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Al-Shar'i moves Assad family assets to Syrian fund
President Syrian Ahmad Al-Sharab has transferred extensive assets valued at up to $50 billion from the family of former President Bashar al-Assad and individuals affiliated with his regime to a sovereign fund established last year. This fund has become one of the most influential centers of economic power in Syria. It controls assets that include real estate, state-owned companies, and confiscated institutions from individuals close to the former regime. Its goal is to support the struggling economy and attract foreign investment. The fund is headed by the Minister of Tourism, and its management is entrusted to Ibrahim Sakriyah, a Lebanese-Australian who faces Australian sanctions. The fund conducts a broad range of activities, including real estate development, manufacturing, banking, acquiring stakes in telecommunications companies, and launching new projects such as a payments company, as well as residential and commercial developments—particularly focusing on high-end real estate projects like the "New Damascus" project. The fund plays a key role in attracting Gulf investments and wields significant influence over corporate decisions and investment directions within Syria. It is considered one of the wealthiest and most powerful entities in the country.
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