Rami Makhlouf (249)

25-03-2012

The Islamic Financial Services Company, a brokerage company, is being dissolved following a decision by its Board of Directors.

15-02-2012

Syriatel, one of Syria’s two mobile operators, announced an 11 percent decline in its 2011 profits, while its competitor, MTN-Syria, saw its profits increase by the same rate.

06-02-2012

Imperial Tobacco and JTI, two of the largest global tobacco firms, have acknowledged that their operations had been impacted by the unrest in Syria and the sanctions imposed by the EU and US on Syrian individuals and companies.

12-12-2011

Suncor Energy and Gulfsands Petroleum have announced that they were suspending their operations in Syria in light of the latest sanctions announced by the European Union.

05-12-2011

The international community has continued to raise the heat on the Syrian Government through new economic sanctions with Turkey joining in and the EU announcing new significant measures.

05-12-2011

Al-Watan, Syria’s only private sector political daily, was included in a list of entities put under sanctions last week by the European Union.

15-11-2011

The European Union has named the eighteen new individuals who it has blacklisted as part of its sanctions against the Syrian authorities with the inclusion for the first time of a prominent Damascene lawyer.

10-10-2011

Gulfsands Petroleum has announced that the Syrian government has asked it to lower its production even further, confirming the difficulties the Syrian authorities still have in the marketing of their oil.

26-09-2011

In a widely expected move,  on Friday the European Union imposed a ban on all new investments in the Syrian oil industry, although existing operations will not have to be discontinued.

05-09-2011

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.

29-08-2011

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.

29-08-2011

Gulfsands Petroleum, a UK-based oil company, has disclosed its ties to Rami Makhlouf, a prominent local businessman recently put under sanctions by the European Union.

22-08-2011

There are currently just under two dozen international companies operating in the Syrian oil industry from the exploration and production sectors to related services. The companies are listed below.

22-08-2011

There are currently just under two dozen international companies operating in the Syrian oil industry from the exploration and production sectors to related services. The companies are listed below.

22-08-2011

Updated August 22: IPR, an independent oil and gas company based in the United States, has said that it made a modest new discovery in Block 24 with a flow rate of 100 barrels of oil and 10 million cubic feet of natural gas a day.

08-08-2011

The US government has added Mohammad Hamsho, one of the country’s most powerful businessmen, and his holding firm, Hamsho International Group, to a list of individuals and institutions against which it has imposed sanctions.

02-08-2011

Syriatel, the larger of the country’s two mobile phone operators, said that its first half revenues stood at SYP 25.43 billion, stable from the same period of 2010.

02-08-2011

The European Union has expanded the list of persons it is putting under sanctions to include five more individuals, including the Minister of Defence, Ali Habib.

28-07-2011

Syriatel, one of the two mobile phone operators in Syria and the country’s largest private sector corporation by revenues, announced a doubling of its capital to SYP 3.35 billion.

27-07-2011

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.

25-07-2011

In an additional sign of the growing crisis impacting Syria’s economy, Al-Iqtissadiya, a business weekly, and the first private sector publication to be licensed after the arrival to power of Syrian President Bashar al-Assad, announced that it would stop publishing during the whole month of Ramadan.

25-07-2011

An estimated 1.2 million protestors took to the streets across Syria on Friday July 22 - the largest turnout ever since the unrest began on March 15. Earlier in the week in a significant diplomatic blow, the Embassy of Qatar in Damascus closed and its Ambassador abandoned his post. Meanwhile, the heavy crackdown against the opposition in Homs continued throughout the week.

04-07-2011

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.

03-07-2011

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.

27-06-2011

The European Union has for the first time imposed an asset freeze on Syrian corporations, including two owned by Rami Makhlouf and another by Mohammad Hamsho.

20-06-2011

One of Syria’s most powerful businessmen, Rami Makhlouf, said on Thursday June 16 that he was quitting the world of business to donate his time and money to charities - although it is unclear whether he will give up shares in any of the companies he owns.

20-06-2011

After-prayers protests on Friday June 17 resulted in the deaths of an estimated 24 as pressure on the Syrian government from the US and the European Union continues to increase.

13-06-2011

Rami Makhlouf, one of Syria’s most prominent businessmen, has no plans to sell his stake in Syriatel or leave the country, according to statements reported in the local press.

13-06-2011

Only a week after it announced it was stopping production at its Deir-ez-Zor plant, Vimpex, a paper trading and manufacturing concern owned by prominent businessman Nabil Kuzbari, said that it was resuming operations following a request from the workers at the plant.

22-05-2011

Set-up and manage all kinds of educational institutions (schools, universities, institutes and technical and scientific research centers); representation of local, Arab and foreign companies, universities, educational centers and institutes

19-05-2011

The US Administration has announced that it was imposing sanctions on Syrian President Bashar Al-Assad and six other senior Government officials as well as on three of the country’s largest companies, Cham Holding, Bena Properties and Al-Mashrek Investment Fund.

16-05-2011

Conflicting narratives abound in Syria, as the government and those participating in the unrest across the country endeavor to shape how Syrians and the outside world interpret the country's tumult.

10-05-2011

The European Union has announced an asset freeze and travel ban on a number of Syrian personalities, including Rami Makhlouf, one of the country’s most prominent businessmen.

09-05-2011

The value of the Syrian Pound traded in the black market returned close to its official rate levels last week, while the index of the Damascus Securities Exchange rose for the first time in weeks.

30-03-2011

Etisalat has become the second company to announce that it would drop from the race for Syria’s third mobile phone license, citing unhappiness with the auction terms.

08-03-2011
02-03-2011
21-02-2011

Turkcell is not interested in taking Syria’s third mobile phone license, the CEO of the Turkish company, which is among the 5 prelisted firms for this third license, said.

07-02-2011

The auction for a third mobile phone license in Syria will begin with a starting bid of EUR 90 million, according to Mohammad Al-Jallali, Deputy Minister of Telecommunications.

30-08-2010

Syria’s mobile phone industry, the country’s most lucrative business sector, is to be overhauled as the Government announces the launch of a bidding round for a third operator as well as the sale of a license to the existing two operators.

25-01-2010
In last week’s edition of The Syria Report we published a story on the sale of RAMAK Duty Free Shops to a group of Syrian and Arab investors.
21-01-2010

RAMAK Duty Free, a chain of duty free shops on Syria ’s border crossings, has announced that it has sold its shops to Arab and Syrian investors.

17-01-2010

Byblos Bank Syria has announced that it would be increasing its capital to SYP 6 billion within 18 months.

11-01-2010
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.
14-09-2009

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.

31-08-2009

After showing interest in Emerald Energy, which holds a 50 percent stake in one of Syria’s fastest growing oil fields, Sinochem, a state-owned Chinese company is now looking to buy Gulfsands Petroleum, according to British press reports.

29-06-2009
The United States has announced that it was reappointing an ambassador to Damascus four years after it withdrew its envoy there.
08-06-2009
Gulfsands Petroleum targets to reach a gross production of 16,000 barrels of oil per day in its Khurbet east field at the end of this year and 30,000 bpd at the end of the first quarter of 2011, according to the company.
12-04-2009

Syria’s two mobile phone operators are attracting renewed interest from foreign investors according to various press reports.