October 10, 2026
The Syrian sovereign wealth fund emerges as one of the most prominent parties to the economic equation in the country in the wake of the fall of Bashar al-Assad’s regime, armed with managing assets confiscated from businessmen affiliated with the previous administration, and concluding deals worth billions of dollars. However, this rapid rise raises fundamental questions about management mechanisms, the size of portfolios, and the governance of state funds, in the absence of official public disclosures.
According to press reports, Syrian President Ahmed Al-Sharaa created the fund last year to collect recovered assets and advance infrastructure, real estate, and technology projects, with the aim of revitalizing the economy and attracting foreign capital. The Syrian Minister of Finance estimated the size of the fund’s portfolio at about $50 billion, including real estate, factories, commercial centers, and banking shares, in addition to its supervision of companies employing more than 40,000 workers. Despite this, the Fund has not yet issued a comprehensive financial statement, a detailed list of its assets, or an official designation for its management.
The fund is administratively affiliated with President Al-Sharaa and is headed by the Minister of Tourism, while its executive management is undertaken by Ibrahim Sukkariyeh, a Lebanese-Australian citizen whose name is not listed on the entity’s electronic portal, according to sources who met with him. Sukkarieh is subject to Australian sanctions linked to previous accusations of belonging to an organization linked to “Al-Qaeda” before the “Hay’at Tahrir al-Sham”, which was led by al-Sharaa and toppled the Assad regime.
On the operational level, the Fund has become the pivotal tool for encouraging Gulf investments, deriving its influence from the magnitude of its assets, which gives it a reporting role in vital sectors. In this context, Thaer Lahham, CEO of the Syrian Business Council, described the entity as the richest and most important economic entity in the country. A local economist summed it up by saying: “What is the state today? It is the ministries and the fund.”
The Fund translated this influence into major international contracts, which included a $7 billion real estate project with the UAE company “Arada,” and agreements with the Turkish “Tiraki Agro” and the Saudi “Riyadh Cables” group. He also acquired 25% of the shares of a Syrian company launched by the Kuwaiti “Zain” after obtaining a license worth $747 million for the mobile network, and established companies for electronic payment services in partnership with “Visa,” in addition to establishing a local entity to manufacture vehicles.
In real estate activity, the fund is expanding through direct ownership, management of public lands, and mediation between government agencies and the private sector in exchange for revenue shares. Topping the list of his assets is property seized from former regime businessmen. The recovery of government assets indicated the Fund’s participation in the management of 32 commercial and banking entities that belonged to Samer Foz, as well as commercial centers confiscated from Muhammad and Wassim Qattan, all of whom were subject to Western sanctions for supporting Assad.
The process of controlling these companies is accompanied by changes in senior management while maintaining the operational function levels. However, the process of transferring ownership faces legal and administrative obstacles related to the failure to update records and the objection of former owners demanding the return of their shares. In one case, a settlement was made through Damascus Governorate with a real estate developer whose commercial center was seized during the reign of Assad and later transferred to Wassim Qattan, while the fund confirms that the returns on its assets go entirely to the state treasury.
The issue of transparency is at the forefront of controversy. While the fund refuses to disclose details of its assets and revenues to the media, emphasizing the gradual process of building governance mechanisms and their alignment with international standards for wealth funds, Jihad Yazji, editor of the “Syria Report” newsletter, warns of the repercussions of the lack of transparency on citizens’ confidence, pointing out that managing huge sums of money through a veiled management body reflects positively on overcoming bureaucracy for Gulf investors, but leaves legitimate questions unanswered.
The “New Damascus” project, which is being implemented by “ARADA” to create 11,000 housing units and service facilities on the outskirts of the capital, embodies the government’s economic ambitions, but at the same time it reflects the amount of financial power that the Fund now possesses, leaving the issue of governance and management of state assets open to more questions.
