Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Syria: Welcoming Russia  Join our daily free Newsletter

MENAFN - Oxford Business Group - 15/05/2010

No. of Ratings : 1
Add to Mixx!


(MENAFN - Oxford Business Group) Damascus this week plays host to Russian President Dmitry Medvedev, who makes his first official visit to Syria since assuming office in 2008. The bilateral relationship was formerly one of the region's most significant, yet following the fall of the Soviet Union and a period of Russian retrenchment in the 1990s its importance to both parties diminished. With Syria looking to win some 40bn in foreign investment over the next five years however, and Russia also looking to extend its diplomatic reach in the Middle East, officials in both Damascus and Moscow will be hoping the visit can breathe new life into the entente.

Speaking to Russian news agency RIA Novosti ahead of President Medvedev's visit, an official at the Syrian Ministry of Economy highlighted the historic role that Russia " as part of the former USSR " had played in the development of Syria's economy. "Thanks to the cooperation between our countries that has been developing since the 1950s, the foundation of Syria's economic potential was established," Ramzi Asawda Aswada said, adding that, "With the participation of the USSR and then Russia, 90 industrial facilities and pieces of infrastructure were built in Syria." According to Aswada, Soviet-era assistance led to the development of one-third of Syria's electric power capacity, one-third of its oil-processing facilities, and the three-fold expansion of land under irrigation.

With Russia now committed to free-market policies, and Syria moving towards greater economic liberalisation, hopes for future cooperation between the two nations rest upon increased trade and investment. Ali Hamra, the economy editor of Syrian daily Al Watan, was also quoted by RIA as saying that, "Syrians are interested in attracting Russian companies into large economic projects and also in Russian investments, which are rather modest so far." Likely areas of Russian interest include the development of Syrian oil and gas fields, as well as construction projects in fields such as power generation, sea ports, and the renovation of Syria's industrial infrastructure. Russia's oil and gas companies may also be interested in partnering with the Syrian government in constructing additional refinery capacity. A recently planned 140,000-bpd refinery in conjunction with Kuwait's Noor Financial was mothballed last month, and the government is still looking to enhance the country's domestic refinery capacity.

According to Asawda, "Damascus is also interested in increasing bilateral trade volumes. The removal of Customs barriers might contribute to achieving this goal." He added that Syria hoped to increase its presence in Russia's agriculture and textile sectors, while in turn Russia could supply Syria with equipment and machinery.

Enhanced cooperation with Russia is taking place in other areas too. Following President Bashar Al Assad's visit to Moscow in 2008, Syria agreed to allow Russia to modernise port facilities at Tartous and Lattakia to provide the Russian Navy with Mediterranean berthing. As a result of that agreement, the flagship of Russia's northern fleet, the nuclear-powered missile cruiser Pyotr Veliky, last month stopped off in Tartous on its way to exercises in the Indian Ocean. Some 50 Russian naval officers are reported to be deployed in Tartous to maintain and supply ships in the Mediterranean. The 2008 meeting also reportedly involved Syria signing new contracts for Russian missile units.

With a significant history of cooperation behind them, and with many Russian energy companies focusing on expansion abroad in recent years, it would seem that Syria and Russia have much to offer each other. The result is likely to see this bilateral relationship develop once more into a key feature of the Middle East's strategic landscape.


  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad al-issa.al-issa called on applicants ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Saudi- ASUS showcases product series at Aramco Week ,Arab News
(MENAFN - Arab News) Asus described as the world's renowned consumer notebook vendor and producer of the 'world's best-selling motherboards" recently participated in aramco week and showcased a ...

Apr 23 2014Saudi- Five to die for 2003 attacks ,Arab News
(MENAFN - Arab News) A special criminal court on sunday convicted five people of terror related charges and sentenced them to death. thirty-seven others were sentenced to varying prison terms for ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014ADCB NIC in Dh950 million deal ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank or adcb this week inked a dh950 million term facility to provide national investment corporation or nic the developer of the breakwater area in ...

Apr 23 2014Gitex Shopper Spring 2014 to open doors today ,Khaleej Times
(MENAFN - Khaleej Times) Gitex shopper spring 2014 is set to open doors today with best bargains on latest tech products along with millions of dirhams worth of prizes during the four-day ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Qatar's Ezdan Holding buys 20 percent stake in Widam Food ,MENAFN
(MENAFN) Qatar-based Ezdan Holding Group said that it acquired a 20.16 percent stake in Widam Food Co. in a bid to promote investments and diversify its portfolio, The Peninsula Qatar ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help