Rami Makhlouf (256)

22-01-2020

A financial brokerage company that is believed to be linked to Samer Foz has been licenced in Damascus, the first such company to start operating since 2011.

15-01-2020

The Real Estate Bank has announced that it generated profits in 2019 for the second year in a row, after years of losses.

08-01-2020

The government has frozen the assets of Rami Makhlouf, a step that appears to follow previous restrictions on the once-powerful businessman, but which could still be reversed.

08-01-2020

The year 2019 came to a disappointing close for the Damascus Securities Exchange, which saw its main index decline for the first time in four years.

18-12-2019

The government has frozen the assets of two businessmen affiliated with Cham Wings over claims that they owe millions of dollars in unpaid bills.

11-12-2019

In this factsheet, we look at Syria’s economic relations with the United Arab Emirates.

04-12-2019

A new hotel has opened in Damascus, another sign that Syria’s tourism industry is one of the country’s few sectors able to attract even limited private investment.

27-11-2019

The Ministry of Finance has frozen the assets and bank accounts of MTN-Syria and of several of its board members, a decision that signals that it wants to put pressure on one of the country’s largest companies.

27-11-2019

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

13-11-2019

The Syrian government has announced that it is generating money from property it owns in Lebanon and is seeking to retake possession of land it has owned in Jordan and Saudi Arabia since the time of the Ottoman Empire.

30-10-2019

The UK has sanctioned a British company for making payment transfers to Syriatel and as such breaching EU sanctions imposed on that company.

30-10-2019

The trial of Nader Qalei in Canada will take place in May next year as the Syrian investor is expanding his investments back home.

23-10-2019

The government has increased tariffs on some steel products, a decision that seems to have been motivated by pressures from influential businessmen.

09-10-2019

The Central Bank of Syria has ordered a freeze on the bank accounts of Tarif Al-Akhras, one of the country’s most powerful businessmen and a relative of Asma Al-Assad, as well as on those of several other prominent businessmen, a move that seems to confirm the government’s increasing pressures on the business community.

02-10-2019

The two indices of the Damascus Securities Exchange have posted their strongest monthly decline in years, a particularly significant change given the relatively large volume of trading.

03-09-2019

The Syrian pound has fallen to its lowest level on record relative to the U.S. dollar in the local foreign exchange market.

28-08-2019

Since Tuesday 27 August Damascus is full of rumours on a clampdown by Bashar Al-Assad on Rami Makhlouf, a move which, if confirmed, could signal a significant change at the helm of the Syrian regime.

24-07-2019

The award of a contract by the Ministry of Petroleum to a Lebanese company to refine petroleum residues has caused controversy in Damascus.

24-07-2019

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

22-05-2019

The list below includes the names of all the individuals that have been blacklisted by the European Union since the beginning of the Syrian uprising in March 2011.

22-05-2019

The list below includes the names of all the Syrian entities that have been blacklisted by the European Union since the beginning of the uprising in March 2011.

22-05-2019

The European Union has renewed for one year its set of sanctions on Syria and delisted several individuals and entities.

15-05-2019

The United States has renewed for one more year the sanctions it has been imposing on Syria from before the popular uprising.

14-05-2019

Three investment banks captured three quarters of the small Syrian brokerage market for stocks last year.

10-04-2019

A very rare public spat has highlighted tensions between Samer Foz and Rami Makhlouf, Syria’s two most powerful business cronies.

03-04-2019

Nour Microfinance, Rami Makhlouf’s latest venture, is set to start its operations.

26-03-2019

The minister of tourism has estimated the losses of the sector since 2011 at some USD 50 billion.

12-03-2019

A new attempt by Rami Makhlouf to cancel EU sanctions against his companies has failed.

30-01-2019

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

22-01-2019

For the first time, the European Union has put sanctions on the business elite that has emerged from the Syrian war as well as on its most symbolic investment project.

08-01-2019

Airline traffic to Damascus is likely to increase in the next weeks and months as Gulf countries rebuild ties with the Syrian government.

24-12-2018

Several companies from the UAE are looking again at the Syrian market and sending delegations to Damascus.

18-12-2018

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.

11-12-2018

Samer Foz, Syria’s most prominent businessman in past years, has expanded his business activities by buying a significant stake in the country’s largest private sector bank.

06-11-2018

UPDATED on November 06, 2018 at 7:41 pm GMT - A new lobby of Syrian businessmen, grouping mostly investors based abroad that have kept ties with the Syrian regime, has been formed.

22-10-2018

Syriatel has received the initial approval to list its shares on the Damascus Securities Exchange.

11-10-2018

In this 2,200-word factsheet we provide a profile of the Syrian cement sector.

09-10-2018

The half year results posted by Syria’s two mobile phone companies confirm the growing gap between them as Rami Makhlouf’s Syriatel now holds more than two thirds of the market.

04-09-2018

The Ministry of Transport has issued the new regulations pertaining to the licensing of airlines, which seem designed to protect existing companies, including Cham Wings.

21-08-2018

Cham Wings has launched a new service to Amman which highlights the warming of the relations between the two countries.

24-07-2018

Updated on July 26, 2018 (see bottom of article): Two cargo ships transporting wheat from Crimea to Syria have been delisted from registries, while a Makhlouf-related businessman has been removed from the EU sanctions list.

03-07-2018

Nader Qalei, one of Syria’s most influential businessmen, is charged with violating economic sanctions imposed by Canada, the country where he resides, a Canadian outlet has reported.

03-07-2018

The Syrian government is trying to lure back Syrian investors based in Egypt, a year after a similar attempt largely failed.

03-07-2018

The Ministry of Tourism has granted a license for the management of a boutique hotel in central Damascus to a UAE company.