Syria's New Currency Venture: UAE and Germany in the Mix
Syria plans to print a new currency in the UAE and Germany, signifying improved relations with Gulf Arab and Western nations. The move follows the lifting of certain U.S. sanctions, paving the way for economic reforms and a departure from the longstanding alliance with Russia, Assad's key backer.
Syria is pivoting towards the UAE and Germany for printing its newly-designed currency, sources revealed, marking a significant shift in alliances. This change comes as the U.S. relaxes sanctions, opening avenues for economic engagement between Damascus and Gulf Arab states.
In a development highlighting growing ties, Syria sealed an $800 million preliminary contract with the UAE's DP World to upgrade the Tartus port. This deal follows the unexpected announcement by the Trump administration that U.S. sanctions on Syria would be lifted.
Syria aims to rejuvenate its war-torn economy, addressing issues such as currency shortages and redesigning banknotes to exclude former leader Bashar al-Assad's image. Talks are progressing with UAE and German firms to print the new currency, while maintaining essential relationships with Moscow.
(With inputs from agencies.)
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