Ghreiwati (61)


Computer equipment and electronics trading


Cham Holding, one of Syria’s largest holding companies, is reportedly selling shares owned by a prominent stakeholder.


The Ministry of Tourism has announced that after seven years of suspension works have restarted on the Yasmeen Rotana Hotel owned by Rami Makhlouf.


The Syrian Cabinet has increased import tariffs on copper and aluminum cables to 30 percent, various local media have reported.


The Syrian government has reportedly frozen the assets of a prominent Syrian business family.


Three new licenses for car assembly plants have been given to Syrian investors in the past few months, raising the potential number of these plants, including several that have been operating for years, to eight. Here is a breakdown of these projects.


A Syrian investor, despite being a close associate of Samer Foz, has seen his assets frozen by the Syrian government for the second time in the space of five years.


In this 2,300-word factsheet we provide a profile of Samer Foz, who in the space of the past two years has risen to become Syria’s most powerful investor.


Damascus’ landmark Four Seasons Hotel is now the property of one of the country’s most powerful businessmen.


Syria’s car assembly plants produced a combined 1,500 units so far this year, according to a local media.


The government has ordered a provisional custody on the assets of Imad Ghreiwati, one of Syria’s most prominent investors prior to 2011, a move that adds a layer of instability to investors planning to return to the country.


Several prominent Syrian businessmen, under pressure by the regime, have sold their assets to members of the new business elite, a reflection of how the war is changing the Syrian business landscape.


The table below lists the main car dealerhips in Syria.


Abdallah Dardari, Syria’s former Deputy Prime Minister, provided an estimate for the economic cost of Syria’s reconstruction during a business forum in which many of Syria’s old business faces reappeared.


The Aleppo and Damascus chambers of industry have new boards of directors as new members replace absentees.


Pro-regime media outlets have published names of leading investors that reportedly owe their banks large sums of money.


Daman Cham, an investment bank and brokerage house, has announced the resignation of its general manager.


The US Treasury has announced that it was removing the name of Riad Hijab, Syria’s former Prime Minister, from its list of officials facing an asset freeze and travel ban.


Fares Shehabi, the head of the Aleppo Chamber of Industry, was elected last week President of the Federation of Syrian Chambers of Industry, in replacement of Imad Ghreiwati.


The seven new Syrian individuals on whom the European Union imposed sanctions on Monday have been named, while a prominent businessman has been taken off the blacklist.


Canada has announced a new round of sanctions on Syria, becoming the first western country to ban all imports, except food, from Damascus.


Syria has banned the import of all products with customs tariffs of more than 5 percent, a move that signals growing nervousness over the country's foreign currency reserves and also dents into the profits of many prominent businessmen that have built their wealth on import trade.


The four businessmen and three corporations sanctioned by the European Union last week form part of a growing list of business actors that are feeling the weight of the international pressure on Syria.


The European Union has banned all imports of Syrian oil and sanctioned a new list of businessmen and corporations as it appears increasingly intent on using economic sanctions as its primary tool for reducing the Syrian authorities' grip on power.


Yesterday Cham Holding, Syria’s largest corporation, elected an entirely new board of directors. However, the company did not elect a new chairman. The move comes only a few weeks after the company, along with its previous chairman, was put under sanctions by the United States.


Commercial activities; import and export trade


Korean brands continued to hold a majority share of the Syrian car market in the first half of this year according to the state-owned General Foreign Trade Organisation.


On July 5 we published a limited list of car dealers in Syria. You will see below a comprehensive list of Syria’s main car dealers with the brands they represent.


Nahas Motors, a subsidiary of the Nahas Group, has become the exclusive dealer of Mitsubishi cars in Syria, adding a third global brand to its portfolio.

Updated on July 06


Qatar National Bank has received a formal approval to set up a bank in Syria.

Bank Al-Sharq SA has elected its board of directors and appointed a general manager to run its operations in Syria.


Bemo Saudi Fransi Finance has announced that Bank Al Sharq’s IPO was oversubscribed by 438 percent.


An economic and business delegation, headed by Abdallah Dardari, will visit the Czech Republic between the 19th and 22nd of November.



Bank Al-Sharq will launch on October 7 an Initial Public Offer for 20.5 percent of its capital. The IPO will last until October 29.


Orient Bank (Al-Sharq Bank) has received the go ahead from the Syrian Commission on Financial Markets and Securities (SCFMS) to launch an Initial Public Offer IPO for 20.5 percent of its capital.


Syrian Islamic Insurance Company (SIIC), the third Takaful insurance firm to be licensed in Syria, held its founding assembly general on January 29.


Syria's production of cement could exceed 30 million tons per annum by the end of 2011, according to statistics from the Syrian Investment Authority and the General Establishment of Cement and Building Materials.


Gulfsands Petroleum has announced that it has entered into a strategic partnership with Cham Holding to develop together oil and gas projects in Syria and potentially Iraq.