Qatar’s Estithmar Holding is preparing to acquire Syria’s Shahba Bank, as well as a 30% stake in Syria International Islamic Bank, in what would be the first foreign banking acquisition in Syria since the fall of the former Assad regime, according to a Reuters report published on Jan. 15, citing four informed sources.
Three of the sources said Estithmar Holding, affiliated with the Doha-based Power International Holding, will acquire a 60% majority stake in Shahba Bank by purchasing shares held by Banque Bemo Saudi Fransi and Ahli Trust Bank.
A source familiar with Shahba Bank’s direction told Reuters that the bank has a very ambitious plan, including increasing its capital and facilitating communication with correspondent banks. Another source said that an additional 30% of Syria International Islamic Bank’s shares are already owned by Qatari partners.
Banque Bemo, Ahli Trust Bank, and Syria International Islamic Bank had not responded to Reuters’ requests for comment at the time of publication. Reuters noted that the acquisitions remain subject to regulatory approval.
Central Bank of Syria Governor Abdulkader Husrieh told Reuters he could not comment because the matter remains confidential. He added that the central bank welcomes any potential restructuring initiatives, or market-driven initiatives, that would strengthen the banking sector’s stability, resilience, and good governance, provided they fully comply with applicable laws and regulations.
According to Reuters, the acquisitions would be added to a growing portfolio of projects and investments owned by the Al-Khayyat family, which already holds contracts for power generation projects in Syria and for the redevelopment and expansion of Damascus International Airport (in Syria’s capital, Damascus).
The sources said Ahli Trust Bank and Banque Bemo will use the proceeds from selling their stakes in Shahba Bank to inject capital into the two banks, which were affected by their exposure to the neighboring Lebanese financial crisis.
This move comes after the United States lifted sanctions on Syria late last year, as the Central Bank of Syria seeks to recapitalize a banking sector severely damaged by nearly 14 years of war and Western sanctions.
Qatari Owners of Syrian Origin
Estithmar Holding is led by two Qatari brothers of Syrian origin, Moutaz and Ramez Al-Khayyat. They have emerged among the key players seeking to attract investment and support reconstruction in post-war Syria. The family’s role has not been limited to donations and development contributions, but has also extended to practical partnerships and economic projects in several sectors.
The Syrian Development Fund previously announced it had received a $25 million donation from the Al-Khayyat family, described as the largest individual contribution so far to support development efforts in Syria since the start of the economic rescue phase, reflecting the family’s desire to back broader reconstruction and recovery efforts.
The brothers, Ramez and Moutaz Al-Khayyat, also manage UrbaCon Holding, one of the companies within an international corporate consortium that signed an agreement with Syria valued at up to $7 billion, alongside the US-based Power International, and the Turkish energy companies Kalyon Energy and Cengiz Energy, which specialize in the power sector.
Speaking at a press conference after the agreement was signed, Ramez Al-Khayyat said the project will be financed through regional and international banks, in addition to injecting the required capital by the companies themselves, with all parties contributing. He expressed hope that the projects will be completed ahead of schedule and to the highest quality, enabling Syrians to return to normal life. He said the project would help transform Syria from an energy-deficient country into an energy exporter, and would provide more than 50,000 direct job opportunities and the equivalent of nearly 250,000 indirect jobs.
Local reports have also indicated the family is moving toward investing in Syria’s agriculture and agro-industry sectors by establishing large-scale agricultural complexes that include farms and food-production facilities similar to those it operates in Qatar under the Baladna brand, which controls a large share of the dairy market and its derivatives.
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