Syria’s economy is growing much faster than the World Bank’s 1% estimate for 2025 as refugees flow back after the end of a 14-year civil war, fueling plans for the relaunch of the country’s currency and efforts to build a new Middle East financial hub, central bank Governor AbdulKader Husrieh said on Thursday.

Speaking via video link at the Reuters NEXT conference in New York, Husrieh also said he welcomed a deal with Visa V.N to establish digital payment systems and added that the country is working with the International Monetary Fund to develop methods to accurately measure economic data to reflect the resurgence.

The Syrian central bank chief, who is helping guide the war-torn country’s reintegration into the global economy after the fall of Bashar al-Assad’s regime about a year ago, described the repeal of many US sanctions against Syria as “a miracle.”

The US Treasury on November 10 announced a 180-day extension of the suspension of the so-called Caesar sanctions against Syria; lifting them entirely requires approval by the U.S. Congress. Husrieh said that based on discussions with U.S. lawmakers, he expects the sanctions to be repealed by the end of 2025, ending “the last episode of the sanctions.”

“Once this happens, this will give comfort to our potential correspondent banks about dealing with Syria,” he said.

Husrieh also said that Syria was working to revamp regulations aimed at combating money laundering and the financing of terrorism, which he said would provide further assurances to international lenders. Syria’s central bank has recently organized workshops with banks from the US, Turkey, Jordan and Australia to discuss due diligence in reviewing transactions, he added.

Growth prospects

The World Bank in July estimated that Syria’s gross domestic product would grow by a modest 1 per cent in 2025 after contracting 1.5 per cent in 2024, amid security challenges, liquidity constraints and suspensions of foreign assistance.

“I don’t think that reflected the reality of the Syrian economy, because we have, like, 1.5 million refugees coming back. Just calculate what’s at the minimum, what such return of refugees could add to GDP,” Husrieh said.

He acknowledged that Syria lacks reliable economic data, but said inflation was down, and the strengthening of the Syrian pound’s exchange rate was a proxy for the economy’s performance.

New currency, eight denominations

Husrieh said that Syria is preparing to launch a new currency in eight note denominations and confirmed plans to remove two zeroes from them in a bid to restore confidence in the battered pound SYP=, which was quoted at 11,057 to the dollar on LSEG Workspace on Thursday.

He said Syria would end seven decades of central bank financing of its government budget deficits, and restore confidence in public finances and central bank management.

“The new currency will be a signal and symbol for this financial liberation,” Husrieh said.

He also welcomed the new agreement with Visa announced on Thursday to develop a digital payments ecosystem that will prompt the company’s return to Syria.

“We are glad that we are working with Visa and Mastercard,” Husrieh said, adding that country officials have further meetings with Visa on Thursday regarding the partnership.

“We are working to have a fully finished payment system in which we have global partners because … our vision is to have Syria as hub — a financial hub — for the Levant.”

View the live broadcast of the World Stage here and read full coverage here.

Turkish digital asset platform Paribu said on Friday it acquired a majority stake in the Bahrain and Dubai-based cryptocurrency platform CoinMENA in a transaction valuing the company at up to $240m.

The transaction marks Turkey’s largest fintech transaction to date, as well as its first cross-border acquisition of a digital asset platform.

Yasin Oral, founder and CEO of Paribu, said in a statement the deal was a “turning point” for Paribu with its expansion into the Middle East and North Africa region.

“With this acquisition, we have expanded our licensed operations to a wider geography, becoming a regulated player in one of the world’s most crypto-adoptive markets,” he said.

Mohammed Khader, chief development officer at Almal Real Estate Development, reveals how the company is expanding its global reach through experiential hospitality, premium residences and Dubai’s emerging smart-workspace market.

How is The Unexpected positioned for long-term investment growth given its proximity to the Wynn Casino and Al Marjan Island’s rapid rise?

Our location beside the Wynn resort creates a long-term demand. We’re building more than a hotel; we’re creating a lifestyle-led ecosystem. By combining experiential hospitality with branded, fully managed residences, we generate recurring revenue, stronger occupancy, and sustainable value appreciation for investors. The goal is simple: outperform market cycles by anchoring ourselves to a growing tourism and entertainment hub.

How will the project merge the Ibiza spirit with Palladium Hotel Group management?

Ushuaïa Ibiza Hotel or what is now known as The Unexpected Ibiza Hotel brings the cultural energy: the music, the day-to-night pulse, the bold design. Palladium brings the operational precision. Together, they create a hospitality model where iconic entertainment meets disciplined global management. Residents and guests get the best of both worlds: immersive experiences supported by robust performance systems.

What sets The One by Almal – Bali apart in Nusa Dua’s competitive development landscape?

The One by Almal in Bali is intentionally multi-segment. Private villas cater to capital-growth buyers, townhouses serve families and long-stay users, while resort-managed apartments attract yield-driven investors. By diversifying the mix, we broaden our market reach and stabilise occupancy across seasons. It’s an ecosystem approach, not a single-product approach, and that’s what creates durable value.

How does The One Bali’s location and resort-style amenities enhance value?

Nusa Dua already performs exceptionally well as a luxury destination, and we amplify that with private pools, rooftop dining, co-working lounges, and hospitality-led services. These amenities are not decorative, they’re revenue drivers. They help us capture premium nightly rates and attract hybrid travellers who stay longer and come back more often.

How will Almal balance its luxury reputation while entering commercial real estate through The Smart Space?

