The Gulf state has played a pivotal role in Syria’s economic recovery post Assad’s fall.
Qatar’s Estithmar Holding, through its subsidiary Estithmar Capital, is acquiring a 49 percent stake in Syria’s Shahba Bank, the company announced on Sunday after concluding the deal in Damascus.
The major deal stipulates that Masaref Holding, a subsidiary of Estithmar Capital, takes the stake agreed upon in the Syrian bank. Masaref Holding was also the entity that signed the agreement with representatives of Bemo Saudi Fransi Bank and Ahli Trust Bank.
“The move is expected to enable Masaref Holding to capitalise on opportunities in the Syrian market while supporting Shahba Bank’s growth and development plans, enhancing its operational efficiency and competitive positioning,” Estithmar Holding said in a statement.
The announcement comes months after Reuters reported in January on the deal citing sources privy to the matter. The deal would also mark the first foreign banking acquisition in Syria since the fall of the Bashar Al-Assad regime in December 2024.
Juan Leon, Holding Chief Executive Officer of Estithmar Holding, said in a press release that the transaction reflected the Qatari entity’s “commitment to contributing to the recovery of the Syrian economy and supporting its path towards renewed prosperity”.
The deal comes after the lifting of Assad-era sanctions imposed on Syria by the United States last year, paving the way for investments that would help the country recover after more than a decade of instability.
Fadi Al Faqih, Chief Executive Officer of Estithmar Capital, added that the Qatari company sees Shahba Bank “as a promising platform”.
“We look forward to working closely with the management team to support expansion plans and deliver banking services that meet market expectations, strengthening the bank’s competitiveness and standing,” Al Faqih added.
Qatar, which maintained a firm position against the Assad regime, has played a key role in Syria’s recovery.
In May 2025, the Syrian government signed a $7bn (around QAR 25.4bn) deal with a consortium of international companies led by Qatar’s UCC Holding—a subsidiary of Power International Holding.
The consortium also included American and Turkish companies.
The deal stipulated developing major power generation projects, including four combined-cycle gas turbine power plants in Syria and a 1,000 MW solar power plant in Wedian Alrabee.
In August 2025, Syria signed another memorandum of understanding with a five-company consortium worth more than $4bn (around QAR 14.5bn) to redevelop and expand Damascus International Airport.
Qatar’s UCC Holding led the consortium, which included American and Turkish companies.
June 2025 then saw the announcement of Qatar and Saudi Arabia over jointly funding salaries for public sector employees in Syria for three months, a month after they announced their commitment to settle Syria’s outstanding arrears of $15m (around QAR 55m) to the World Bank.