Syria’s Sovereign Wealth Fund is entering its second year after a debut marked by the announcement of dozens of projects and investment opportunities. Its name has become closely tied to several major economic files pushed by the government, including real estate development, telecommunications and the management of public assets.
During its first year, the fund began revealing its administrative structure and the scale of the assets it intends to oversee. It also launched its official website. Yet most of the projects announced remain in the planning or investment‑promotion phase, with no indication that they have moved into large‑scale implementation.
Key information is still missing. The actual size of the assets under management, the fund’s sources of financing and the returns it has generated have not been disclosed. Any assessment of its first year therefore depends not only on the plans and projects announced, but also on what has been achieved on the ground.
What Has the Fund Revealed?
During the first Syrian‑Emirati Forum held last May, fund officials said the institution currently includes thirty‑six specialized sectors and eleven central companies employing more than forty thousand people.
They also announced that the fund manages a real estate portfolio exceeding seventy million square meters of land allocated for development across forty‑seven sites in Syria. The total value of planned projects is estimated at about one hundred billion dollars.
Data presented at the forum showed that the fund owns roughly two thousand properties valued at up to two and a half billion dollars. These include tourism, commercial, administrative and real estate assets spread across the country.
The fund has promoted several investment opportunities to the private sector, including the Centro Hotel project in Damascus’s Mezzeh district, development plans for officers’ clubs in Latakia and large‑scale ventures such as Damascus Hills, Mina Amrit and Marsa Shams.
Mohammad al‑Khayyat, head of the real estate development sector, highlighted one of the fund’s most ambitious proposals: New Damascus, a mixed‑use city planned along both sides of the Damascus‑Beirut road from the Mezzeh highway to Saboura. The project covers thirty‑three million square meters and includes residential and commercial complexes, as well as educational, health and leisure facilities. Required investment is estimated between forty and fifty billion dollars, including seven point six billion for infrastructure.
He also described another project, Laodicea Ad Mare, which spans eleven and a half million square meters between al‑Bassa and al‑Sanawbar south of Latakia. Plans include residential complexes, tourism facilities, shopping centers and a golf course.
Mohammad Mastat, the fund’s director of public relations, said the institution was created to manage sovereign assets and generate sustainable returns that support the national economy. He added that the fund aims to become a regional sovereign entity grounded in responsibility, professionalism, transparency and sustainability.
Officials said the next phase will focus on real estate development, digital transformation and expanding strategic partnerships at home and abroad. Despite the scale of the projects presented, no final investment agreements or memoranda of understanding were announced, leaving most proposals in the realm of investor outreach rather than active implementation.
Who Leads the Fund?
Publicly available information shows that Ibrahim Sukkariyeh serves as director general, while Tourism Minister Mazen al‑Salhani chairs the board. Mohammad Abdullah al‑Far is deputy director general, Mohammad Mastat oversees public relations, Yasser Qahf handles development and Mohammad al‑Khayyat heads real estate development.
The leadership structure reflects the presence of figures who simultaneously hold other government or economic posts, highlighting the fund’s close relationship with several state investment institutions.
Launch of the Official Website
Ahead of the fund’s first anniversary, Deputy Director General Mohammad Abdullah al‑Far announced the launch of its official website. He described it as a platform to introduce the fund’s work, vision and direction, and to strengthen communication with investors and partners.
Writing on Facebook, al‑Far said the fund has worked since its establishment to preserve and develop national assets. He noted that it has recently received delegations and specialized investment bodies that were briefed on its programs.
The website includes an introduction to the fund, the decree establishing it, its objectives, governance structure and the investment opportunities under its supervision. It does not include financial statements or detailed statistics on the scale of assets under management, nor does it publish a full list of officials responsible for its operations. Much of the essential information remains unavailable to the public.
A Growing Role in Investment Files
Over the past year, the fund has appeared in several government‑announced economic projects as an owner, partner or manager of state assets. One of the most prominent is the new mobile operator set to replace MTN Syria. The Ministry of Communications said the new company will receive a twenty‑year license, with the fund retaining twenty‑five percent of its shares and the winning investor holding the remaining seventy‑five percent.
This signals a direction in which the fund is being assigned a direct role in investments classified as strategic sectors, as part of a broader restructuring of economic activities.
The fund’s presence extends beyond real estate and telecommunications. Officials have announced investment opportunities in several airports, including Latakia, Deir ez‑Zor and Qamishli, as well as facilities and factories previously owned by businessman Rami Makhlouf.
Recovered Assets
Alongside the fund’s establishment, the National Committee for Combating Illicit Enrichment has intensified its activity. In recent months, it has announced financial settlements with businessmen linked to the ousted regime, covering companies, assets, real estate and various investments.
One of the most notable cases involves businessman Samer Foz. According to official statements, the settlement transferred ownership of thirty‑two companies and assets in the industrial, commercial, services and banking sectors to the state. These assets are to be managed through the Development Fund and the Sovereign Wealth Fund.
Estimates circulating in economic circles suggest that the value of recovered or transferred assets amounts to billions of dollars. Official bodies have not yet published detailed data clarifying the total value of these assets, the extent to which they have been transferred to the fund or how they are being managed.
The fund has also begun establishing or managing specialized companies in several sectors. Among them is Sarh Holding, which includes subsidiaries in construction, contracting, engineering consultancy and construction industries. Another is Kunooz al‑Sham for Mining and Investment, created to serve as a partner in future mining and natural resources projects.
Officials at the Syrian‑Emirati Forum said Taiba Petroleum is among the companies linked to the fund, alongside investment opportunities in oil and gas and the rehabilitation of energy infrastructure.
Governance and Transparency
Fund officials say the institution relies on a governance system based on Syrian law and the Santiago Principles, the internationally recognized standards for sovereign wealth fund management. They have announced a multi‑level oversight system that includes internal supervision, periodic reports submitted to the Presidency and financial auditing by accredited independent bodies.
In practice, however, available data on the fund’s performance remains limited. No periodic financial reports have been published showing the size of assets under management, the value of returns, the volume of investments that have entered implementation or the results of its operations during its first year.
Between the ambitions outlined by fund officials and the unanswered questions surrounding assets, financing, governance and disclosure, any judgment on the Syrian Sovereign Wealth Fund depends on what the coming phase delivers. Its real test will be its ability to turn announced plans into implemented projects while providing greater transparency around its management and performance.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
