From Sanctions Wiki

Share/Save/Bookmark Jump to: navigation, search

Note: All information gathered and acquired from Company Websites before they were shutdown, Public Available Information & Open Information from Sources on the Internet


Syria Private Sector

Syria’s private sector is headed by several diversified conglomerates

Rami Makhlouf

Businessman and first cousin of Bashar Assad, Rami Makhlouf is arguably the most powerful economic figure in Syria. He controls the country’s mobile phone network, SyriaTel. Mr Makhlouf is a key figure, analysts say no foreign companies can do business in Syria without his consent.

Rami Makhlouf is involved in several sectors, from real estate development to healthcare and energy:

  • Syriatel
  • Cham Holding
    • Bena Properties
    • Cham Hotels
    • Cham Investment Group (CIG)
    • Cham Engineering & Contracting
    • Daman al Cham
    • Mada
    • Pearl Airlines
    • Sana Investment
    • Marafeq
    • Al Mashreq Investment Fund
    • Other enterprises associated with Makhlouf include Gulfsands Petroleum in which he owns a 6.5 per cent stake through his Al Mashreq Investment fund, which is also a shareholder in Cham Holding.

(List is an example and not limited)

Cham Holding

Orchestrating Syria’s top industries, Cham Holding will play a pivotal role in boosting Syria’s regional and international presence as it will enhance the private sector through strategic investments in multiple sectors. Its chairman is Nabil R. al-Kuzbari. The other board members are Hani Azzouz, Imad Ghrewati, Issam Anbouba, Muhammad S. al-Sharabati, Umar Karkour, Samir Hassan and Walid Zien. Rami Makhlouf is the main force in Cham and has the lion’s share.

Overview of Cham Holding

With a start-up capital of $360 millions, Cham Holding was launched in 2007 by the collaboration of 73 top Syrian investors, with an investment strategy that revolves around creating opportunities for both of the Syrian public and economy. Cham Holding aims to achieve its investment strategy through a series of projects in Property Investment and Development, Tourism and Hospitality, Finance and Banking, Transportation, Healthcare, Education, Manufacturing and Energy. Committed to achieve mutual success; Cham Holding works to build long term strategic partnerships with leading and prominent companies in the region and beyond. Cham Holding will have a large economic impact within Syria’s private sectors highlighting Syria on the regional business map, and facilitating direct investments into the Syrian market.

Bena Properties

Is the real estate development and investment arm of Cham Holding. Bena Properties is the largest Syrian private real estate company with a diverse portfolio that consists of a range of hotels and resorts, master-planned communities, and mixed-use centers. With determination to play a leading role in boosting the local economy, Bena Properties is playing a major part in developing the Syrian hospitality sector; by 2013, Bena Properties’ hospitality portfolio will be the Levant’s largest, with more than 1,400 rooms and 76 F&B outlets currently under development. Bena Properties is already active in the four major Syrian cities – Damascus, Aleppo, Lattakia and Tartous – and is currently developing several projects in prime locations totaling more than 3 million square meters. Bena Properties aims at becoming the preferred partner for regional and international investors. Its mission is to trigger the Syrian economy and its vision is to build communities. For more information about Bena Properties and its projects please visit our website:

Cham Investment Group (CIG)

Was established by Cham Holding to be its financial arm and to play a key role in the economic development process in Syria. The fundamental objective of Cham Investment Group is to set up leading financial establishments in the fields of banking, insurance, and financial services, in association with prime international and Arab firms.

Daman Al Cham

For Brokerage and Financial Services. In accordance with the launch of the Damascus Securities Exchange, and the belief in the important role of financial markets in the country’s economy, CIG and Daman Securities UAE had established Daman Al Cham for Brokerage and Financial Services. Daman Al Cham is licensed for brokerage, IPO management, and advisory.


Is Cham Holding’s arm for public transport facilities, which include air transportation, roads, bridges, ports, railway stations, railway tracks, highways and toll roads. Mada recently launched Syrian Pearl Airlines, a joint venture between the state-run Syrian Arab Airlines and Cham Holding.


