{"id":39300,"date":"2025-08-18T18:57:13","date_gmt":"2025-08-18T18:57:13","guid":{"rendered":"https:\/\/963media.com\/en\/?p=39300"},"modified":"2025-08-18T18:57:13","modified_gmt":"2025-08-18T18:57:13","slug":"billions-in-doubt-fake-investments-or-organized-corruption-in-syria","status":"publish","type":"post","link":"https:\/\/963media.com\/en\/18\/08\/2025\/billions-in-doubt-fake-investments-or-organized-corruption-in-syria\/","title":{"rendered":"Billions in Doubt: Fake Investments or Organized Corruption in Syria?"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In a striking and controversial scene, Damascus hosted the signing of a series of massive investment memorandums worth $14 billion, according to the Syrian government. The ambitious agreements covered major sectors including infrastructure, transport, and housing.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The event was accompanied by extensive media coverage, attended by Syrian President Ahmad al-Sharaa, U.S. special envoy Thomas Barrack, and senior state officials. The government presented it as a signal of imminent economic openness and the start of a new reconstruction phase.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Yet behind the official spectacle, questions quickly emerged. Investigations by citizens and researchers into the companies signing these deals revealed that some existed only as barebones websites or social media pages, with no evidence of financial capacity, technical expertise, or even verifiable identities.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Phantom companies<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">One of the most telling examples was <\/span><i><span style=\"font-weight: 400;\">UBAKO<\/span><\/i><span style=\"font-weight: 400;\">, presented as an Italian firm. It turned out to be a company registered only in 2022 with a capital of just \u20ac16,000. Italian records listed it as a shell entity run by an obscure figure named Giovanni Rossi, employing just one employee.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Nor was UBAKO alone. Another firm, <\/span><i><span style=\"font-weight: 400;\">Polidef<\/span><\/i><span style=\"font-weight: 400;\">, claimed as Turkish, signed a $4 billion memorandum to develop Damascus International Airport. But no commercial records or prior projects could be found. Its Istanbul address proved inaccurate, its listed phone number belonged to an unrelated business, and its newly launched website contained no substantive information about team members, past projects, or financial data. Experts labeled it a textbook \u201cpaper company\u201d or \u201cfront company.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Such contracts raised serious questions about the transitional government\u2019s transparency and awareness of its partners\u2019 backgrounds. Some observers even described the affair as a \u201cpresidential fabrication,\u201d speculating that certain companies were merely fronts for investors tied to the former regime, such as Khayyat Brothers, associates of businessman Muhammad Hamsho, once close to Maher al-Assad, brother of the former president Bashar al-Assad. Reports suggested these figures paid hefty sums for economic immunity under the transitional government through a so-called \u201csovereign fund\u201d overseen by Hazem al-Sharaa, brother of the interim president.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Read also: <a href=\"https:\/\/963media.com\/en\/18\/08\/2025\/can-syria-rewrite-its-constitutional-declaration-and-hold-a-national-conference\/#\">Can Syria Rewrite Its Constitutional Declaration and Hold a National Conference?<\/a><\/strong><\/p>\n<h2 style=\"text-align: justify;\"><b>Exporting the Idlib model<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">According to media reports, Hazem al-Sharaa is the architect of Syria\u2019s \u201cnew economic restructuring,\u201d drawing on experience managing Idlib\u2019s economy under <\/span><i><span style=\"font-weight: 400;\">Hayat Tahrir al-Sham<\/span><\/i><span style=\"font-weight: 400;\">. Figures from unconventional backgrounds now hold key economic positions, such as <\/span><i><span style=\"font-weight: 400;\">Abu Abdulrahman<\/span><\/i><span style=\"font-weight: 400;\">, a former baker named Mustafa Qadid, and <\/span><i><span style=\"font-weight: 400;\">Abu Maryam<\/span><\/i><span style=\"font-weight: 400;\">, an Australian national wanted internationally whose brother carried out a 2013 suicide bombing. Both are now embedded in the transitional government\u2019s economic structure, <\/span><i><span style=\"font-weight: 400;\">Reuters<\/span><\/i><span style=\"font-weight: 400;\"> has reported.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The administration appears intent on replicating the \u201cIdlib model\u201d nationwide: running the economy through an unrecognized digital payment system (<\/span><i><span style=\"font-weight: 400;\">Sham Cash<\/span><\/i><span style=\"font-weight: 400;\">), distributing mega-projects to local or phantom companies under the guise of economic openness, all without tenders, public oversight, or expert review.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Domestically, contracts have also gone to firms linked to powerful insiders such as Anas Kazzbari and Mowaffaq Qaddah, or to newly created Idlib-based outfits like <\/span><i><span style=\"font-weight: 400;\">Afrina<\/span><\/i><span style=\"font-weight: 400;\">, and another firm whose only presence is an Instagram page run by someone calling himself Khaled al-Najm or Yamen al-Shami. These entities claim multimillion-dollar projects in Hama but lack any business record.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Despite high-profile promises, <\/span><i><span style=\"font-weight: 400;\">Barmakeh Towers<\/span><\/i><span style=\"font-weight: 400;\">, <\/span><i><span style=\"font-weight: 400;\">Damascus Metro<\/span><\/i><span style=\"font-weight: 400;\">, luxury malls, and 60-story skyscrapers, fundamental questions remain: Do these companies actually have the capacity to execute such projects? Were their financial and legal backgrounds vetted? Why were no open tenders held? And what justifies awarding a $4 billion airport redevelopment contract to a firm with no engineers on staff?