Exclusive: Qatar's entry into Syria is a result of the financial reform process

The governor of the Central Bank of Syria, Abdul Qader al-Hasriya, said that the acquisition of a 49% stake in a Syrian bank by a Qatari investment entity represents "a qualitative step that reflects the growing confidence in the prospects of the Syrian market".

Although the governor did not name the investor, the deal belongs to Qatar's Estithmar Holding, one of the largest economic groups listed on the Qatar Stock Exchange and  led by Syrian businessmen Mutaz and Ramez al-Khayat, who hold Qatari citizenship.

 In a post on his Facebook page on Tuesday (April 28th), Al-Hossiyya confirmed that this process comes as part of  a "reform path" that  the bank is working to implement to enhance the role of the banking sector in mobilizing savings and financing individuals and businesses.

 This  development would not have been achieved without "the clarity of vision adopted by the bank in managing the financial reform process", the governor said, noting that the coming period will witness "additional steps to reform the financial sector", followed by new deals aimed at restoring confidence, liberalizing the sector and "putting the interest of the financial system and the national economy at the forefront".

The Governor congratulated the investor on this step, and appreciated the cooperation of the seller in completing the deal.

Qatar Holding acquires 49% of Shahba Bank's capital

The governor's remarks came after  Qatar Investment Holding's announcement  on Monday of signing an agreement to acquire 49% of Shahba Bank's capital in a deal described as the most prominent since foreign capital entered the Syrian banking sector after  the fall of the regime, as  the agreement was signed in Damascus through "Banks Holding", the banking arm of Istithmar Capital, one of the companies owned by the group.

The acquisition   was reportedly made through the purchase of shares owned by Banque Bemo Saudi Fransi and National Credit Bank, as part of the expansion  of Holding's investment  within the Syrian financial sector and the enhancement of Shahba Bank's operational and competitive capabilities.

 The importance of this transaction is highlighted given the size of the Qatari Group behind it, as  the investment management of more  than 113 companies in 10 countries, and its activities extend from healthcare and hospitality to real estate development, specialized industries and financial investments, and  the two brothers Mutaz and Ramez Al-Khayyat each own about 20% of the company's shares, while the family's wealth is estimated at more than 7 Billions of dollars, according to Bloomberg's estimates, reflecting its financial weight and its extensive regional presence.

The final completion of the acquisition is subject to the completion of the preconditions and obtaining regulatory approvals from the Central Bank of Syria, the Syrian Securities and Financial Markets Authority and the Competition Protection and Antitrust Authority, which are expected to be completed in the coming period.

Exclusive: An agreement to start opening an account for the Central Bank of Syria with the Deutsche Bank

In another context, the exclusivity announced that an agreement had been reached to start the necessary procedures for opening an account for the Central Bank of Germany with the Bundesbank.

This came during a meeting with a delegation from the Bundesbank, describing it  as "fruitful" in terms of starting the normalization of financial relations between the two sides, considering this step  as an "important achievement" for the Central Bank and the Syrian financial system, as it opens the door to the reconnection of the financial sectors in Syria and Germany after years of interruption.

The governor pointed out that the executive steps will begin immediately, stressing that the Central Bank is implementing a reform strategy aimed at rebuilding external financial linkages and enhancing the banking system's ability to engage in official international channels.

He concluded by saying that the work "is progressing daily towards new achievements" within the framework of the reform path adopted by the Central Bank of Syria.

Completing the procedures to open the Central Bank of Syria's account with the US Federal Reserve

On February 28, 2026, the Central Bank of Syria announced  the completion of the procedures for settling its banking relations with the Federal Reserve Bank in New York, and reopening its account with it, in a step that reflects institutional progress in the path of reorganizing foreign financial relations and promoting Syria's integration into the global financial system.

In  a statement at the time, Al-Hossiriya pointed out that with the completion of other steps within the plan to reintegrate into the international financial sector, and contribute to enhancing the path of recovery and financial stability in the country, this will reflect positively on the Syrian banking sector.He said that it will contribute to enhancing confidence in the Syrian economy, facilitating financial transitions, encouraging foreign investment flows to Syria, supporting foreign trade by facilitating international financial payments and settlements, and enhancing financial stability through the development of relations with international financial institutions.