Key Takeaways
- • Syrian President Ahmed Al-Sharaa appointed Omar Al-Halabi as chairman of the board of directors of Syria's sovereign wealth fund, according to a decree published by state media.
- • The fund was created to oversee investment projects and manage state assets, and is central to Syria's effort to attract foreign capital after 13 years of war.
- • The fund also manages assets confiscated from businessmen close to the former Assad government, which was ousted in December 2024.
- • Al-Halabi was simultaneously named adviser for economic affairs to the presidency, per the decree.
- • According to state news agency SANA, Halabi previously headed economics and public policy advisory for the Middle East at KPMG and has worked with Saudi Arabia's Public Investment Fund.
Summary
Syrian President Ahmed Al-Sharaa on Sunday appointed Omar Al-Halabi as chairman of the country's sovereign wealth fund, according to Arab News, which cited a decree published by state media. The appointment places the fund at the center of Damascus's effort to bring foreign capital into the country following 13 years of war.
The sovereign fund was established to oversee investment projects and manage state assets. It also administers assets confiscated from businessmen closed to the government of longtime ruler Bashar Assad, whom the new authorities ousted in December 2024. The decree also appointed Halabi as adviser for economic affairs to the presidency of the republic, giving him a direct role in economic policy alongside his fund leadership.
State news agency SANA described Halabi as having more than 20 years of professional experience working with governments, sovereign institutions and private sector entities in the Middle East and international markets, with a focus on economic policy, institution building and sovereign investment. SANA said he was previously head of economics and public policy advisory for the Middle East at accounting firm KPMG and had also worked with Saudi Arabia's Public Investment Fund.
The appointment signals the government's intent to professionalize the management of state assets and to court international investors. The report did not disclose the fund's asset size or any specific investment pipeline.
The sovereign fund was established to oversee investment projects and manage state assets. It also administers assets confiscated from businessmen closed to the government of longtime ruler Bashar Assad, whom the new authorities ousted in December 2024. The decree also appointed Halabi as adviser for economic affairs to the presidency of the republic, giving him a direct role in economic policy alongside his fund leadership.
State news agency SANA described Halabi as having more than 20 years of professional experience working with governments, sovereign institutions and private sector entities in the Middle East and international markets, with a focus on economic policy, institution building and sovereign investment. SANA said he was previously head of economics and public policy advisory for the Middle East at accounting firm KPMG and had also worked with Saudi Arabia's Public Investment Fund.
The appointment signals the government's intent to professionalize the management of state assets and to court international investors. The report did not disclose the fund's asset size or any specific investment pipeline.
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