AGP Executive Report

Air Links: Etihad will raise Abu Dhabi–Damascus flights from four a week to daily from Nov. 14, citing strong demand from families and business travellers. Banking: The UAE and Syrian central banks have agreed to cooperate on payments, fintech, supervision and financial inclusion, aiming to strengthen Syria’s financial infrastructure. Investment: Saudi Arabia is preparing new routes for its companies to enter the Syrian market, while Damascus and Riyadh have advanced reconstruction and investment talks. Energy and Trade: Iraq is seeking to route crude exports through Syria to the Mediterranean, with a proposed pipeline potentially moving to construction in early 2027. The route could offer Iraq an alternative export corridor, though attacks on Syrian pipelines pose a risk. Tourism: International hotel groups are targeting Syria as it seeks to attract overseas visitors and rebuild the sector. Public Finances: Syria’s proposed $50 billion sovereign fund is facing questions over transparency, as a World Bank report estimates that poverty remains widespread, with around one in five Syrians living below $3 a day.

Oil Trade: Iraq expects to begin trucking crude through Syria to the Mediterranean by mid-October, using a route around disruption in the Strait of Hormuz. Damascus says the agreement is nearly complete, building on earlier fuel shipments through Syria. Sovereign Fund: Syria’s state fund is valued at $50 billion and holds businesses, property and bank stakes, but has not published a full list of assets or accounts—raising questions about transparency as it courts foreign investors. Investment & Tourism: UAE developer Eagle Hills has signed a framework for residential and tourism projects, while hotel groups are eyeing Syria’s recovery. A Latakia project is expected to create 40,000 jobs. Air Links: Etihad has increased Damascus service to daily flights as demand grows, a boost to connectivity and hopes for a tourism revival.

Oil Exports: Iraq expects to start trucking crude through Syria to the Mediterranean by mid-October, creating a route around Strait of Hormuz disruptions. Energy Infrastructure: Syria arrested suspects after sabotage damaged a pipeline in the northeast, underscoring risks to the country’s energy network. Investment: Abu Dhabi’s Eagle Hills has agreed to develop residential and tourism communities in Syria; its Latakia project is expected to create 40,000 jobs. Çimko also signed a $200 million deal to redevelop an Aleppo cement plant. Finance: The Syrian and UAE central banks signed an agreement covering payments and fintech. Tourism: Hotel groups are eyeing Syria’s recovery, while Etihad has increased Damascus service to daily flights.

Energy Security: A wave of attacks on Syria’s oil pipelines threatens Damascus’s ambition to become a regional energy corridor. Officials reported 22 pipeline attacks this year, while a gas-line blast knocked three power stations offline. Oil Transit: Syria is close to an agreement to move Iraqi crude by tanker truck to Baniyas for export, with the first convoy expected by mid-October. The route could bring transit revenue and strengthen Syria’s role as an alternative when Gulf shipping is disrupted. Investment: Syria and Saudi Arabia are advancing reconstruction and investment talks, while UAE developer Eagle Hills is launching projects in the country. A Latakia development is projected to create 40,000 jobs. Tourism: Hotel groups are targeting Syria as it seeks to attract overseas visitors, and flydubai has increased its Damascus service to daily as demand grows.

Tourism Investment: International hotel groups, including Accor and UAE-based Eagle Hills, are exploring expansion in Syria as visitor numbers more than doubled year-on-year to 3.52 million in the first half of 2026. Syrian expatriates made up most arrivals, though continuing security concerns remain a barrier to growth. Energy & Trade: Iraq is pursuing a Mediterranean route for crude exports through Syria as disruption to Hormuz shipping hits oil revenues. The countries have agreed to rehabilitate the Haditha–Baniyas pipeline, with construction potentially beginning in 2027. Investment Ties: UAE-Syria talks are advancing real-estate and development projects, while Saudi Arabia is preparing routes for its companies to enter the Syrian market. The two countries’ central banks have also agreed to cooperate on payments and fintech. Market Risks: Oil prices climbed above $104 a barrel amid shipping attacks and regional tensions, raising fresh risks for energy costs and trade.

