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

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

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.

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.

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

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.

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

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

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

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.

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.

A selection of reports, papers and articles on Syria.

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

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.

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

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

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

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

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

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

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

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

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

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.

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

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

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.

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.

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.

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

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

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.

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.

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

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.

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.

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

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

Rami Makhlouf has failed in an appeal to lift EU sanctions imposed on him in 2011.

Syrianair and Cham Wings have entered into a codeshare agreement on their flights to Moscow, the first such type of deals involving Syrian airlines.

The Syrian regime is clamping down on Ayman Jaber, one of Syria’s most prominent warlords and a long-time business partner of the Assad family.

In this 2,200-word factsheet we provide a profile of Marota City, the most controversial investment project in Syria.

Cham Wings has announced that it will start flying to Moscow from next month.

Rami Makhlouf has reportedly obtained a license to open a microfinance bank in Syria.

The Ministry of Transport has issued new procedures for the licensing of airlines, which could already remove a player from the market.

A selection of reports, papers and articles on Syria.