Is Cham Holding’s arm for the development and investment of projects in Energy, Utilities, Industry, and Infrastructure sectors in the Syrian Arab Republic. SANA has embarked on a long term development strategy that is aiming at:

  • Development of private power projects offered by the Government of Syria on IPP/BOO basis
  • Development of wastewater treatment plants and water conveyance systems on BOT basis
  • Participation with strategic investors, in the development of ports, airports, railways, and other transportation infrastructure
  • Development of industrial projects in the field of chemicals, fertilizers, building materials, and minerals
  • Investment in the upgrading and rehabilitation of existing public industries through ROT schemes
  • Development of specialized projects in the oil and gas fields in Syria

Since establishment, SANA has focused its efforts on the development of the following projects in Syria:

  • A 250 MW Private Power project on IPP/BOO basis in cooperation with WÄRTSILÄ of Finland.
  • Two Wind Energy projects on IPP/BOO basis in cooperation with VESTAS of Denmark.
  • Upgrading and rehabilitation of a large public cement plant on ROT and revenue sharing basis.
  • Two environmental projects in the field of manufacturing of insulation materials and recycling of waste metals.
  • Distribution of natural gas in key industrial areas in Syria.


Is a joint venture between Cham Holding and Kharafi Group of Kuwait established in 2008 to develop utility projects (power, water and wastewater treatment) in Syria. MARAFEQ is currently working on the development of the first Independent Power Plant (IPP) in Syria in cooperation with Wartsila Corporation of Finland. In April 2010 MARAFEQ joined hand with VESTAS Group to develop two wind energy parks with a capacity reaching 100 MW in two sites in Syria.

Hamsho International (HI)

Starting as an Individual company Hamsho International today leads its affiliated companies though a team of high level Managers. The task of the team is laying out a work strategy and a business plan for each of the companies in coordination with the executive managers assigned to lead the company. The executive managers’ task is then set to execution of those strategies along with their designated work team. Hamsho International is also in charge of establishing and financing all new ventures through the Financial Department, and expansions of current lines of business. HI is always keen on exploring new opportunities and expanding its portfolio. HI supervises and oversees the training and development of all the staff of the Organization, through the Human Resources Department. It also supervises the auditing activities through the Auditing Department. HI has a deep commitment to investing in Syria. It has an even greater commitment towards the enhancement of its fellow Syrian citizens through its leading role in infrastructure projects development. Hamsho International is an environment friendly Organization. It keeps very high alert to safe keeping the environment and always has dedicated a team for safeguarding the environment regulations while planning or executing any new project.

In the year 1987 Hamsho International began its activities in the field of communication and information technology, and it executed and developd various projects such as: (Data Communication, Wireless and Satellite Networks and Professional Media Studios). 1994 witnessed an expansion of the HI, by targeting the IT field again, by expanding the line of business to assembling and distributing a wide range of computer products and components. In 1997 Hamsho International responded again to market needs creating Buraq Telecom which excelled in providing the best services of telecommunication by setting up the public payphone throughout the Syrian major cities. In 1998 Hamsho communication was established to satisfy the vast demands of a market yearning for new technology. Hamsho Communication was the pioneer company in providing cellular phones and the sole service provider of (Al–Thuraya) satellite phone, in addition to the distribution of MTN products and Sony Ericsson handsets. Hamsho communication was sold in 2005.

An emerging need for media was tackled in 1997, and that was the reason behind creating Audio vision Studio. The Activities of the subsidiary companies of the group were not limited to communication and IT technology; but they also covered the execution of many integrated projects in general contracting, especially environmental projects executed by Cham Engineering and Contracting Co. Which was established in the year 2000. The activities of this company included the execution of several Electro-Mechanical and Electrical works.

Jupiter for Investment

The pursuit for growth and the commitment to take a vital part in Syria’s progression at Hamsho International, motivated thee launch of Jupiter for Investment Co. (jupiter) in 2000, meeting the high tourist demand in Syria by investing in attractive, quality tourist projects and activities. Website of the company is

Company Line of Business Jupiter has invested in many projects, providing their clientele with high quality services by combining traditions of hospitality and modern technologies. Such projects include Hotels, Tourist Compounds, Karting and Car Racing Tracks, Country Club, Tourist & Sport City, Sportive Playgrounds, Swimming Pools, Amusement Parks, Cable Carriage, Skiing Resort, and more.

Finished Projects – This company executed several hospitality projects such as; Zaman Al-Khair Restaurants Complex and Yafour Hotel and Resort, and car rental service through Jupiter ‘car rental’. Website of car rental is

Yafour Hotel and Resort, considered being the first of its kind, in terms of architecture, services, and strategic location. Yafour Hotel and Resort Damascus luxury resort is set in a quite Yafour area just fifteen minutes from the city center and a couple of miles to the EMAR project “the 8th gate of Damascus”. This resort is a favorite with C.E.Os, international corporations and celebrities. From the moment you arrive, you will know that you are truly somewhere special.

