New proposals would raise the capital requirements for the largest and most important banks by 9%, down from 19%
Saudi Intelligence chief Prince Muqrin bin Abdul Aziz had carried a message from King Abdullah to the Syrian President Bashar Al Assad earlier this month. The stalemate over the estrangement of ties between the two states was broken with Assad proffering an indirect apology to Saudi King in 2007 over his infamous “half-men” speech that was a crude attack on Arab leaders critical of Hezbollah and Syria. The actual severing of ties between Saudi and Syria happened after the assassination of Lebanon’s Rafiq Hariri in 2005, a close friend of the Saudi royal family. The alleged involvement of the Syrians in Hariri’s assassination, its alliance with Iran further deteriorated relations between the two.
Syria’s overtures to the international community, especially the US, since recent times are being perceived as a credible an attempt to breakaway from its isolationist position and engage in talks over contentious issues in the region. These have in the past led to its isolation and being labelled as part of the Axis of Evil by the outgoing US President George Bush. Following British Secretary David Miliband’s visit to Syria as bringing Syria onboard in the Middle East peace process, the US has also indicated a change in its position towards Syria. The Obama administration has already announced that a high level delegation is to visit Syria in the near future as part of its mission to engage even with states that may be perceived to be at odds with the US interests. After the Syrians sought damage control with the Saudi Kingdom, they had been trying to re-establish relations through their diplomatic channels. The Saudis also realise that Syria is a key state and an important channel to mediate dialogue and resolution to establishing peace in Palestine and Lebanon due to their influence with Hamas and Hezbollah. The Saudi interest in burying its differences with Damascus is in tandem with its regional role as a major stakeholder; one with the capability of influencing other key players and being instrumental
in negotiating solutions to ongoing tensions
and conflicts. The recent Gaza conflict, followed by the rise of Benjamin Netanyahu has caused further concern in the region, about the future of the Palestinian peace process.
Saudi Arabia is duly concerned and would like to see a viable solution to come about to the ongoing uneasy ceasefire declared by Hamas and Israel. It would want Syria to play a positive role using its influence with Hamas. This would also allow Saudis to wean Syria away from Iran. In short, the restoration of ties between Saudi and Syria are a positive development that could help build peace in the
region and beyond.
New proposals would raise the capital requirements for the largest and most important banks by 9%, down from 19%
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