The Smart Space is a strategic brand extension. We’re applying our luxury design principles, smart technology and service ethos to a commercial product. It allows us to diversify without diluting our identity. The aim is to introduce a premium, flexible workspace model that complements our hospitality and residential portfolio while unlocking new growth channels.

How does The Smart Space align with Dubai’s 2040 Urban Master Plan?

Dubai’s 2040 vision is about sustainable, people-centered, tech-enabled urban development. Smart Space fits directly into that narrative. By placing flexible, smart workspaces in key urban hotspots, we support reduced commute times, higher efficiency, and adaptive business environments. It’s a commercial asset designed for the next generation of Dubai’s economy.

On 20 November, Gulf Business hosted an exclusive roundtable at the Motivate Media Group boardroom in Dubai Media City, bringing together senior technology, HR and AV specialists to examine a rapidly evolving question: How is modern collaboration reshaping meeting spaces?

The conversation centred on five key themes shaping the region’s workplaces: how IT decision makers are planning and implementing technology in larger rooms and auditoriums; the merging roles of AV and IT — with audio quality emerging as a true game-changer; the benefits and challenges of end-to-end solutions versus multi-brand setups; the barriers to adoption, from budgets to user knowledge; and what the “ideal collaboration space” now looks like for organisations.

Opening the session, Yassine Mannai, associate director – sales and marketing, Shure MEA, said companies across the GCC are redesigning their meeting rooms to match new expectations.

“Spaces today need to be more dynamic and adaptable,” he explained. “Companies want areas that can shift from corporate events to trainings and wellness sessions — all while ensuring every participant, in the room or online, enjoys the same clarity and engagement.”

For Shure, audio has become central to that shift.

“Our goal is not just to sell hardware,” Mannai said. “It’s about creating inclusive, engaging spaces where collaboration works seamlessly. Previously you needed an audio engineer to configure everything. Now we’re building systems that guarantee high-quality audio while simplifying deployment for IT and facilities teams.”

He added that microphones, sensors and other capture devices now define the quality of modern collaboration.

“If you’re deploying AI or any advanced collaboration tools, you need high-quality input first. The hardware drives the experience that follows.”

Around the table, the broader transformation was equally clear. Anuja Shah, head of strategy and IT at Zurich Middle East, stressed that the best technology “stays in the background”, allowing people to focus on content rather than tools.

From the HR perspective, Clarise Morris, HR manager – MEA & APAC, Leviton Middle East, pointed to the challenge of uniting different generations and levels of digital fluency: “We talk about culture, engagement and inclusivity. If we don’t connect people properly, none of that works.”

For organisations with distributed teams, simplicity has become non-negotiable.

“When the experience fails, the impact fails,” said Shivani Saxena, chief of staff at RemotePass. “Remote employees need to feel as present as those in the room.”

Participants also debated the merits of end-to-end solutions versus multi-brand setups, a topic increasingly relevant as meeting spaces grow in size and complexity. Mannai noted that unified systems can reduce deployment challenges and create a more consistent user experience, while multi-brand configurations continue to serve specialised needs.

“People want systems that work the moment you walk into the room,” he said. “Plug-and-play has become a real expectation. When the setup is seamless, people collaborate better — and the technology stays where it should be: in the background.”

Across the session, one message emerged clearly: the modern workplace is no longer defined by desks or even buildings, but by the quality of connection between people.
That connection depends on meeting spaces that feel natural, intuitive and equitable — whether someone is speaking from a boardroom table or joining from a laptop thousands of kilometres away.

As this Gulf Business Roundtable showed, the future of collaboration will not be shaped by more technology, but by smarter, simpler, plug-and-play experiences that give teams the freedom to focus fully on the work — not the tools behind it.

Thank you to all our roundtable speakers:

• Yassine Mannai, associate director – sales and marketing, Shure MEA
• Shivani Saxena, chief of staff, RemotePass
• Anuja Shah, head of strategy and IT, Zurich Middle East
• Jannat Singh, founder and CEO, Talent Shark
• Faisal Zaidi, president, Exscape
• Algert Beollari, head of compliance and MLRO, Astero Falcon
• Rishi Chahal, co-founder and CCO, IDCUBE
• Clarise Morris, HR manager – MEA & APAC, Leviton Middle East
• George Simon, co-founder and CEO, Cornerstone Technology Solutions Global

Qatar’s sovereign wealth fund plans to reduce its stake in Britain’s second-largest supermarket group Sainsbury’s SBRY.L by nearly 4 per cent, a term sheet showed on Tuesday, ending its near-two-decade reign as top shareholder in the chain.

Qatar Investment Authority plans to offer shares at 317.6 pence ($4.20) per share in a secondary offering with JPMorgan as the sole bookrunner, according to the term sheet. Sainsbury’s shares are up 23 per cent this year and closed at 326 pence on Tuesday.

Qatar’s sovereign wealth fund has been a Sainsbury’s shareholder since 2007. That year its holding peaked at 25 per cent and it abandoned a potential bid. It started selling in 2021.

In October last year, the fund reduced its holding by about 5 per cent through a nearly $400m share sale.

Qatar’s fund plans to sell shares worth about 265.5 million pounds, reducing its stake to 6.82 per cent from the current 10.48 per cent, according to LSEG data. The fund would drop to the fourth-largest shareholder from first place.

Sainsbury’s and the fund did not immediately respond to Reuters requests for comment.

Sainsbury’s, whose UK grocery market share has grown to a near-decade high of 15.3 per cent, has said that it now expects to deliver retail underlying operating profit of more than 1 billion pounds for its year to March 2026.

It has a market capitalization of 7.44 billion pounds as of Tuesday’s close.