Under Study Projects – Sport & Tourist City Located in Bludan Countryside (Ski-Resort)

It’s a Tourist Center in the mountain area objected to install and operate electrical cable carriages for both young and adults . The capacity for the adults carriages is 900 person / hour , 3 meters / second speed , Used only in winter for skiing , but it can be also used in summer when artificial snow is used . While the capacity for each young carriages is 250 person / hour .

The city also includes :

  • Two 5 stars hotels, with around two hundreds rooms
  • Three stars hotel
  • Vilas & Beach Cabins for renting
  • Vilas & Beach Cabins for selling
  • Restaurants
  • Snacks at the starting point
  • Interior roads with 14 meters width
  • Parking
  • 10000 square meters Lake, within which a restaurant
  • Developed Health Center
  • Young men housing buildings
  • Various Stores
  • Service Center for maintenance and snow compacting
  • Electric Generators sites
  • Skiing School at the starting point

Souria Holding

Souria Holding is Syria’s leading holding company, dedicated to developing the present and building the future. Established in January 2007 with a capital of USD 80 million, Souria Holding is committed to seeking out the best of the new opportunities the country’s ongoing economic reforms are giving birth to. Real estate, hospitality, retail, health-care and infrastructure are all key investment sectors. Souria Holding will develop and execute pioneer projects in Syria that maximize value to our shareholders and contribute to the country’s economic growth. Souria Holding’s 24 founding members have a long and successful history of financial enterprise in a diverse range of economic activities. Their combined experience and deep knowledge of all key investment sectors is pivotal to our ability to provide superior returns to shareholders over time. Souria Holding believes in being an active, generous and responsible member of the Syrian community, making corporate social responsibility a day-to-day operating concern. Souria Holding is dedicated to operating to modern, transparent and international business standards. Integrity is our working ethos. Our people and our organization will come to be recognized as innovative business practitioners dedicated to the highest ethical standards. Souria Holding is also committed to being a leading partner in the overall development of the country. Our company and its associated developments will not only provide new work and career opportunities for numerous Syrians, but also contribute to the country’s overall economic development. Syria, an ancient land, is providing a range of new business opportunities. The future is bright and Souria Holding is proud to be playing a major role in building it.

Abraj Souria

Souria Holding’s premier real estate development will transform the city center of Damascus. Located at the former Baramkeh transport terminal in the heart of the city, the mixed-use development will provide world-class commercial, retail and hospitality space. The diversity of shops, offices, restaurants, cafes and entertainment facilities will target a wide range of users, including both local and international business people and other professionals, families, students and tourists. All will be able to attend to their affairs in leisurely and comfortable surrounds. Spread over 33,000 square meters, the centre’s design will sit in harmony with the surrounding area – a new center piece to the bustling heart of the world’s oldest city.


Syria’s second largest city, has long attracted business and pleasure travelers from near and far. Souria Holding’s lead Aleppo project will provide the city with premier retail space and a range of hospitality facilities, conveniently centered around an efficient and modern transport hub. The development, spread over 300,000 square metres, will redefine access to this major trade and tourism center.

Spinney Supermarket Chain

Souria Holding, working in partnership with Spinneys international will create the country’s leading retailer, providing an extensive range of gourmet and daily food items along with a wide range of household items, white goods, electrical appliances and recreational equipment. Outlets will be located in the retail areas of Souria Holding developments, capitalizing on the location, amenities and surrounding stores. Each outlet will also greatly increase foot traffic through the development it is located in. Ample parking will make for an easy and convenient shopping experience. The outlets will serve the needs of all Syrians on any budget. The partnership’s key strength will be its flexibility to adapt to the Syrian market and its ability to tailor its product range to accommodate the local needs and requirements of the neighborhood. The Souria Holding backed chain of hypermarkets will provide a range of new shopping experiences. The specialized outlets will provide an efficient one stop shopping destination for today’s busy shopper.

Specialist Hospital

Souria Holding will fund the building of a modern, specialized and well equipped Hospital for the treatment of cancer. The Hospital will greatly boost the country’s capacity to provide quality treatment to the large number of Syrians who are diagnosed with cancer each year. The Hospital will also provide valuable career opportunities in the area of health-care. The Hospital will operate according to international standards and will provide premium medical services to patients from Syria and the wider region. The range of medical services will be comprehensive, from diagnosis, to treatment and surgery and support services. Souria Holding is proud to be the driving force behind such a vital project; one which reflects the company’s commitment to raising the living standards of the country.

Retrieved from “