A Fund Worth $50 Billion
Syria's sovereign fund holds assets valued at about $50 billion (USD), according to the finance minister, making it one of the largest single holders of economic assets in the country. President Ahmed al-Sharaa established the fund within the past year, and it reports directly to him.
Its portfolio spans factories, commercial centers, real estate, and bank shares, combining state-owned property with companies confiscated from figures linked to the former government.
Governance and Management
The fund is chaired by the minister of tourism and is managed by Ibrahim Skaria, an Australian-Lebanese citizen who is subject to Australian sanctions. It employs more than 270 people, and a separate real estate arm is headed by Mohammed al-Khayat.
The institution says its goals are to protect and develop state assets and to attract capital, technology, and expertise through strategic partnerships with foreign and domestic investors.
Foreign Deals and Stakes
The fund's real estate arm is tied to a $7 billion project with the Emirati developer Arada, alongside agreements with Turkish and Saudi firms. It also holds a 25 percent stake in a local company linked to Kuwait's Zain, which recently secured a $747 million mobile license.
These commitments position the fund as a conduit for foreign capital at a time when the government is seeking investment and expertise to support economic recovery.
Seized Assets and Disputes
A government committee said the fund manages 32 companies linked to businessman Samer Foz and operates a large Damascus shopping mall previously held by the Qattan family; both Foz and Wassim Qattan are subject to United States and European Union sanctions. Former owners have sought to recover their stakes, and some property holders have opposed the seizures.
Local authorities said the fund reached an agreement with one claimant, while the fund maintains that all proceeds belong to the Syrian state.
Transparency Questions
Questions about the fund's holdings, revenues, and governance went unanswered, with the institution describing itself as new and still building its framework. The lack of disclosure around deposits and management has left the scale and composition of the portfolio difficult to verify independently.