Syria’s Secret Economic Overhaul Led by Hazem al‑Sharaa

Introduction

A recent investigative report reveals that Syria is quietly reshaping its economy under the guidance of Hazem al‑Sharaa, elder brother of transitional president Ahmed al‑Sharaa. A small, unofficial “shadow committee” is striking secret deals to seize companies once loyal to the former regime.

Key Figures

• Ahmed al‑Sharaa – Transitional president.

• Hazem al‑Sharaa – Oversees the economic overhaul without holding an official post.

• “Abu Mariam the Australian” (real name: Abraham Succarieh) – Chair of the shadow committee; Australian‑Lebanese financier under terrorism‑funding sanctions.

How the Committee Operates

• Mandate: Decode entrenched corruption, decide what to restructure, and what to retain.

• Methods:

  1. Direct asset seizures.

  2. Court referrals for suspect tycoons.

  3. Private settlements granting partial immunity in exchange for control.

Seizure Totals

• Assets worth over $1.6 billion captured, including at least $1.5 billion from three major businessmen.

• The haul includes the main telecom operator, valued at roughly $130 million.

Risks and Criticism

Diplomats and businesspeople warn that a new oligarchy could replace the old, undermining investor confidence as Syria seeks re‑entry into the global financial system.

Roots in Idlib

The committee’s origins trace back to Hayat Tahrir al‑Sham (HTS) in Idlib, where economic arms like the fuel importer Watad and Sham Bank were developed under economic mastermind Mustafa Qadid (“Abu Abd al‑Rahman”), later dubbed the “shadow governor” of Syria’s central bank.

Headquarters and Moves

• Initial meetings took place at Damascus’s Four Seasons hotel, whose cigar‑lounge bar was removed to host late‑night settlements.

• The group later relocated to offices previously occupied by Assad‑era business elites such as Yassar Ibrahim.

“Amnesty for Assets”

To avoid lengthy, investor‑scaring court battles, the committee adopted an amnesty‑for‑assets approach: tycoons surrender large portions of their wealth in exchange for immunity and a licence to keep operating, keeping the economy running while replenishing state coffers.

The Sovereign Wealth Fund

On 9 July 2025, a sovereign wealth fund was announced under Hazem al‑Sharaa’s supervision, alongside decree‑based amendments to the investment law. Critics fear the opaque setup could consolidate rather than disperse power.

Conclusion

As Damascus seeks sanctions relief and foreign capital, the secretive restructuring raises questions of transparency and justice. Without clear public oversight, Syrians risk trading one palace‑centered elite for another instead of building an economy that offers equal opportunity for all.