Saudi Investment: Riyadh is preparing new routes for Saudi companies to enter Syria’s market, as President Ahmed al-Sharaa and Crown Prince Mohammed bin Salman discuss investment and reconstruction. The talks build on UAE developer Eagle Hills’ framework agreement for residential and tourism projects in Syria, including a Latakia development projected to create 40,000 jobs. Energy & Trade: Iraq has asked Syria to serve as an overland route for crude exports as war disrupts shipping through the Strait of Hormuz. The route could strengthen Syria’s role as a regional transit hub, though it is costlier and less efficient than seaborne exports. Infrastructure Risks: Syria’s Petroleum Company says sabotage damaged an oil pipeline near Tal Hamis in Hasakah — the third such incident in recent weeks — with crews working on repairs. Finance: The UAE and Syrian central banks have agreed to cooperate on payments and financial technology, a step toward closer banking links.

Saudi Investment: The Saudi-Syrian Business Council is developing three pathways to help Saudi firms enter Syria, including work on land and sea logistics corridors and coordination with Syria’s investment bodies. More than 47 agreements and memorandums signed last year covered investments exceeding $6.4 billion. Projects and Finance: Abu Dhabi developer Eagle Hills has signed a framework agreement for residential and tourism projects, while Çimko agreed to a $200 million redevelopment of an Aleppo cement plant. Syria and the UAE also signed a central-bank cooperation deal covering payments and fintech. Trade Routes: Iraq has shifted some oil exports overland through Syria as Strait of Hormuz disruptions squeeze shipments. The route is costlier, but renewed interest in Syria as a link between Iraq, the Gulf and the Mediterranean could create opportunities—if investment translates into jobs and broader gains for Syrians.

Syria–Saudi Reconstruction Talks: Syrian President Ahmad al-Sharaa met Saudi Crown Prince Mohammed bin Salman in Riyadh, with both sides discussing reconstruction priorities and ways to attract “qualitative investments” to Syria, including energy, construction, industry, agriculture and trade, plus broader political and economic cooperation. Power Sector Pressure: Lebanon’s power ministry briefing highlights a capacity shortfall—plants supply about a third of demand—plus years of reliance on private generators and past misallocation of depositors’ funds, with the government pushing private power projects via IFC-led feasibility work. Oil Infrastructure Push: Syria’s Petroleum Company CEO said an Iraq–Syria oil pipeline to the Mediterranean could start in Q1 2027, with engineering design underway and Baniyas port being prepared to receive Iraqi crude. Local Business Hit in Aleppo: Two separate armed attacks in Aleppo killed two people, including a shop owner shot on Kelas Street, underscoring ongoing security risks for commerce. Syria Business Diary: A new round of fuel price changes is still not reaching some subsidized grades on the ground, leaving transport costs and household burdens high.

Syrian investment & tourism pipeline: Eagle Hills signed a framework agreement with Syria’s Ministry of Public Works and Housing to develop and build residential and tourism communities, starting with “Damascus Heights” and “Latakia Yachts & Marina,” aiming to spur jobs, enterprise, and local investment. Regional growth hit: The World Bank cut its 2026 Middle East growth outlook, forecasting a 2.1% GDP contraction as the Iran-linked energy shock disrupts tourism, aviation, and logistics. Aviation security spotlight: A Wall Street Journal report highlights oversight failures tied to the alleged flydubai cockpit attack plot, raising questions about vetting across Oman, flydubai, and Israel—an issue with direct implications for regional business travel and risk management. Humanitarian risk from conflict remnants: Syria recorded the highest cluster-munition remnant casualties worldwide in 2025, with 68 killed or injured, underscoring ongoing costs for recovery and safe land use. Cross-border pressure: Reports say Israel carried out a new raid in Syria’s Quneitra province near Al-Muallaqa, continuing to expand military presence along the frontier and keeping business uncertainty elevated. Food & agribusiness diplomacy: Abu Dhabi hosted Global Food Week and a Global Food Security Summit under Sheikh Mansour bin Zayed, with Syrian participation, signaling continued regional engagement on food supply and safety.

