A landmark Syrian-Emirati Investment Forum held in Damascus has pulled back the curtain on one of the most powerful and enigmatic entities in Syria’s post-war economy: the Syrian Sovereign Fund. Established by decree in 2025, the fund’s leadership, governance structure, and vast portfolio were publicly detailed for the first time, revealing an institution with deep political connections and colossal ambitions for the country’s reconstruction.
Quick Facts
- Manages approximately 2,000 properties valued at $2.5 billion.
- Holds 70 million square meters of land for development.
- Plans projects with an estimated value of $100 billion.
From the Shadows to the Spotlight
The forum, organized by the Syrian Investment Authority and attended by high-level Emirati and Syrian officials, ended months of speculation by confirming the identities of the fund’s top executives. According to a report by Syria Report covering the event, the fund’s Director General is Ibrahim Sakaria, an Australian of Lebanese origin widely known by the alias “Abu Mariam al-Australi.”
Previous investigative reports linked Sakaria to a secret committee restructuring Syria’s economy. His past includes being on an Australian sanctions list for terrorism financing charges, and he reportedly left Australia just before his brother carried out a suicide bombing. Now, Sakaria stands as the legal representative and financial manager of one of Syria’s most critical economic institutions.
A Nexus of Power and Business
The fund’s leadership structure underscores a deep intertwining of state power and commercial interests. The Chairman of the Board is Mazen Salhani, who is also the current Minister of Tourism in President Shar’a’s government. This dual role raises immediate questions about the separation between executive government duties and the oversight of sovereign wealth.
The operational team includes other influential figures. The Deputy Director General is Mohammed Abdullah Al-Far, who was recently appointed as the judicial guardian of telecom company MTN Syria and previously served as Director of Public Relations at the Syrian Ministry of Foreign Affairs. Meanwhile, Mohammad Mustat, a former member of the preparatory committee for the National Dialogue Conference, serves as the fund’s Director of Public Relations, giving it a high-level political and communications channel.
The Khayyat Family’s Gateway to Reconstruction
A key appointment revealed at the forum was Mohammed Al-Khayyat as the Head of Real Estate Development. He is the younger brother of Moutaz and Ramez Al-Khayyat, the influential businessmen behind the Qatar-based conglomerate UCC Holding, which has a portfolio estimated at $7 billion.
The Al-Khayyat family has long been reported to have ambitions in Syria’s reconstruction sector. Mohammed Al-Khayyat’s official position now places the family at the epicenter of the sovereign fund’s massive real estate and infrastructure projects, solidifying their role in shaping the country’s future landscape.
$100 Billion Ambitions on Syrian Soil
The forum provided a staggering look at the scale of the fund’s portfolio and plans. Officials stated the fund currently owns around 2,000 properties worth an estimated $2.5 billion, including tourism, commercial, and administrative assets.
The future plans are even more ambitious. Mohammed Al-Khayyat detailed that the fund controls over 70 million square meters of land across 47 sites, with planned projects valued at approximately $100 billion.
Two mega-projects stand out. The “New Damascus Project,” planned for a 33 million square meter area along the Damascus-Beirut highway, is envisioned as an integrated city requiring $40 to $50 billion in investment. Another coastal project, “Laodicea Ad Mare,” will span 11.5 million square meters and include residential complexes, tourist facilities, and controversially, a golf course that officials announced will be named after former U.S. President Donald Trump.
Questions of Governance and Transparency
In an effort to address transparency concerns, fund officials claimed its governance is inspired by the “Santiago Principles,” an international framework for sovereign wealth funds. They mentioned internal oversight, periodic reports to the President, and audits by independent government-appointed bodies.
However, critics point out that the decree establishing the fund links it directly to the presidency, granting it full financial and administrative independence and effectively removing any oversight role for the Ministry of Finance. This centralized control, combined with the opaque nature of its initial funding, has fueled concerns that the fund could become a tool for concentrating wealth in the hands of a new elite with little public accountability.
About The Syrian Sovereign Fund
The Syrian Sovereign Fund is a state-owned investment vehicle established by Decree No. 113 in 2025 to manage and develop a wide range of state assets in post-war Syria. Reporting directly to the presidency, the fund operates across more than 34 sectors, including real estate, energy, telecommunications, and finance. It is positioned as the central tool for driving Syria’s reconstruction and economic redevelopment through large-scale projects and partnerships.
Source: 7al.net
