MTN-Syria has announced an increase in its quarterly revenues and a decrease of the licence fees it pays to the government.
Al-Mashrek, the investment arm of Rami Makhlouf, Syria’s most prominent business tycoon, has taken to court Gulfsands Petroleum over claims that its share in the UK-based oil company has been diluted.
Ayman Asfari, one of Syria’s wealthiest individuals, has reportedly bought a significant stake in a company with significant oil assets in Syria and which includes among its other shareholders one of the regime's most powerful business tycoons.
A Swiss court has decided to maintain a freeze on the assets of Rami Makhlouf one of Syria’s wealthiest and most powerful businesspersons.
Rami Makhlouf has resigned from the board of Syriatel, the company he founded and that came to symbolize in the last decade his role as Syria’s most powerful businessman.
Syriatel has announced that its largest shareholder, Rami Makhlouf, was giving up his shares in the company to a new entity dedicated to humanitarian and developmental projects, although Mr Makhlouf owns the majority of the shares of that new entity.
The Reserve Bank of Australia updated last week the list of Syrian individuals and entities it has put under sanctions.
The four businessmen and three corporations sanctioned by the European Union last week form part of a growing list of business actors that are feeling the weight of the international pressure on Syria.
Gulfsands Petroleum, a UK-based oil company, has disclosed its ties to Rami Makhlouf, a prominent local businessman recently put under sanctions by the European Union.
The US government has added Mohammad Hamsho, one of the country’s most powerful businessmen, and his holding firm, Hamsho International Group, to a list of individuals and institutions against which it has imposed sanctions.
Syriatel, one of the two mobile phone operators in Syria and the country’s largest private sector corporation by revenues, announced a doubling of its capital to SYP 3.35 billion.
The European Union has for the first time imposed an asset freeze on Syrian corporations, including two owned by Rami Makhlouf and another by Mohammad Hamsho.
Trading and contracting
Gulfsands Petroleum targets to reach a gross production of 16,000 barrels of oil per day in its Khurbet east field at the end of this year and 30,000 bpd at the end of the first quarter of 2011, according to the company.
Syriatel has announced the resignation of Nader Qalei, its long time CEO, from the Board of Directors.
Syriatel, Syria’s largest private corporation, is about to be sold by its main shareholder, Mr Rami Makhlouf.
A number of Syrian investors have won together the contracts to develop several key real estate and transport projects including the Hijaz Station estate in central Damascus.
A number of prominent Syrian businessmen have announced the launch of a new cement manufacturing plant.