Syria’s new central bank governor, Maysaa Sabreen, said she wants to boost the institution’s independence over monetary policy decisions, in what would be a sea change from the heavy control exerted under the Assad regime.

Sabreen, previously the Central Bank of Syria’s number two, took over in a caretaker role from former governor Mohammed Issam Hazime late last year.

She is a rare example of a former top state employee promoted after Syria’s new Islamic rulers’ lightning offensive led to President Bashar al-Assad’s fall on December 8.

“The bank is working on preparing draft amendments to the bank’s law to enhance its independence, including allowing it more freedom to make decisions regarding monetary policy,” she told Reuters in her first media interview since taking office.

The changes would need the approval of Syria’s new governing authority, though the process is unclear at this stage. Sabreen gave no indication of timing.

Economists view central bank independence as critical to achieving long-term macroeconomic and financial sector stability.

While the Central Bank of Syria has always been, on paper, an independent institution under Assad’s regime, the bank’s policy decisions were de facto determined by the government.

Syria’s central bank, Sabreen added, was also looking at ways to expand Islamic banking further to bring in Syrians who avoided using traditional banking services.

“This may include giving banks that provide traditional services the option to open Islamic banking branches,” Sabreen, who has served for 20 years at the bank, told Reuters from her office in bustling central Damascus.

Islamic banking complies with sharia or Islamic law and bans charging interest as well as investing in prohibited businesses. Islamic banking is already well-established in the predominantly Muslim nations. Limited access to international and domestic financing meant the Assad government used the central bank to finance its deficit, stoking inflation.

Sabreen said she is keen for all that to change.

“The bank wants to avoid having to print Syrian pounds because this would have an impact on inflation rates,” she said.

Asked about the size of Syria’s current foreign exchange and gold reserves, Sabreen declined to provide details, saying a balance sheet review was still underway.

Four people familiar with the situation told Reuters in December that the central bank had nearly 26 tonnes of gold in its vaults, worth around $2.2bn, some $200m in foreign currency and a large quantity of Syrian pounds.

The Central Bank of Syria and several former governors are under US sanctions imposed after former Assad’s violent suppression of protests in 2011 that spiralled into a 13-year civil war.

Sabreen said the central bank has enough money in its coffers to pay salaries for civil servants even after a 400 per cent raise promised by the new administration. She did not elaborate.

Reuters reported that Qatar would help finance the boost in public sector wages, a process made possible by a US sanctions waiver from January 6 that allows transactions with Syrian governing institutions.

Syria’s inflation challenge

Analysts say Sabreen’s key tasks will include stabilising the currency and tackling inflation, as well as restoring the financial sector to sound financial health.

The Syrian currency’s value has tumbled from around SYP50 per US dollar in late 2011 to just over SYP13,000 per dollar on Monday, according to LSEG and central bank data.

The World Bank, in a report in spring 2024, estimated that annual inflation jumped nearly 100 per cent year-on-year last year.

The central bank is also seeks to restructure state-owned banks and to introduce regulations for money exchange and transfer shops that have become a key source of hard currency, said Sabreen, who most recently oversaw the banking sector.

Assad’s government heavily restricted the use of foreign currency, with many Syrians scared of even uttering the word “dollar”.

The new administration of de facto leader Ahmed al-Sharaa abolished such restrictions, and now locals wave wads of banknotes on streets and hawk cash from the backs of cars, including one parked outside the central bank’s entrance.

To help stabilise the country and improve basic services, the US last week allowed sanctions exemptions for humanitarian aid, the energy sector and sending remittances to Syria. However, it reiterated the central bank itself remained subject to sanctions.

Sabreen said allowing personal transfers from Syrians abroad was a positive step and hoped sanctions would be fully lifted so banks could link back up to the global financial system.

Read: Oil prices climb amid fall of Syria’s Assad regime

The Abu Dhabi Investment Authority (ADIA) is investing $500m in a US power infrastructure company owned by ArcLight Capital Partners as the competition to acquire power generation assets intensifies.

The investment by a wholly owned subsidiary of ADIA, Abu Dhabi’s biggest wealth fund, is for a minority stake in AlphaGen. It is subject to regulatory approvals and is expected to close in the first half of 2025.

Formed a year ago by ArcLight Capital Partners to manage and operate the buyout firm’s power infrastructure investments, AlphaGen constitutes one of the largest portfolios of independent power assets in the US, with more than 11 gigawatts (GW) of generation capacity spread across six states.

