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Source:
عكس السير
Syrian Sovereign Fund Alters Economy
The article discusses the growing influence of the Syrian Sovereign Fund, established during President Aḥmad al-Sharāʿ's era. It is considered one of the key entities involved in reshaping the Syrian economy through the management of state-owned assets and confiscated properties belonging to businessmen linked to the Bashar al-Assad regime. The fund's assets are estimated at around $50 billion, although detailed lists of its holdings or revenues have not been publicly disclosed. Its portfolio includes factories, shopping centers, real estate, and stakes in banks and various companies, employing over 40,000 workers. The fund is managed by the Lebanese-Australian Ibrahim Sakrīyah and aims to protect and grow state assets through investment partnerships with foreign firms, including a $7 billion project with the UAE company "Arad" and investments in telecommunications, transportation, and technology sectors. Additionally, the fund participates in managing confiscated assets of businessmen under asset recovery laws, although it faces legal and transparency challenges regarding the size of its holdings and income. The fund’s goal is to boost confidence and attract investments, emphasizing improvements in governance mechanisms in line with international practices.
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