Qatar’s Estithmar Holding is reportedly in talks to take stakes in two Syrian banks, deals which would mark the first foreign acquisition in the sector since the change of regime in Damascus in late 2024, according to Reuters.
If the deals go ahead, they would further cement Doha’s position, alongside Riyadh, as one of the leading international backers of the new Syria.
Much of the investment flowing from Doha is coming from Syrian-Qatari businessmen Moutaz and Ramez Al-Khayyat. Estithmar is part of the brothers’ Power International Holding conglomerate, which has already signed deals for airport renovations, hospitals, and power plants. Expanding the banking sector is a critical element of rebuilding Syria’s shattered economy.
There are also regular contacts between Qatar and Syria at the highest level of government: Sheikh Tamin bin Hamad al-Thani has spoken on the phone to Syria’s President Ahmed Al-Sharaa twice over the past week as Damascus consolidated its rule over territory controlled by Kurdish-led forces.