“This transaction presented an opportunity to expand our existing relationship with ArcLight, which has a long history of successfully investing in power infrastructure and is well positioned through this portfolio to provide the reliable electricity required by AI data centres and local industries,” said Khadem AlRemeithi, executive director of the Infrastructure Department at ADIA.

ArcLight, an energy-focused private equity firm founded in 2001, has owned, controlled, or operated more than 65 GW of generation assets and 47,000 miles of transmission infrastructure.

Meanwhile, ADIA plans to invest more in the private equity sector, underlining its clout as a globally influential dealmaker.

The $1tn fund boosted its targeted allocation to private equity to 12-17 per cent of its overall portfolio, according to its 2023 annual review that was published last November.

Read: Abu Dhabi fund ADIA boosts global presence with GIFT City office

Masdar City, a global hub for innovation and sustainability, has officially begun testing autonomous vehicles as part of its ongoing efforts to drive sustainable urban transportation.

The announcement, made during Abu Dhabi Sustainability Week (ADSW), reflects Masdar City’s commitment to positioning itself as a leader in clean and connected future mobility.

As the ‘Strategic Partner’ of the World Future Energy Summit, Masdar City is showcasing its autonomous vehicle initiative, which aligns with the city’s broader vision to create a more sustainable and integrated urban mobility ecosystem. The project marks another milestone in the city’s efforts to promote zero-emission transportation solutions and accelerate the development of autonomous technologies in urban settings.

The first vehicle undergoing testing is a shuttle-style electric vehicle equipped with advanced LIDAR sensors, electronic components, and innovative software. These technologies enable the vehicle to independently navigate obstacles, detect other vehicles, and drive autonomously.

The ongoing trials represent the first phase of a broader testing programme that will feature vehicles from multiple global brands. Masdar City plans to deploy a fleet of seven autonomous vehicles based on the results of these tests, reinforcing its zero-emission transportation objectives.

“These tests mark a significant step toward creating a truly sustainable transportation ecosystem,” said Ahmed Baghoum, CEO of Masdar City. “By collaborating with global innovators, we aim to position Masdar City as a global benchmark for zero-emission autonomous mobility. Testing a diverse range of self-driving technologies will help us identify the best solutions for our community and beyond.”

Read: Masdar City’s Mohamed Al Breiki on its net-zero journey

Autonomous vehicle testing is part of Masdar City’s larger strategy

The autonomous vehicle initiative is part of Masdar City’s larger strategy to build a comprehensive fleet that aligns with the city’s zero-emission transportation goals. The fleet’s operations will be managed by Solution+, the official fleet operator, which is partnering with Masdar City to oversee the operations and expansion of its autonomous vehicle network.

The Mobility Cluster at Masdar City serves as the nerve centre for advancing sustainable and autonomous mobility solutions. It brings together global industry leaders, regulators, and innovators to collaborate on developing cutting-edge technologies designed to transform urban transportation. This ecosystem also includes the Smart and Autonomous Vehicle Industries (SAVI), which plays a key role in research, development, and the deployment of next-generation mobility solutions tailored to the Middle East’s unique environment.

“The Mobility Cluster and SAVI initiative are pivotal in ensuring we stay ahead of the curve when it comes to autonomous and sustainable mobility,” said Baghoum. “This ecosystem fosters collaboration, facilitates the testing of new concepts, and accelerates the deployment of transformative solutions that can be adapted to the region’s climate and infrastructure needs.”

Masdar City’s leadership in autonomous mobility dates back to 2010, when it became the first city in the world to implement the personal rapid transit (PRT) system, a fully autonomous, electric transportation solution. The introduction of autonomous vehicles today further builds upon this legacy and sets the stage for the next generation of smart and sustainable transportation infrastructure.

Looking ahead, its plans extend beyond autonomous vehicles, aiming to establish a research and development hub focused on autonomous taxis, along with expanding its transportation infrastructure to include tram and train stations.

These initiatives are in line with the UAE’s ambitious Net Zero by 2050 strategy, positioning Masdar City as a leader in global efforts to decarbonise urban transport.

“The integration of autonomous vehicles is part of Masdar City’s broader commitment to creating a fully integrated ecosystem of sustainable solutions,” added Baghoum. “By advancing autonomous mobility, we are not just addressing the transportation needs of today, but paving the way for the cleaner, greener cities of tomorrow.”

