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New Damascus: for the Wealthy? Appointment Sparks Storm of Controversy Over Sovereign Fund
Amid widespread controversy and public outrage, the appointment of Mohammad Al-Khayyat—reported to be the nephew of businessman Mohammad Hamsho and the brother of businessman Ramez Al-Khayyat—as CEO of Real Estate Development at the Sovereign Fund has raised broad questions about the criteria used to select officials responsible for managing the country’s real estate investment portfolio.
Critics argue that appointing individuals linked to prominent businessmen to senior positions in sovereign investment institutions revives longstanding concerns over conflicts of interest, the monopolization of investment opportunities, and the lack of transparency in managing major projects—particularly those involving real estate and urban development.
The appointment comes amid ongoing controversy surrounding the “New Damascus” project and other similar developments. Activists and citizens say these projects concentrate investment and construction in Damascus and its surrounding areas, directing them toward luxury developments intended for the wealthy and “ultra-wealthy,” while large segments of the Syrian population continue to face housing shortages, poverty, displacement, and deteriorating basic services.
Opponents of these policies warn that concentrating real estate development in specific areas, without providing balanced solutions for housing, public services, and reconstruction, could deepen social and geographic disparities. They also caution that urban development projects may become tools for promoting real estate speculation rather than addressing public needs.
Questions have also been raised over the fate of urgent priorities, including protecting the Al-Fijah spring, rehabilitating water sources, improving infrastructure, and providing adequate housing for displaced and forcibly displaced people, as camps continue to spread and living conditions deteriorate.
Activists and rights advocates are calling for the Sovereign Fund’s administrative structure, recruitment criteria, and the business interests and commercial ties of its officials to be disclosed. They are also demanding the publication of contracts and feasibility studies for major real estate projects to ensure transparency and prevent public investments from being directed to serve limited groups.
