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RIYADH: �������� and Syria are strengthening their energy cooperation through a new agreement that covers oil and gas, petrochemicals, electricity, regional grid integration, and renewable energy.

The memorandum of understanding was signed by the Kingdom’s Minister of Energy, Prince Abdulaziz bin Salman, and his Syrian counterpart, Mohammed Al-Bashir, following a meeting held in Riyadh, according to a statement.

The move is part of ��������’s drive to strengthen ties across key investment sectors and support shared goals of economic growth and sustainable development with Syria.

It also aligns with the Kingdom’s recent signing of $6.4 billion in investment deals with Syria, marking a major step toward re-engaging economically and supporting the country’s reconstruction efforts.

“During the meeting, the two sides explored cooperation opportunities between the two countries across various energy sectors and ways to enhance them, including oil and its supplies, electricity, renewable energy, and energy efficiency,” the Kingdom’s Ministry of Energy said.

“They also reviewed investment opportunities, and the exchange of expertise in developing projects, policies, and regulatory frameworks in the Kingdom’s energy sector, as part of broader efforts to support the development journey of the Syrian Arab Republic,” it added.

Following the talks, Saudi and Syrian business leaders affirmed their readiness to support the redevelopment of Syria’s energy infrastructure, as announced during a high-level meeting in Riyadh.

The participants presented proposals for joint projects focused on conventional and renewable energy sectors, signaling a potential shift toward greater regional investment collaboration.

Al-Bashir outlined his ministry’s recent achievements and its strategic direction, despite prevailing challenges, reported the Syrian Arab News Agency.

Al-Bashir said economic partnerships and investor engagement are crucial to advancing the energy sector and welcomed collaborative initiatives aimed at enhancing development efforts.

The talks coincide with a broader renewal of Saudi-Syrian relations, underlined by the July Syrian-Saudi Investment Forum held in Damascus.

Earlier in July, a Saudi delegation visiting Damascus announced investment and partnership deals valued at $5 billion to help rebuild war-battered Syria.

The agreements span vital and strategic sectors, including real estate, infrastructure, communications, IT, transportation and logistics, industry, tourism, energy, trade, and more, AFP reported at the time, citing a statement from the investment ministry.

According to official data from ��������’s General Authority for Statistics, Syria was the Kingdom’s 53rd largest export destination in April, with non-oil exports rising by 153.3 percent year on year to reach SR81.9 million.

Syria ranked 60th among countries supplying goods to ��������, with imports totaling SR78.5 million in April, representing a sharp 149.7 percent year-over-year increase.

RIYADH: Jordan’s total exports rose 8.5 percent year on year in the first five months of 2025 to 3.94 billion Jordanian dinars ($5.55 billion), driven by robust growth in national shipments, official data showed. 

According to the monthly foreign trade report issued by the Department of Statistics, national exports climbed 9.2 percent during the January–May period to reach 3.58 billion dinars, while re-exports increased 2.3 percent to 360 million dinars, Jordanian news agency Petra reported. 

The data comes as the kingdom’s improving external trade performance aligns with broader regional trends, with the Gulf Cooperation Council economy expanding 1.5 percent year on year in the fourth quarter of 2024, led by gains in the non-oil sector, according to the GCC Statistical Center. 
 
“For May 2025 alone, total exports stood at 901 million dinars, including 826 million dinars in national exports and 75 million dinars in re-exports. Imports for the month totaled 1.581 billion dinars, resulting in a trade deficit of 680 million dinars,” Petra said. 

During the month, total exports rose by 2.4 percent year on year, driven by a 4.8 percent increase in national exports, while re-exports saw an 18.5 percent decline. 

Imports for the same month totaled 1.581 billion dinars, marking a 5.6 percent drop, which contributed to a 14.5 percent reduction in the trade deficit. 

The coverage ratio for May rose to 57 percent, up from 53 percent in May 2024, marking a four-percentage-point improvement. 

Jordan’s economy is projected to grow by 2.7 percent in 2025, with expectations of accelerating to 3.5 percent in the medium term, according to central bank governor Adel Sharkas, who made the projection in March. The upward trend in trade performance is seen as a key contributor to this outlook. 

The positive trade momentum coincides with modest industrial growth. Jordan’s Industrial Production Index rose 2.07 percent in the first five months compared to the same period last year, according to the Department of Statistics. 

The rise was driven by higher output in manufacturing and electricity production, while quarrying declined. Monthly, the IPI rose 0.74 percent year on year in May and surged 2.95 percent from April. 

Fitch Ratings in May affirmed Jordan’s long-term foreign-currency issuer default rating at “BB-” with a stable outlook, citing macroeconomic stability and continued reform progress.

The US-based agency added that the rating and stable outlook reflect Jordan’s resilient financing sources, including a liquid banking sector, a robust public pension fund, and continued international support.