Fuel Prices & Social Stability: Syria’s new government faces fresh pressure as fuel price hikes spark unrest across Idlib, Aleppo and the northeast, where subsidy cuts hit household budgets and threaten integration after the SDF merged with Damascus. Women & Food Security: A CARE report says climate shocks, rising prices and conflict are pushing women in countries including Syria into hunger and deeper poverty, with aid drying up and many women forced to sell assets or borrow to eat. Energy/Policy Q&A: Iraq’s Al-Zaidi government outlines petroleum priorities, including higher production targets, upstream contracting, pipeline diversification and monetising associated gas amid ongoing war impacts. Investment & Jobs: Abu Dhabi’s Eagle Hills signed agreements to develop Tadamun Towers in Damascus and Eco Life tourism in Latakia, targeting 40,000 jobs and inviting Syrians to invest in reconstruction. Finance/Banking Links: UAE and Syria central banks signed an MoU to deepen cooperation on payments and fintech. Security & Sectarian Tensions: Gunmen attacked the Christian town of Suqaylabiyah in Hama, smashing shops, firing on residents and wounding a woman, with reports of delayed security response.

Syria-Israel Cross-Border Tensions: Egypt denounced Israel’s renewed incursions and excavations in southern Syria, calling them violations of Syrian sovereignty and the 1974 disengagement deal, after activity tied to the “Sufa 53/Great Storm” project and raids in Quneitra and Daraa. Golan Heights Dispute: Syria also condemned Israel’s resumed digging and road-building along the separation line in Quneitra, warning it threatens regional stability and undermines international law. Damascus Countryside Incursion: Israeli forces demolished an abandoned structure in the western Damascus countryside near Beit Jinn and Mazraat Beit Jinn, amid ongoing raids and incursions in southern Syria. Aviation & Security Fallout: Reports on the Flydubai Flight FZ1073 cockpit attack say the Omani co-pilot, Hamam al-Hammami, had been flagged by Oman for extremist radicalization and was later hired by Flydubai despite gaps in vetting and cross-border security checks—raising major questions for regional aviation oversight. Syria Business & Finance: UAE and Syria central banks signed a fintech and payments MoU, signaling deeper financial cooperation. Reconstruction Industry: Çimko (SANKO Holding) signed a $200m Aleppo cement redevelopment deal with Syria’s OMRAN under a 30-year build-operate-transfer plan, targeting new clinker capacity to support reconstruction demand. Trade & Investment Signals: A report says Syria is “pressing on accelerator” to attract US investors, while a Treasury readout highlighted a Syrian banking roundtable and coalition talks pledged over $75m for ISIS threats in Iraq and Syria.

Syrian Tourism Push: Jordan and Syria’s tourism bodies agreed to pursue closer ties, including joint marketing as a single destination, easing entry for Syrians, faster visas, and border process streamlining to boost visitor flows. People’s Assembly Costs: Syria’s People’s Assembly member allowances were put in the spotlight, with a reported $1,500 monthly grant (about $18,000 a year) plus session attendance fees and housing support—figures now feeding into the 2027 budget talks. Banking Fraud Case: Two expats—one Pakistani, one Syrian—were sentenced in Bahrain for online banking fraud, using stolen card details and OTPs to pay utility bills for others, with the court also ordering deportation after the sentence. Regional Security & Syria: Israel’s military said it killed a man in southern Syria after accusing him of trying to infiltrate an IDF post, while the wider conflict continues to draw international attention. Aviation Security Fallout: The flydubai cockpit attack probe is expanding, with reports of the co-pilot’s links to Australia and broader counter-terror scrutiny—an issue with knock-on effects for regional travel and business risk.