<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Public scrutiny rises<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Remarkably, ordinary Syrians, long marginalized, have become the de facto watchdogs, uncovering facts that official oversight bodies failed to produce. In a country where over 90% live below the poverty line, state institutions crumble, and tens of billions are funneled into opaque contracts, citizens now ask: Is this the start of recovery, or simply a new face for the same economic chaos?<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">While the government refuses to disclose financial details of these firms and insists the memorandums will serve as an \u201ceconomic lift,\u201d no tangible change has appeared in daily life. The only visible activity is the staging of official ceremonies.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Also read: <a href=\"https:\/\/963media.com\/en\/17\/08\/2025\/in-southern-syria-russias-return-isnt-enough-warlords-must-be-stopped-first\/#\">In Southern Syria: Russia\u2019s Return Isn\u2019t Enough; Warlords Must Be Stopped First<\/a><\/strong><\/p>\n<h2 style=\"text-align: justify;\"><b>Analysts: More politics than economics<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">With more investment agreements reportedly underway, experts warn these deals are political maneuvers dressed as development.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Syrian writer Hassan al-Neifi, based in France, explains: <\/span><i><span style=\"font-weight: 400;\">\u201cWhat we call contracts are really just \u2018understandings.\u2019 Most are non-binding and amount to preliminary frameworks for potential joint projects.\u201d<\/span><\/i><span style=\"font-weight: 400;\"> He adds: <\/span><i><span style=\"font-weight: 400;\">\u201cThe public assumes every signed contract will be implemented, but the reality is far more limited.\u201d<\/span><\/i><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Al-Neifi criticizes misplaced priorities: <\/span><i><span style=\"font-weight: 400;\">\u201cWhy focus on aesthetic projects while ignoring vital sectors essential to citizens\u2019 lives?\u201d<\/span><\/i><span style=\"font-weight: 400;\"> He argues the government should attract investors into essential services, not showcase ventures.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Economist Dr. Firas Shaabo of Istanbul\u2019s Ba\u015fak\u015fehir University concurs: <\/span><i><span style=\"font-weight: 400;\">\u201cThese are not strictly fake, but more deferred memorandums of understanding than enforceable investments.\u201d<\/span><\/i><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">He tells <\/span><b>+963<\/b><span style=\"font-weight: 400;\">: <\/span><i><span style=\"font-weight: 400;\">\u201cTheir purpose is political maneuvering and image management. They serve political and promotional goals far more than economic ones. Genuine investments require stability, security, and a legal framework, none of which Syria has under sanctions.\u201d<\/span><\/i><\/p>\n<h2 style=\"text-align: justify;\"><b>Profit-driven, not reconstruction<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Shaabo stresses the profit motive: <\/span><i><span style=\"font-weight: 400;\">\u201cAll companies aim to make money. A $7 billion energy project, for instance, won\u2019t lower prices, companies will recoup investments through sales. These are not reconstruction efforts, but purely profit-driven ventures.\u201d<\/span><\/i><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">He highlights persistent barriers to genuine investment: an unstable environment, lack of transparency, difficulty repatriating profits, and Syria\u2019s dismal ranking of 177 on the global corruption index. <\/span><i><span style=\"font-weight: 400;\">\u201cDespite changes in regime and government, corruption remains entrenched, only the faces have changed,\u201d<\/span><\/i><span style=\"font-weight: 400;\"> Shaabo concludes.<\/span><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>In a striking and controversial scene, Damascus hosted the signing of a series of massive investment memorandums worth $14 billion, according to the Syrian government. The ambitious agreements covered major sectors including infrastructure, transport, and housing. The event was accompanied by extensive media coverage, attended by Syrian President Ahmad al-Sharaa, U.S. special envoy Thomas Barrack, [&hellip;]<\/p>\n","protected":false},"author":107,"featured_media":39301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","single_blog_custom":"0","parallax":"1","fullscreen":"1","layout":"left-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"float","share_float_style":"share-normal","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"g:i a d\/m\/Y","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"1","zoom_button_out_step":"5","zoom_button_in_step":"4","show_post_tag":"1","number_popup_post":"1","show_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","subtitle":"Damascus hails $14 billion in investment deals as a turning point, but investigations reveal phantom companies, hidden networks, and political maneuvering."},"jnews_primary_category":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"jnews_post_split":{"post_split":[{"template":"1","tag":"h2","numbering":"asc","mode":"normal","first":"0","enable_toc":"0","toc_type":"normal"}]},"footnotes":""},"categories":[382,19],"tags":[],"ppma_author":[390,166],"class_list":["post-39300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinions","category-slider"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Billions in Doubt: Fake Investments or Organized Corruption in Syria? - 963+<\/title>\n<meta name=\"description\" content=\"Syria announced $14B in investment deals. 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