Syria Targets al-Assad’s Business Empire for Economic Rebuilding

The Syrian Interim Government is engaged in behind-the-scenes discussions with businessmen tied to the regime of Bashar al-Assad, aiming to recover the looted wealth of the Syrian people and channel it into reconstruction efforts.

A number of these businessmen have accumulated vast fortunes, worth billions of dollars, by taking advantage of the privileges granted by the ousted regime, often partnering with it over the course of decades.

Anticipated Settlements

Following the fall of Bashar al-Assad regime on December 8, 2024, most of the regime’s close-knit businessmen vanished from the public eye, leaving their companies and assets—both movable and immovable—at the mercy of an uncertain fate.

In response, some of these businessmen have sought to enter negotiations with the new Syrian government, hoping to broker a "financial settlement" that would prevent them from losing their fortunes.

The intriguing aspect of these financial settlements is the involvement of these businessmen in supplying al-Assad’s military machine since the outbreak of the revolution, in exchange for a free hand in plundering the country's wealth and resources through illegal exemptions and privileges.

Most of the businessmen who were closely tied to Bashar al-Assad’s family fled on the night of the regime's collapse. However, some have shown flexibility, now willing to engage in talks with the Syrian government to resolve their legal status.

The new Syrian government has begun scrutinizing the vast business empires, worth billions of dollars, that belong to al-Assad’s allies. 

Through conversations with some of these wealthy figures, the government insists it is conducting a campaign to root out corruption and illegal activity, according to a report by Reuters published on February 13, 2025.

To dismantle the highly centralized and corrupt economic system that had been dominated by al-Assad’s loyalists, the new executive authority, led by President Ahmed al-Sharaa, established a committee tasked with analyzing the tangled business interests of key figures linked to al-Assad, such as Samer Foz and Mohammad Hamsho, according to three sources who spoke to Reuters.

According to communications seen by Reuters between the Central Bank of Syria and commercial banks, the new administration issued orders shortly after taking control of Damascus to freeze the assets and bank accounts of companies and individuals tied to al-Assad. 

These orders later specifically targeted those listed on U.S. sanctions lists.

A government official and two Syrian sources familiar with the matter, who requested anonymity, have confirmed that Mohammad Hamsho and Samer Foz returned to Syria from abroad and met with prominent figures in the new government in Damascus.

The United States has imposed sanctions on Hamsho and Foz, respectively, since 2011 and 2019.

The three sources noted that both men, who are widely reviled by ordinary Syrians due to their close ties to al-Assad, have pledged to cooperate with the new government’s fact-finding efforts.

Samer Foz is regarded as one of the figures whom Bashar al-Assad allowed to operate freely within the Syrian economy, granting him substantial privileges after 2011, which enabled him to expand lucrative business ventures.

In July 2018, the Financial Times spotlighted Foz after he acquired Saudi Prince Alwaleed bin Talal’s stake in the Four Seasons hotel in Damascus, the largest and most prominent branch of the hotel chain in the Middle East and North Africa.

The newspaper described Foz as one of the business magnates who had long excelled in working behind the scenes, only for media reports to later reveal that he stood at the helm of one of Syria’s largest economic empires—an empire seen as one of the main lifelines that helped the regime survive economically, particularly after sanctions targeted numerous regime backers.

The U.S. Treasury has accused Foz’s Aman Holding Group of profiting through the protection of al-Assad ousted regime, with its business portfolio spanning pharmaceuticals, sugar refining, trade, and transportation.

In 2019, the U.S. Treasury imposed sanctions on Foz, freezing all of his companies and assets, including Aman Holding, due to "exploitation of the international financial system outside Syria" and his involvement in supporting and funding Bashar al-Assad regime.

Similarly, Hamsho’s extensive business interests fall under the umbrella of Hamsho International Group, which spans industries from petrochemicals and metals to television production.

Billionaire Mohammad Hamsho has been a member of parliament since 2012 and has maintained close ties with Maher al-Assad, Bashar's brother, for decades.

Hamsho has leveraged the privileges granted by al-Assad regime to amass significant wealth, which he has invested across various sectors of the Syrian economy.

Among Hamsho’s most prominent companies is the Hamsho International Group, founded in 1989, which operates in construction and housing contracts, both private and governmental, and oversees approximately 20 subsidiary companies.

The U.S. Treasury has accused Hamsho of acting as a front for both al-Assad and Maher, the latter of whom held key economic control in the country.

The formation of the committee, whose members remain unknown, and the negotiations between the new Syrian government and the two businessmen with deep ties to al-Assad regime, have not been publicly disclosed. These businessmen continue to control vast sectors of the Syrian economy.

