Ihab Makhlouf (33)


Two private Syrian banks owned partially by foreign investors have taken steps to rebrand, in a move to reduce the risk for foreign shareholders a few months after the enactment of the Caesar Act.


The Syrian government has reportedly awarded Ihab Makhlouf the contract to manage seven duty-free markets on the country’s border areas just a few weeks after cancelling a similar contract with his brother Rami, according to local and regional media outlets.


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


European sanctions inflicted last week on several Syrian investors and companies are disrupting more than expected their business activity.


The EU General Court has upheld the blacklisting of Makhlouf family members and of Syriatel, one of Syria’s largest private sector companies and property of Rami Makhlouf.


One of Syria’s main Sharia-compliant banks as well as several individuals and entities affiliated with Rami Makhlouf have been put under sanctions by the U.S. Administration today.


Syriatel has appointed two new directors to its board as it prepares to list in the Damascus Securities Exchange.


MTN-Syria has announced an increase in its quarterly revenues and a decrease of the licence fees it pays to the government.


Mehran Khwanda, the main shareholder and head of the Khwanda Group, has announced his resignation from the board of directors of Bank of Syria and Overseas, following his inclusion in a blacklist issued by the European Union last week.


Al-Badia Cement has announced the resignation of Nizar Asaad from its Board of Directors.


International sanctions are continuing to take their toll on the Boards of Syrian corporations as Samir Hassan, a leading businessman recently included in the list established by the European Union, resigned from the board of Byblos Bank Syria.


Issam Anbouba, one of Syria's most prominent businessmen, has resigned from the Board of Directors of Syria Gulf Bank.


Al-Aqeelah Takaful Insurance, a Sharia-compliant insurance company, has announced that a new board member had been elected by its shareholders.


Syria International Islamic Bank has announced that Ihsan Walid Al-Khiami was being appointed in its Board of Directors.


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.


Samir Hassan and Nizar Asaad, two businessmen involved in various sectors of activity, were added to the latest names of Syrian individuals put under sanctions by the European Union.


Ihab Makhlouf is resigning from the board of Syria International Islamic Bank, only a few weeks after the European Union imposed a freeze on his assets and after his brother, Rami, one of Syria’s most prominent businessmen, announced that he was quitting the world of business.


Ihab Makhlouf has resigned from his position as vice-Chairman of the Board of Al-Aqeelah Takaful Insurance, a few weeks after the European Union imposed a freeze on his assets and on those of several other Syrian personalities, as well as on “legal persons and entities associated with them,” according to a filing by the company.


Syria Duty Free, the company operating duty free shops on Syrian border ports, has been sold to unnamed Kuwaiti investors, the company said in a statement.


The list of Syrian officials sanctioned by the European Union on May 23 includes businessman Mohammad Hamsho as well as several security and political figures.


Establishment of a private university


Set-up real estate, tourist and services' projects


Set up of real estate and tourist projects

Bank of Jordan-Syria has successfully completed its rights issue raising its capital to SYP 3 billion, according to the Syrian Commission on Financial Markets and Securities.



The Syrian Commission on Financial Markets and Securities has granted a preliminary license to two new brokerage firms.


According to a statement from Egypt's Orascom Telecom (OT), reported by AFP, the company has obtained a freeze on the assets of Drex, its Syrian partner in the mobile phone operator SyriaTel.


Updated February 28, 2014: Two referees have been appointed as caretakers for Syriatel to rule in a legal dispute between the company, one of the two GSM operators in Syria, and Orascom, its managing shareholder.