Syria Investment Push: The US Chamber of Commerce says American firms are lining up to invest early in Syria as the transitional government moves to create a pro-business climate, following Washington’s recent policy shift lifting a terrorism-related barrier. Tourism Trade: Jordan and Syria’s tourism bodies agreed to turn cooperation into concrete steps, including joint marketing as a single destination, faster visas for Syrians, and smoother border procedures. Aviation Security Fallout: A flydubai co-pilot accused of an axe attack on a Tel Aviv-bound flight is identified as Omani national Hamam al-Hammami; Australian authorities are probing his links to Australia after reports he studied in Melbourne, while Israel’s transport authorities face scrutiny over pilot vetting responsibilities. Regional Security Pressure: Reports say Israeli forces shelled areas in southern Syria, including the Abidin area in Daraa and positions near Quneitra, amid continued cross-border operations. Energy Disruption: A gas pipeline blast near Damascus reportedly knocked out three power plants, deepening Syria’s infrastructure strain. Local Violence: Seven Alawite workers were killed in a bus attack in western Syria, with survivors alleging checkpoint questions about religious identity before the shooting.

Aviation & Security: UAE investigators say Flydubai Flight FZ1073’s Omani co-pilot, Hamam al-Hammami, attacked the captain with a cockpit crash axe and tried to seize controls on the Dubai-to-Tel Aviv route, prompting a diversion to Saudi Arabia; reports add that Oman had previously barred him from flying over extremist concerns, while new coverage highlights alleged al-Qaeda-linked material and extremist posts tied to the suspect. US-Syria Finance: U.S. Treasury officials co-hosted a Syrian banking roundtable in New York with Syria’s finance minister and central bank governor, stressing that financial connectivity is key for anti-money laundering and counter-terror financing as sanctions are eased. Counter-ISIS Funding: The U.S. and Italy co-chaired coalition talks in Rome, with members pledging over $75m to support counterterrorism, detention and humanitarian work in Iraq and Syria. Power & Infrastructure: A gas pipeline explosion near Damascus (Tishreen area) forced three major power plants offline, worsening rationing and outages; the Kurdish National Council also condemned a string of attacks and sabotage targeting energy facilities and workers. Defense Trade: The U.S. removed Syria from a comprehensive denial list for arms export licenses, opening a legal path for defense sales, though major deals are expected to remain limited.

Energy Security: A gas pipeline explosion near Syria’s Tishreen Thermal Power Plant has forced three major power stations offline, slashing grid capacity and triggering longer scheduled outages across Damascus and southern provinces, as firefighters and civil defense teams assess damage. Infrastructure Under Pressure: The Kurdish National Council condemned a string of sabotage and attacks on energy assets and workers, citing incidents including pipeline blasts in Deir Ez-Zour and the Damascus countryside plus a deadly bus attack on electricity company staff. Local Violence: Gunmen killed seven and wounded four after opening fire on a civilian bus in Homs province, with authorities launching investigations amid fears of renewed instability. Recovery Funding: UN envoy Claudio Cordone urged donors to turn political support for Syria into practical reconstruction funding, warning Israeli operations in the south are undermining stability and state recovery efforts. Finance & Trade Links: The UAE Central Bank and Syria’s Central Bank signed a cooperation MoU to deepen financial and technical ties, while reports also point to growing Syria-China trade and investment interest. Aviation Shock With Regional Spillover: A Flydubai cockpit attack attempt involving an Omani co-pilot has reignited scrutiny of aviation security across the region, with implications for business travel and cross-border connectivity.

Aviation Security & Risk Screening: A Flydubai co-pilot accused of stabbing the captain and attempting to hijack an Israel-bound flight was identified as Omani national Hamam al-Hammami, previously barred from flying in Oman over alleged extremist views; reports say he was still hired despite the ban, raising fresh questions for airline background checks. Security in Syria: Gunmen killed seven and wounded four when they opened fire on a civilian bus carrying company employees in western Homs; no group claimed responsibility and authorities launched an investigation. Central Banking & Finance: The UAE and Syria’s central banks signed an MoU to deepen cooperation on payment systems, monetary policy, cash management, fintech, climate risk, sustainable finance, and financial inclusion—aimed at strengthening Syria’s financial infrastructure and growth. Energy & Power Reliability: Syria reported repairs and partial restart efforts after gas pipeline sabotage disrupted supplies to power plants, with crews restoring lines near Deir Ezzor and work continuing to bring additional stations back online. Cross-border Trade: Iraq and Syria’s Al-Waleed border crossing development needs major funding to ease truck traffic and boost local jobs and trade, with the route positioned to connect to Mediterranean ports.