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QFFD, IsDB hold summit on Syria’s financial sector

The Qatar Fund for Development (QFFD) and the Islamic Development Bank (IsDB) convened a high-level roundtable on the margins of the 81st Session of the United Nations General Assembly to advance co-...

QFFD, IsDB hold summit on Syria’s financial sector

On the UN General Assembly stage in New York, Syrian President Ahmad Al Shara and Iraqi Prime Minister Ali Al Zaidi met for the first time. The two nations' relationship had undergone a significant change, moving from deep mistrust to pragmatic cooperation since the ousting of Syrian President Bashar Al Assad in late 2024. The meeting took place against the backdrop of heightened tensions in the region and US pressure on Iraq to reduce its ties with Iran.

Syria and Iraq have been enhancing political and security coordination, and expanding economic and trade cooperation, according to state-run Syrian news agency Sana. Iraqi Prime Minister Ali Al Zaidi's office echoed these sentiments, emphasizing the importance of bilateral relations and mutual interest across various levels. US Special Envoy Tom Barrack hailed the meeting as a testament to the shared vision for stability and prosperity between the two countries.

The first public handshake and embrace of the leaders symbolized the renewed ties between Syria and Iraq, as the US pushed for a de-escalation in the region. Iraq, once Iran's last regional ally, faces increasing US pressure to decrease ties with Tehran. US-led forces are set to withdraw from Iraq by the end of the month, and Prime Minister Al Zaidi is working on disarming militia groups and bringing all weapons under state control, a deadline initially set for September 30 but now projected for June 2027.

The Assad regime's fall initially raised concerns in Baghdad about the new figures in Syria, many of whom had ties to Al Qaeda. However, the two countries have since built a relationship focused on security cooperation, with thousands of suspected ISIS members moving from Syria to Iraq. Syria remains skeptical of Iranian influence in Iraq, and the border area has seen a significant presence of the Popular Mobilisation Forces, a pro-Iranian militia group.

Iraq has turned to Syria as an alternative route for oil exports following the halt of energy shipments through the Strait of Hormuz due to the Iran war.

Written by urgent.news from The National Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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