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RIYADH: �������� will introduce travel permits for businessmen and investors from Syria to deepen bilateral relations and facilitate mutual visits. 

Syrian businessmen can now apply for travel licenses directly at the embassy in Damascus, the Kingdom’s embassy said in an official post on X. Meanwhile, Saudi investors seeking to visit Syria can register via the Interior Ministry’s e-platform. 

�������� and Syria have made significant strides in restoring diplomatic ties, with the Kingdom reopening its embassy in Damascus in 2024 after a 12-year hiatus. In April, �������� and Qatar announced a joint initiative to settle Syria’s $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the war-torn nation. 

“The embassy announces the availability of travel permits for interested Saudi and Syrian businessmen and investors, enabling them to exchange visits and explore investment opportunities in the two brotherly countries,” the statement said. 

The Kingdom’s Ministry of Investment announced that it will organize a Saudi-Syria Investment Forum in Damascus to explore cooperation opportunities to promote sustainable development in the two countries.

In an X post, the ministry said the forum is expected to witness significant participation from public and private sector entities on both sides.

In June, Saudi Minister of Investment Khalid Al-Falih held a virtual meeting with his Syrian counterpart, Mohammad Al-Shaar, to explore investment partnerships and discuss opportunities for collaboration across public and private sectors. 

Al-Falih affirmed the Kingdom’s commitment to helping stabilize and develop the Syrian economy, adding that stronger ties would serve the mutual interests of both countries and promote regional economic prosperity. 

Further aiding Syria’s economic recovery, US President Donald Trump signed an executive order in June to dismantle sanctions against the country. 

Following the announcement, Syrian Minister of Foreign Affairs and Expatriates Asaad Hassan Al-Shaibani posted on X that the decision by the US administration would support Syria’s economic revival and reintroduce the country to the global community. 

DUBAI: Egypt’s current account deficit narrowed to $13.2 billion in the nine months through March 2025, from $17.1 billion in the same period a year earlier, Egypt’s central bank said on Tuesday.

The bank attributed the slimmer deficit to an 86.6 percent increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to 23 percent higher tourism revenue.

Oil exports declined by $430.5 million to $4.2 billion, from $4.6 a year earlier, while oil imports increased by $1.2 billion to $14.5 billion, from $9.7 billion.

Egypt has been seeking to import more fuel oil and liquefied natural gas this year to meet its power demands after enduring blackouts during periods of shaky gas supply in the past two years.

Concerns intensified after the supply of natural gas from Israel to Egypt dropped during Israel’s air war with Iran.

Suez Canal revenues declined to $2.6 billion, from $5.8 billion in a year earlier, as revenue from the vital global trade route continued to suffer because of Yemeni Houthis’ attacks on ships in the Red Sea.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenue reached $12.5 billion from July 2024 through March 2025, compared to $10.9 billion in the same period a year earlier.

Remittances from Egyptians working abroad increased to $26.4 billion, from $14.5 billion.

Foreign direct investment hit $9.8 billion, compared to $23.7 billion.