Systematic Unraveling

Analysts and Syrian businessmen suggest that the approach taken by the new Syrian government toward the powerful al-Assad-linked companies, which remains unclear for now, will be crucial in determining the future of the economy, as the administration struggles to convince Washington and its allies to lift sanctions.

Trade Minister Maher Khalil al-Hasan and Syrian Investment Agency Chairman Ayman Hamouya have confirmed that the government is in contact with some of al-Assad’s business associates, though they declined to name them or elaborate on the details.

Khaldoun al-Zaabi, who has long collaborated with Samer Foz, confirmed that his partner has held discussions with Syrian authorities but did not confirm reports of his visit to the country.

Speaking from the lobby of the Four Seasons hotel in central Damascus, where Foz’s group holds a majority stake, al-Zaabi said, "Foz informed them that he is willing to cooperate with the new administration and offer all his support to the Syrian people and the new state. He is ready to do whatever is asked of him."

According to two Syrian sources, Foz, who holds Turkish citizenship, left Damascus after the talks.

In this context, Syrian researcher Younis al-Karim tells Al-Estiklal that "shutting down these companies linked to Assad’s businessmen will impact the movement of the Syrian economy, particularly in terms of the essential services previously provided through monopolistic contracts, such as fuel, flour, transportation, and telecommunications, among others."

"These companies hold substantial liquidity in the market, which they monopolize—whether through remittances or banking systems—due to their extensive network of intertwined partnerships, including connections to key manufacturing plants producing vital goods for the Syrian population."

"Therefore, halting these services must be done in an organized manner to avoid immediate negative repercussions on the livelihood of ordinary Syrians and on the broader economy."

"Shutting down these companies will create unemployment in productive sectors, such as factories owned by these businessmen, who benefitted from privileges granted by the ousted regime."

"These businessmen control numerous channels that help the Syrian economy circumvent sanctions, and halting them would result in the loss of these crucial avenues."

"These individuals maintain international connections and external partners, so a sudden shutdown could drive these partners to act against the interests of the Syrian people," al-Karim concluded.

Judicial Guardian

There is no doubt that the new Syrian administration’s push for radical reforms to the country’s ailing economy cannot proceed without recalibrating the relationships between al-Assad-linked businessmen and the Syrian economy.

Since Bashar al-Assad assumed power in 2000, he has followed in the footsteps of his father, Hafez, in linking Syria’s economy to a select group of individuals whose relationship with al-Assad has remained uncomplicated, based on their role as economic fronts with whom he shares profits.

These businessmen—whose financial power varies—would not have been able to deeply embed themselves within Syria's economy or operate so freely without the absolute and unrestricted support of the regime’s head, Bashar al-Assad, alongside direct facilitation from intelligence agencies, which oversaw the finer details of their ventures.

As a result, they built vast networks of profitable projects, monopolized many local industries, and managed them not through open tenders, but via "security endorsements." 

This system ultimately enabled them to forge significant international connections, benefiting both the ousted regime and their own personal fortunes.

In light of this, experts argue that dismantling such vast commercial and financial empires cannot be achieved with a mere stroke of a pen but must unfold through careful, methodical, and legal stages.

According to Younis al-Karim, "To overcome the risks posed by businessmen linked to the ousted al-Assad regime and to leverage them in the new era, the government can review security documents detailing their relationships with al-Assad’s intelligence services, which are now in the hands of the new Syrian government. This would facilitate the safe dismantling of these empires."

Al-Karim further hinted at the importance of "placing a judicial guardian on these companies" at this stage, which, as he put it, would "ensure the rights of international partners tied to companies associated with al-Assad’s close associates, thus allowing them to continue operating, providing their services, and maintaining their workforce, while also mitigating the negative impact on Syria’s economy."

"Keeping these businessmen under precautionary detention or house arrest and preventing them from moving freely is essential as the current government investigates the sources of their wealth and their connections."

Moreover, al-Karim noted the need to "prevent these businessmen from using their influence to pressure the current government and escape transitional justice, while opening investigations into their activities."

"The assets of businessmen linked to al-Assad regime, especially those with dark marks against them, could be deposited in the Ministry of Finance, allowing the Syrian economy to make use of them while the origins of their wealth are scrutinized over the years of al-Assad’s rule."

"A specialized judicial body should be established to hold these businessmen accountable, particularly those who managed the country’s economy, with the authority to access necessary information from security agencies."

Furthermore, al-Karim stressed the need for "protecting witnesses—both employees and others connected to these businessmen—who possess information on how power was exploited for illicit gain and unlawful enrichment."