Kharafi (45)


The government approved on November 27 the construction of what it calls an eco-garden and tourism project on one of the largest empty plots of land in Damascus, an initiative that will lead to the expulsion of several dozen families.


One of Syria’s most prominent new business cronies has been arrested in Kuwait on charges of money laundering.


The Sheraton Aleppo Hotel is expected to reopen partially in the next few days some six years after it shut down.


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


A Kuwaiti-based company has announced the purchase of a plot of land outside Damascus, in a very rare case of an investment by a Gulf company in Syria since 2011.


Updated on November 12: KFC, the US fast food chain closed its last restaurant in Damascus, as the company’s operations were disrupted by the ongoing conflict.


Kharafi National, a large engineering company, is withdrawing from the Syrian market, according to a local media outlet.


The Kharafi Group has obtained from the Syrian government a 50 percent discount on the annual fee it pays for the management of the Bloudan Grand Hotel, which has been closed for over half a year.


As Banque Saudi Fransi announced that it was quitting the Syrian market, Al-Baraka Bank said that it was planning to expand its presence in the country.


Nasser al-Kharafi, the Chairman of the Kuwaiti Kharafi Group that has large interests in Syria, died in Egypt on April 17 of a heart attack.


Bab Al-Faraj Tourism and Hotels, the company that owns the Sheraton Aleppo Hotel, is raising its capital by an additional SYP 52 million after it received the go ahead from the SCFMS.


Costa Coffee, a global chain of cafés, has closed most of its outlets in Damascus, citing operational losses.

Naji Otri, Syria’s PM, inaugurated on November 28 the new 102 km motorway linking the two eastern cities of Deir-ez-Zor and Hassakeh.

Marafeq has signed an agreement with Danish engineering firm Vestas to develop jointly a wind farm with a generation capacity of up to 100 MW.


The Kuwait Syrian Holding is to start works on a new USD 90 million real estate development in Yaafour, its CEO said.

The Syrian Cabinet has set a deadline of the end of this summer for the completion of the Lattakia-Ariha motorway.

Six companies have received a license to provide radio taxi services in four Syrian cities.


The Board of Directors of Cham Holding, one of Syria’s largest holding firms, met last week with Prime Minister Naji Otri to provide an update on the projects developed by the company.


Works on the Kiwan Hospitality project have still not begun two years after the announcement of the launch of the project.


The OPEC Fund for International Development (OFID) has provided Syria a loan of USD 30 million to part-finance the construction of the Raqqa-Deir-ez-Zor-Hassakeh motorway.


Emirates Islamic Bank, Al-Rajhi Group and Kharafi Group are taking stakes in Al-Baraka Bank Syria, the Islamic Bank under establishment in Syria.



No Syrian was included among a list of the fifty wealthiest Arab individuals and families.


Cham Holding and Daman Securities from the United Arab Emirates are setting-up a joint brokerage firm to operate in the Damascus Securities Exchange.


The Kuwait Syrian Holding Company (KSHC) has announced that one of its subsidiaries, Al-Nasser Gardens Holding Company, had signed a conditional purchase contract, through its Syrian affiliate, Al-Nasser Gardens Syrian Joint Stock Company (an affilia...


The Kuwaiti Fund for Arab Economic Development will provide a concessionary loan of USD 56 million to part-finance the construction of a motorway linking Deir-ez-Zor to the Iraqi border.


Kharafi Cham, a Syrian-Kuwaiti firm, will build Syria’s first private power plant following an agreement with the Ministry of Electricity.

The Kuwaiti Fund for Arab Economic Development has extended a new loan to Syria to finance the construction of the Deir-ez-Zor-Hassakeh motorway.

The Kharafi Group of Kuwait has announced that it had established the company that will develop and manage the Intercontinental Damascus Hotel (IDH).

Cham Holding has signed a memorandum of understanding with Amlak Finance to establish a new venture, Amlak Finance - Syria.

Cham holding has entered into a joint-venture with three Kuwaiti firms to tender for large utilities and other infrastructure contracts in Syria.


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.


Saeb Nahas, the Chairman of the Nahas Group was ranked Syria’s richest man, in a recent survey on the wealthiest Arabs.


The Syrian Commission on Financial Markets and Securities has given its nod to Bab Al-Faraj Company to raise SYP 500 million through a capital increase.


The Kuwait Fund for Arab Economic Development has accepted to extend a new concessionary loan of KWD 6 million (USD 20 million) for the building of the Hassakeh-Deir-ez-Zor road in north east Syria.


Bab Al-Faraj (BAF) is raising USD 10 million through an IPO to fund several investments in Aleppo.

During a visit to the city of Deir-ez-Zor, the Syrian President laid the foundation stone to a number of projects worth a total of close to SYP 20 billion (USD 400 million)

Mohamed Abdulmohsin Kharafi and Sons of Kuwait (Kharafi) has started operations of Syria’s first radio taxi project in Damascus known as Star Taxi.


The soft opening of Sheraton Aleppo Hotel and Towers is taking place on February 12. This opening will last three months, before an official launch ceremony is organized


Mohamed Abdulmohsin Kharafi and Sons Company of Kuwait (Kharafi) has formally signed the contract to develop a major tourism site in Damascus at a cost of USD 217 million

Syria’s largest cities should witness next year the most dramatic change in decades in their public transportation system.

Al Rajhi, the Saudi conglomerate, has received a license from the Investment Higher Council to set up a cement manufacturing plant.

The Syrian cement sector continues to attract strong interest from private investors. In the last few months, tens of investors were reported by the local press to have requested a license to build new cement plants.
The Kuwaiti Al Kharafi company has started the building of the motorway that will link the coastal city of Lattakia to the town of Ariha, and from there to Aleppo.