{"id":114647,"date":"2026-04-29T00:00:00","date_gmt":"2026-04-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?p=114647"},"modified":"2026-04-29T06:02:01","modified_gmt":"2026-04-29T06:02:01","slug":"qatars-estithmar-holding-to-acquire-49-of-syrias-shahba-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/29\/qatars-estithmar-holding-to-acquire-49-of-syrias-shahba-bank\/","title":{"rendered":"Qatar\u2019s Estithmar Holding to acquire 49% of Syria\u2019s Shahba bank"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Syria\u2019s banking sector just landed its first post-war foreign investment: <\/strong>Qatar-listed Estithmar Holding has secured a foothold in Syria\u2019s banking sector after <a target=\"_blank\" href=\"https:\/\/www.estithmarholding.com\/media\/read\/256\" style=\"\">signing<\/a> an agreement to acquire 49% of Syria\u2019s Shahba Bank. The deal will see Estithmar Holding unit Masaref buy Shahba Bank equity held by two other Syria-based players: Bemo Saudi Fransi Bank and Ahli Trust Bank. Estithmar Holding is led by Syrian-Qatari investors Moutaz Al Khayyat (chairman) and Ramez Al Khayyat (vice chairman).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>\u201cThe significance lies in the signal: The market is open enough for Gulf capital to move from MoUs to equity. And this could inspire more confidence in the banking sector more broadly, and perhaps more specifically among Qatari investors, who may see this as a credible entry point and a familiar channel for deploying capital,\u201d Benjamin F\u00e8ve, senior researcher at Karam Shaar Advisory, tells EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Syrian government has been ramping up efforts to de-risk its banking sector<\/strong> and has <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/22\/syria-taps-world-bank-oliver-wyman-for-financial-sector-reform\/\" style=\"\">enlisted<\/a> Oliver Wyman and the World Bank to conduct assessments and provide advice on needed reforms in the Central Bank of Syria and the wider financial sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Shahba Bank: <\/strong>The bank\u2019s origins trace back to Lebanon when Byblos Bank founded it as a Syria branch in 2005. Syrian investors took over the bank afterward, but it is among a number of Syrian institutions with a similar origin story and exposure to the crumbling Lebanese financial system. Syrian banks had some USD 4.9 bn in deposits as of 2024, out of which USD 1.6 are Lebanon-exposed, Asharq Al Awsat <a target=\"_blank\" href=\"https:\/\/english.aawsat.com\/business\/5199689-syria-gives-banks-six-months-absorb-losses-lebanese-crisis%C2%A0\" style=\"\">reported<\/a> last year.<\/p>\n<p class=\"tag-border-left\">The pattern<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The profile of interested investors is in line with an overall trend we\u2019re seeing across <\/strong><strong>other post-war markets:<\/strong> First movers tend to be players that are able to take on and mitigate the associated risks. They\u2019re usually state-backed players \u2014 whether openly state-owned or big private ones with the right connections \u2014 from nations that have a clear political stake in post-conflict markets. In Syria, that means a lot of Turkish, Qatari, UAE, and Saudi interest. And in Libya, we\u2019ve seen Egyptian and Turkish outfits (and to a lesser extent, Italian and Greek companies) <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/24\/can-high-quality-oil-reserves-and-a-massive-reconstruction-opportunity-draw-global-investors-to-libya\/\" style=\"\">make the first moves<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Case in point: <\/strong>Saudi Arabia <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2026\/02\/09\/saudi-arabia-takes-the-lead-in-syrias-multi-sector-reconstruction\/\" style=\"\">launched<\/a> the <strong>Elaf<\/strong> Investment Fund earlier this year to lead on investments in Syria, earmarking SAR 7.5 bn for airport projects. Saudi telecom major <strong>STC<\/strong> said it would invest SAR 3 bn to develop Syria\u2019s fiber-optic backbone, data centers, subsea links, and internet connectivity under the Silk Link project. Meanwhile, Qatar\u2019s <strong>UCC<\/strong> Holding is <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2025\/08\/11\/qatar-us-turkish-consortium-to-overhaul-damascus-intl-airport-for-usd-4-bn\/\" style=\"\">co-investing<\/a> USD 4 bn alongside Turkish construction companies in the rehabilitation of the Damascus Airport, and Turkish players are going all in on zones and rail projects. The UAE also made moves on the Syrian market in 2025, securing a foothold in Syrian <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/7ae78a13-8685-4350-9187-1a21a49e69b1\/dp-world-to-invest-in-tartus-port-under-30-year-agreement\" style=\"\">ports<\/a>, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2025\/08\/19\/more-regional-investments-are-coming-to-syrias-way\/\" style=\"\">cement manufacturing<\/a>, and <a target=\"_blank\" href=\"https:\/\/sana.sy\/en\/syria\/359150\/\" style=\"\">aviation<\/a>. <\/p>\n<p class=\"tag-border-left\">What\u2019s next<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Will others follow? <\/strong>Turkish players \u2014 like state-owned Ziraat Bank and private lender Aktifbank \u2014 are also <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/10\/turkish-banks-are-eyeing-syria-and-stellantis-is-doubling-down-on-algeria\/\" style=\"\">circling<\/a> Syria and are reportedly in advanced talks with the regulator there to open shop as early as this year. Meanwhile, Etisthmar Holding was also tied to the Syrian International Islamic Bank, with reports suggesting a 30% equity uptake could be in the works. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are two pathways for foreign players wishing to enter the Syrian banking sector<\/strong> \u2014 buy stakes in existing banks or partner up with a local player to launch something new. Foreign ownership of Syrian banks is capped at 49% under the rules today, but that could go up to 60% for investors designated by the government as \u201cstrategic partners,\u201d F\u00e8ve tells us. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The move marks the first post-war foreign investment in Syria\u2019s banking sector<\/p>\n","protected":false},"author":1,"featured_media":114648,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2489],"tags":[2633,2786,2538,2460,2614,2462,2565,2691],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-114647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-banks","tag-enterpriseam","tag-investment","tag-lebanon","tag-ma","tag-qatar","tag-syria","wpautop","entry"],"acf":{"mongo_id":"537712d5-832f-4918-b057-a041db1b1f59","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/4\/1503.jpg","photo_position":"above","homepage_title":"","full_issue_title":"First 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