Syria has a long development journey ahead of it before it can reach the level of advanced economies elsewhere. Attracting external capital offers a way of accelerating the catch-up process.
However, one of the ways in which Syria and other countries have struggled is in their poor levels of constitutional compliance. Foreign investors feel much safer parting with their capital when there are clear rules that host governments adhere to.
One of the reasons that US President Donald Trump is excited about the prospect of appending Greenland to the US is that it is rich in untapped resources yearning for a capital injection. In Syria, too, a well-designed wave of investment into the nation’s resource base can potentially yield astronomical returns.
Syria also has high educational levels, making it well-positioned to benefit from the influx of cutting-edge technology that foreign direct investment can facilitate.
The country’s economic woes are a complex, multidimensional problem that has attracted the attention of the scholarly community. A recent study by University of Warsaw economists Anna Lewczuk and Katarzyna Metelska-Szaniawska contributes to our understanding by focusing on one perennial contributor to low FDI and, hence, low living standards: poor levels of constitutional compliance.
Social scientists have identified several distinct economics-related functions served by constitutions. Perhaps the most important is that constitutions help overcome short-term thinking by politicians charged with drafting and implementing economic policy. In particular, constitutions typically involve the explicit separation of powers, they enshrine the independence of the judiciary, and they impose limits on the budgetary discretion of rulers.
Together, these elements make it much less likely that an economic tsar will succumb to the temptation of personally enriching, but economically damaging, actions such as expropriating investors or printing money.
Beyond this, constitutions that are ratified by the population at large provide governments with legitimacy in exercising its functions, greatly enhancing its effectiveness in the economic domain. Critical tasks such as collecting taxes, enforcing contracts and building infrastructure become cheaper and progress more efficiently when the government’s actions are embedded in a constitution that people acknowledge and embrace.
Finally, when national-level conflicts that threaten economic stability inevitably arise, constitutions can be highly effective in defusing that conflict.
Accordingly, many countries have seen the adoption of a constitution go hand-in-hand with extended periods of economic prosperity, most notably Germany and Japan in the latter half of the 19th century. Today, countries such as Malta and Singapore enjoy high living standards partially due to the investment-attracting properties of their constitutions. Foreign investors feel safe that their property rights won’t be violated, and that the economy will be managed prudently by governments that are shielded from the myopic thinking that typifies most countries without a constitution.
There is little doubt that, going forward, Syria needs a constitution that represents the interests of all its citizens. But what is just as important as adopting a constitution is actually adhering to it.
Using an open database created by the University of Hamburg scholar Dr Jerg Gutmann and his colleagues, Dr Lewczuk and Dr Metelska-Szaniawska empirically analyse the relationship between economic performance and constitutional compliance. The authors find a clear, positive association, and they attribute this to the aforementioned mechanisms linking constitutions to the economy.
Unfortunately for Syria, it is a poor performer globally in terms of constitutional compliance, according to the database. Foreign capital holders are understandably reluctant to invest in economies where the government feels unconstrained by the constitution, as this often serves as an indicator that investors’ interests could be illegally disregarded at any point.
The consequences can be seen in Syria’s FDI data between 1972, shortly after Hafez Al Assad took over as president, and 2010, in the months before civil war broke out in the country. The level of FDI inflows as a percentage of its gross domestic product exceeded the global average in only two years – 1994 and 2009 – falling slightly or considerably short in the remaining 37 years.
No data is available from 2011 onwards, but it can be assumed that the civil war caused a collapse in inward capital flows in the years since. With much of the country’s infrastructure destroyed, the need for foreign capital is especially acute, affirming the importance of addressing potential barriers to FDI.
As a new global order gradually emerges, and novel economic paradigms displace traditional ones, Syria has an opportunity to reassert itself on the global stage if it implements the right economic reforms.
While many changes are needed for the country to fulfil its potential, understanding the relationship between politics and economics holds the key to solving many of its problems, including the lack of FDI. In this regard, ratifying a new constitution and ensuring high levels of its compliance would be a necessary place to start for the new government in Damascus.
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert:Â Umm Ali with dark camel milk chocolate flakes
Favourite hobby:Â Football
Breakfast routine: a tall glass of camel milk
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
Monday, April 6, 7.30pm, Sharjah Cricket Stadium
The match will be broadcast live on the My Sports Eye Facebook page
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Hawks
Coach: Chaitrali Kalgutkar
Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish
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Falcons
Coach: Najeeb Amar
Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh
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The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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HAEMOGLOBIN DISORDERS EXPLAINED
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
UAE currency: the story behind the money in your pockets
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Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
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Fire and Fury
By Michael Wolff,
Henry Holt
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RESULTS
Tottenham 1
Jan Vertonghen 13'
Norwich 1
Josip Drmic 78'
2-3 on penalties
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match:Â Bernardo Silva (Manchester City)
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
Engine: 80 kWh four-wheel-drive
Transmission: eight-speed automatic
Power: 402bhp
Torque: 760Nm
Price: From Dh280,000
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Killing of Qassem Suleimani
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
UAE currency: the story behind the money in your pockets
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022Â
Killing of Qassem Suleimani
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
