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In today’s edition: Semafor columnist Tareq Alotaiba explores how Syria can re-engage with the Gulf,͏‌  ͏‌  ͏‌  ͏‌  ͏‌  ͏‌ 
 
cloudy Damascus
sunny Abu Dhabi
cloudy Doha
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December 9, 2024
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The Gulf Today
  1. Syria-Gulf ties
  2. Qatar won’t do net-zero rules
  3. Saudi nuclear plans
  4. Record UAE IPO
  5. Dubai’s crypto scams

The head of Syria’s opposition coalition on the future of Gulf ties.

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First Word
A note from Mohammed Sergie

Welcome back to Semafor Gulf, where the Syrian tragedy added drama to the Doha Forum this weekend.

Syrian rebels stunned the world over the past 10 days, erupting from their small northeastern enclave, blitzing through the country, reclaiming their towns and cities, and forcing a dictator — who together with his father brutalized the country for 54 years — out of power.

I grew up in Aleppo, and left immediately after high school because I could. In 2012, I was living in New York, covering private equity, but aborted my career to document my people’s revolution. It was, and remains, a revolution: A complete reversal of the old order, a fight for freedom against tyranny that most people, even those in repressive states, can’t imagine. Just look at the survivors emerging from dungeons across Syria — some just meters away from the trendy bars and cute shops that tourists cite when lamenting the country’s pre-war splendor.

I stopped covering the war in 2014, not disillusioned by Syrians but by a world that has forsaken them. In April 2013, I was the only journalist on the scene of a chemical weapons attack in Aleppo, months before the larger one near Damascus exposed that no number of dead Syrian civilians would trigger the “Responsibility to Protect.” As Fred Hof, the former US Special Envoy to Syria would say, the world allowed “Never Again” to become “Well, maybe just this once.”

As rebels converged on Damascus on Saturday, the final negotiations among nations with stakes in Syria unfolded at the Doha Forum — held in opulent rooms of the Sheraton Hotel, renovated by Syrian construction contractors exiled by the war.

With Assad clinging to power, Sergey Lavrov, the Russian foreign minister, was more scowl and jowls than when I covered him a decade ago. Back then, he saved the Obama administration from enforcing its redline by compelling Assad to relinquish his chemical weapons — which he still hasn’t, and which he continued to use. Israel bombed chemical-weapons facilities shortly after he fled. Now, with Moscow bogged down in Ukraine, Lavrov was seeing the decades-long Assad project crumbling. During a forum interview, he bristled at Syria-related questions, preferring to lecture about Russia’s righteous invasion of Ukraine. “You wish to drown me in Syria,” he told the interviewer.

On Sunday, it was over. Turkey, Russia, and Iran expanded their contact group to include Qatar, Saudi Arabia, Jordan, Egypt, and Iraq, negotiating late into Saturday night, calling for a political solution. It’s still not clear what guarantees were made, what bits of Syrian sovereignty were traded to achieve the bloodless capture of Damascus.

Hakan Fidan, Turkey’s foreign minister, strutted with the confidence of the victor. He blamed Assad for refusing to engage, to heed Ankara’s warning of his fate. The former intelligence chief has been deeply involved in Syria’s rebellion since the beginning, and knew better than anyone the capabilities of the rebel groups, and the strategy hatched by Hayat Tahrir al-Sham’s Ahmed al-Shara (better known as Abu Mohammed Al-Jolani), a former Al Qaeda commander who broke ties with the global network.

In Doha, dozens of Syrians who have been lobbying for years to protect civilians and advocate for regime change were in a state of awe, relief, grief, and tremendous joy. They shared hugs, tears, and lingering questions about what’s next.

A chart showing Syria’s GDP per capita change against historic event of the last 75 years

Non-Syrians asked if I was worried — a strange question given the context. The world tolerated this regime’s rule, ignored thousands languishing in dungeons, and allowed Syrians abroad to bear the financial burden of supporting those trapped inside with minimal dignity in their impoverished lives. I’ve been worried since March 25, 2011, and terrified my entire life.

Will the weeks, months, or years ahead bring utopia? No. Will tyranny return? Perhaps. Could it be more brutal than what we’ve endured? Unimaginable.

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1

Analysis: How Syria can engage with the Gulf

A graphic with the headshot of Tareq Alotaiba

The prospect of deeper ties with Gulf countries after the collapse of the Assad regime hinges on whether Syrians choose an Islamist government, Tareq Alotaiba, a former Emirati official, writes in a Semafor column.

“Abu Dhabi’s strategy of peace through investment will be tested in Damascus,” Alotaiba wrote. “There are many opportunities, and UAE engagement will bring funds, know-how, and technology to Syria. Gulf capitals are eagerly watching to see who emerges as Syria’s new leader and how the once-rebel forces will decide to share power.”

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One Good Text

Hadi Al Bahra is the President of the National Coalition of Syrian Revolution and Opposition Forces.

