DAMASCUS: Bombs planted underwater off Syria’s coast exploded Monday, damaging oil facilities used to pump oil into one of Syria’s two petroleum refineries, state media and the oil minister said.
No one claimed responsibility for the attack, the third to target Syria’s oil and gas industry in less than a year.
The attack off the coast of Banias was carried out by “terrorists,” state news agency SANA said. Banias is on the Mediterranean shoreline in the Tartous province.
Oil minister Ali Ghanem told state TV that the bombs were planted by divers in the facility used to pump oil to the coast. He said the facility is 3 kilometers (2 miles) off the coast and is 23 meters (yards) underwater.
“The aim of the attack is to cease (oil) imports into Syria,” Ghanem said, adding the ministry’s experts are evaluating and fixing the damage. He said the attack will not stop imports as the ministry had prepared plans in case of such attacks.
Last month, near-simultaneous attacks believed to have been carried out by drones hit three government-run oil and gas installations in central Syria. One of the December attacks targeted the oil refinery in the central city of Homs.
Syria has suffered fuel shortages since last year. Western sanctions have blocked imports, while most Syrian oil fields are controlled by Kurdish-led fighters in the country’s east.
In June, sabotage attacks damaged five underwater pipelines off Banias.
Before the Syrian conflict erupted in 2011, the country exported around half of the 350,000 barrels of oil it produced per day. Now its production is down to around 24,000 barrels a day, covering only a fraction of domestic needs.
Underwater bombs damage Syria’s offshore oil facilities
https://arab.news/r6nt7
Underwater bombs damage Syria’s offshore oil facilities
- Syria's oil minister said the bombs were planted by divers in the facility used to pump oil to the coast
- No one claimed responsibility for the attack, the third to target Syria’s oil and gas industry in less than a year
Gulf emerging as beneficiary amid changing global alliances, says TCW executive
DAVOS: As artificial intelligence dominated discussions at this year’s World Economic Forum in Davos, asset managers are exploring how the technology can be deployed at scale without losing the human judgement that underpins investment decisions.
For Jennifer Grancio, global head of distribution at asset management firm TCW, Saudi Arabia’s approach to energy and AI makes it a particularly attractive hub for investors.
“Saudi Arabia has been very forward-leaning in traditional energy,” Grancio said.
“They’ve also invested heavily in grid efficiency and electricity, which positions them to serve the wider region. Combined with AI adoption, it makes them a powerhouse for investment opportunities.”
For TCW, the focus is not on replacing human expertise but on expanding capacity.
“We’re using AI to increase capacity, not to replace investment analysts or people who write commentaries or evaluate securities,” Grancio explained.
The firm continues to rely on deep research, deploying AI selectively across functions such as securitized credit, marketing and investment teams.
TCW’s engagement with AI predates the current wave of enthusiasm and adoption.
“We were actually an early AI investor. In the US, we have the oldest AI fund, launched over eight years ago, focused on both enablers and adopters,” Grancio said.
The dual focus on technology and infrastructure increasingly aligns with developments in the Gulf.
“As an investment manager, we look at both the AI systems being developed and how energy and power infrastructure supports them,” she said, highlighting TCW’s global energy and power strategy, which has consistently outperformed its benchmark.
Geopolitical shifts are also reshaping investment flows to the Gulf.
“Concerns around the US, China or Russia have led global investors to rely more on the Gulf,” Grancio said. “It’s a great time for development and trade there.”
Emerging markets are drawing growing attention from investors.
“In the US, there’s a rotation toward global exposure. Elsewhere, there’s renewed focus on emerging markets and managing through volatility,” she said.
TCW has benefited from this trend, particularly in emerging market debt, with sovereign clients increasing allocations by billions of dollars.
Volatility, Grancio added, can create opportunity. “As a value manager, we do deep research and focus on relative valuation. In fixed income and securitized credit, volatility allows us to increase returns for clients.”
In the Middle East, sovereign wealth funds and pension systems are expanding into private credit and alternative income strategies. Education is key, Grancio said.
“Understanding what’s different about private investments is critical. They offer strong compounding and portfolio diversification.”
Private asset-backed finance is a growing trend in the region. “We’re seeing portfolios shift from public fixed income into private securitized credit, a major growth area.”
Looking ahead to 2026, Grancio said that shifts will vary by region and investor type. “In the US, the wealth market has moved toward ETFs. We’ve rapidly built out a $6 billion ETF platform to meet demand,” she said.
