Subjects – Syria Report



The United Kingdom holds GBP 163.2 million in frozen assets of Syrian individuals and entities under U.K.’s Syria sanctions. U.K. authorities have also seized a GBP 26 million property from Rifaat Al-Assad in London, and have collected nearly GBP 200,000 in penalties for sanction violations.
Between February 22 and 24, around thirty Syrian entities linked to the electronic payment services field, namely banks, telecommunication companies and software companies, gathered in Aleppo to attend the First Conference and Exhibition for Electronic Payment in Syria. The conference, a first in Syria, was organised by the Syrian Computer Society, the Central Bank of Syria, and the Thiqa Company for Exhibitions and Conference.
To automate Syria’s tax system, the Syrian government has granted the private company Sama Pay LLC a contract to handle the electronic payment of taxes. Sama Pay began operations following the disruption in the banking sector brought on by the implementation of the Caesar Act in June 2020. The increasing shift towards electronic payments adopted by several state-owned companies opens substantial opportunities for E-payment companies to generate significant revenues through government-awarded contracts.


This report provides an overview of the origins, activities, and backers of these prominent PSCs in regime-held areas, highlighting their intricate and interconnected nature.


RCell is a private telecommunications company established in late 2018 in Qamishli.
ABRAJ-tec is a manufacturer of steel structures based in the Damascus Countryside.
Al-Sweid is a coffee company founded in 1963.

Zubaidi and Qalei is a real estate developer established by two Damascus-based investors.