Mohammed Sergie: Some Gulf countries have resumed relations with the Syrian government. What message do you have for them regarding the position of the new Syria? Hadi Al Bahra, President of the National Coalition of Syrian Revolution and Opposition Forces: We are not in the business of exporting revolutions, or drugs. Our focus is on caring for our people and honoring agreements that serve their interests. Syria’s economy needs to be rebuilt from the ground up, and we are concentrating on reconstruction. A strong Syrian economy will benefit Gulf countries. We will become consumers of their goods and offer opportunities for profitable joint investments. It’s been a long war, and Syrians are emerging from five decades of brutality. We are ready to start a new chapter for our nation, built on peace, stability, and prosperity.

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2

Qatar criticizes EU sustainability rules

Saad Sherida al-Kaabi, CEO of QatarEnergy, speaking at an event
Courtesy of QatarEnergy

Qatar’s top energy official had sharp words about a European Union net-zero policy that could place a 5% tax on the country’s global oil and gas revenues. The directive requires companies to commit to Net Zero and monitor emissions across supply chains, which QatarEnergy CEO Saad Al-Kaabi said was unfeasible, with an accompanying penalty that was unreasonable. “My message to Europe and to the EU Commission is: Are you telling us that you don’t want our LNG into the EU?” he said at the Doha Forum on Saturday. Qatar is investing in domestic LNG expansion projects that will double its production capacity to 142 million tons per annum by 2030, along with an additional 18 million tons from its Golden Pass project in Texas.

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3

Saudi to tighten nuclear oversight

IAEA Director General Rafael Grossi.
Leonhard Foeger/Reuters

Saudi Arabia is on track to adopt the UN nuclear watchdog’s full safeguards by the end of the year, the Director General of the International Atomic Energy Agency (IAEA) Rafael Grossi told Semafor’s Sarah Dadouch.

The move is significant for Riyadh, which has so far prioritized a light-touch approach as it builds up its nuclear capabilities and exploits its uranium resources both for domestic use and for export.

Saudi Arabia’s nuclear program includes uranium enrichment, which has raised concern in the US about a potential arms escalation in the region. Crown Prince Mohammed bin Salman told Fox News last year that if Iran were to obtain a nuclear weapon, then “we will have to get one.”

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World Economy Summit

Carlyle Co-Chairman David Rubenstein, Citadel founder and CEO Ken Griffin, former US Commerce Secretary Penny Pritzker, and KKR Co-Chairman Henry Kravis will serve as co-chairs of Semafor’s World Economy Summit on Apr. 23-25, 2025, in Washington, DC.

The third annual event will bring together US cabinet officials, global finance ministers, central bankers, and Fortune 500 CEOs for conversations that cut through the political noise to dive into the most pressing issues facing the world economy.

Join the waitlist for more information and access to priority registration.

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4

UAE leads Gulf IPO boom

A bar chart showing the value of initial public offerings in different Gulf countries, with the UAE leading

A record-breaking stock debut cemented the UAE’s status as the leading IPO market in Europe, the Middle East, and Africa this year. Talabat Holding, the Dubai unit of Germany’s Delivery Hero, raised AED 7.5 billion ($2.04 billion), making it the world’s largest tech IPO of 2024, putting the UAE on track to raise more money through IPOs than any other EMEA country for the third year running, according to Dealogic data. The Gulf as a whole has also outperformed global markets, with 45 IPOs raising $11.9 billion so far this year.

And while many of those listings have performed poorly — largely because they were priced at high earnings multiples, leaving little room for further gains — the region has a robust IPO pipeline across a diverse range of sectors, and the UAE’s push to privatize units of state entities has also ensured a steady flow of deals.

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5

Dubai’s crypto scams go unpunished

Representations of cryptocurrency Bitcoin are seen in this illustration picture
Benoit Tessier/File Photo/Reuters

Dubai may be learning the hard way that all that glitters is not gold. The emirate’s desire to become the cryptocurrency industry’s global capital has seen it open its doors to all types of crypto companies over the last decade. But at what cost?

Since 2017, five alleged crypto scams have defrauded victims of more than $3.4 billion in total, according to US investigators. The vast majority of the accused continue to operate without serious legal repercussions.

Despite any risks to its reputation, that status quo may continue as competition heats up. Bitcoin recently topped $100,000 in value for the first time with the cryptocurrency rallying for weeks since Trump’s pledge to make the US “the crypto capital of the planet.”

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Semafor Spotlight
Maxim Shemetov/Reuters

OPEC+ postponed raising its oil production quota until April 2025, signaling concern over weakened global demand and Donald Trump’s pro-oil agenda, Semafor’s Tim McDonnell reported. Experts told McDonnell that “nobody wants a price war, but OPEC won’t be content forever to watch its market share frittered away in small increments.”

Follow the global energy transition by subscribing to Semafor’s Net Zero newsletter. →

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