Nahar newspaper sources, the campaign against Suleiman and several government institutions is organized by a number of political allies of Syria who intend to form a new \u201cradical\u201d group that aims to \u201cimpose fresh conditions\u201d on Lebanon\u2019s pro-government leaders in light of regional developments that would help Damascus once again, to hold the upper hand over Lebanon.<\/p>\n

The campaign has reportedly begun with Suleiman\u2019s visit to the U.S. It intensified when the President announced the establishment of a National Dialogue Committee and called for the resumption of all-party talks to discuss the defense strategy.<\/p>\n

Syria\u2019s allies are reportedly targeting the following issues:<\/p>\n