The National – Op-Ed: The revival of Syria’s energy sector is key to its economic recovery, but sanctions stand in the way

Our Managing Director, John Bell, was published today in the UAE’s leading newspaper, The National, reiterating Gulfsands’ firm call for the international sanctions regime on Syria to be revised.

Gulfsands chose the UAE – and specifically Abu Dhabi Global Market – for the opening of our Middle Eastern Business Hub at the end of 2022. We also established a MENA-dedicated subsidiary, Gulfsands Middle East Limited (GMEL), to further our goal of growing into a major MENA-centric energy company.

Abu Dhabi has been a gracious home to GMEL in recent years and we were glad to see UAE Deputy Prime Minister and Foreign Minister Sheikh Abdullah bin Zayed greeting the new Syrian Foreign Minister Asaad al-Shaibani earlier this month, reaffirming the UAE’s steadfast support for Syrian sovereignty and reconstruction.

As John sets out in his Op-Ed, targeted and thoughtful sanctions relief will be critical for the Syrian people on the urgent path to reconstruction and redevelopment. It will be vital in attracting material foreign direct investment into core industries such as power, infrastructure and energy, which will be at the forefront of the rebuilding process.

But revitalising the energy industry will only be successful if the Syrian government institutions work closely with international oil companies – including Gulfsands – with existing Syrian assets and existing sovereign agreements, who can bring the necessary investment, human resources and technology know-how to return swiftly to operations.

It is common knowledge that Gulfsands is keen to return to operations in Syria. Even more than that, we are keen to help Syria and its people get back on their feet. With the right legal framework and legal safeguards, we believe it is time for sanctions to be amended.

John’s piece appears in the 22 January 2025 print edition of the newspaper and online at: https://www.thenationalnews.com/opinion/comment/2025/01/22/the-revival-of-syrias-energy-sector-is-key-to-its-economic-recovery-but-sanctions-stand-in-the-way/

PDF available here.