Qatar National Bank (QNB Group), the biggest GCC lender by assets, said on Monday that its full-year net profit soared by 8 per cent to reach $4.58bn (QAR16.7bn) in 2024, citing its robust and consistent performance amid a surge in operating income and total assets.

Net profit attributable to the Qatari lender’s equity holders in the fourth quarter was QAR4bn, up from QAR3.6bn for the same period a year ago.

QNB’s operating income rose by 6 per cent to reach QAR41.3bn in the 12 months to December 31, supported by steady “growth across a range of revenue sources”.

The banking group said its loans and advances reached QAR911bn, up 7 per cent from the previous year. The growth in QNB’s loan portfolio helped the bank increase its total assets to almost QAR1.29tn, up 5 per cent from December 2023.

QNB’s full-year deposit base jumped 3 per cent to QAR887bn, up 3 per cent from December 2023, driven by the bank’s diversified customer base, while the loan deposit ratio stood at 96.8 per cent.

Its capital adequacy ratio amounted to 19.2 per cent as at December 31, 2024, while its liquidity coverage ratio and net stable funding ratio expanded by 179 per cent and 101 per cent, respectively. The ratio of non-performing loans (NPL) to gross loans stood at 2.8 per cent, reflecting the high quality of QNB’s loan book and the effective management of credit risk.

QNB’s board proposed a cash dividend of 37 per cent of the nominal share value (QAR0.37 per share).

Meanwhile, QNB’s board approved its QAR2.9bn share buyback plan in September and commenced the share repurchase in October.

The bank said the stock repurchase is a confidence-building measure that is expected to improve market liquidity and enhance returns. QNB has completed a share repurchase of 38.33 million ordinary shares, amounting to QAR661 million, as of December 2024. The bank will initiate a new share repurchase program beginning January 14, 2025.

Read: QNB board approves QAR2.9bn share buyback program

GEMS Education is preparing to open the UAE’s most expensive school in August 2025.

Dubbed the GEMS School of Research and Innovation, the school — located in Dubai Sports City — is being positioned as the education group’s “most advanced offering to date.”

It will also come at a hefty price tag. The $100m campus will charge fees starting at Dhs116,000 for FS1, rising to Dhs152,000 for Year 6, and eventually reaching Dhs206,000 in Year 13: a record high for schools in the country. Fees are subject to KHDA approval, and founding families will receive a 20 per cent discount on FS1 to Year 6 fees in the first year.

Premium pricing for ‘hand-picked’ global educators

GEMS says the high fees will allow it to “hand-pick” specialist teachers “from some of the world’s most prestigious institutions,” ensuring students receive an education that blends artificial intelligence, advanced technology, and innovation-driven learning.

“By combining the very best hand-picked educators recruited from the UK and around the world with cutting-edge technology and unmatched facilities, we are creating a unique school where every student has the opportunity to thrive and innovate, leveraging their own innate curiosity,” said Sunny Varkey, chairman and founder of GEMS Education.

The school aims to provide a values-led education, with wellbeing and happiness at its core, while integrating AI, robotics, esports, game design, engineering, business, and specialist language courses into its curriculum.

A $100m school with next-level facilities

GEMS Education said the school represents a 30 per cent premium investment over previous ultra-premium schools in the UAE. The facilities include:

• Olympic-size swimming pool – FINA-certified, with configurations for multiple uses.
• Premier League-standard football field – A professional-grade facility.
• 400m Olympic running track – Built to international athletic standards.
• NBA-spec basketball court with auditorium – Designed for professional-level training and events.
• 600-seat auditorium – A venue for large-scale performances.
• Advanced Robotics Laboratory – Featuring AR and VR-enabled learning centres.
• Disruption Lab and Research Centre – Focused on entrepreneurship and in-house solutions to global challenges.

Beyond academics, students will be encouraged to “follow their own interests,” whether in gymnastics, swimming, musical theatre, classical dance, or street performance.

Lisa Crausby OBE, CEO of GEMS Education, said: “It is a transformative space where education meets innovation [where] students will benefit from personalised learning experiences, driven by exceptional teachers and enhanced by world-class facilities.”

“[This is a school that will] prepare its students not just for the challenges of today, but for the opportunities of tomorrow,” she added.