Syria found money for development after confiscation of former president's funds

To attract foreign investment to the country and restore the economy, the Syrian authorities created a special investment fund, which was replenished by confiscating assets and funds from the family and associates of the country's former President Bashar al-Assad, who is in Russia. The Financial Times reports this.

There were so many funds that the fund plays a leading role in the economy of the republic. According to the publication’s source, who deals with the structure, the state today consists of ministries and a foundation.

The managing director of the Syrian Business Council, Taer Laham, explained that the structure, created in 2025 at the direction of President Ahmed al-Sharaa, has become the most powerful and wealthy organization in the country. The Treasury Department estimates the size of the fund at $50 billion, but the structure of assets and investments, as well as the identity of the director, are not disclosed.

The publication's sources claim that the fund reports directly to al-Sharaa, but is headed by the Minister of Tourism, and the director is a citizen of Lebanon and Australia, Ibrahim Sukkarieh. The current head of Syria intends to use the organization to attract investment from the Gulf countries.