Initial Steps by Syria’s Sovereign Fund Toward Transparency, but Much is Still Lacking

By: Mulham Aljazmaty  

Since its formation, the Syrian Sovereign Fund had shared little to no information about its leadership, operating structure, and finances. Yet in April and May, Fund representatives appeared in several public events, including field visits to Deir ez-Zor, Raqqa, and Hasakeh, the Syrian–Emirati Investment Forum, and meetings with the Damascus and Rural Damascus chambers of commerce. Indeed, institutionalizing the body from scratch takes time. While these appearances are promising steps, the Fund’s activities must become publicly accountable, and its leadership must be formally announced.

The Fund’s mandate is massive, and stands at the core of Syria’s post-conflict recovery. The Fund, established by Presidential Decree in August 2025, is created as the state’s investment arm, funded through state allocations, asset returns, and revenues from its own activities. Its legal mandate includes converting idle government assets into tools of production and development, as well as designing, managing, and implementing investment projects. It also reports only to the Supreme Council for Economic Development, which is chaired by the President. In practice, the Fund is the president’s main arm for public asset management.

Given this mandate, recent visibility, while welcome, falls short of the public accountability required. Recent public appearances have allowed media outlets to piece together the Fund’s leadership and assets and have likely offered investors and chambers of commerce insight into the Fund’s structure. This is a welcome change from nearly a year of operating in the dark. Yet this also highlights the extent of the knowledge gap. To date, little is formally known about the institution’s leadership, decision-making structure, its asset portfolio, and how investments are negotiated and agreed.

More should be done to ensure recent appearances are part of a broader shift toward public accountability. Fund officials have said that its governance mechanism is “inspired by” the Santiago Principles, a useful international benchmark for transparency, accountability, and prudent investment practices. But referencing these principles is not the same as institutionalizing them. Syria’s immediate need is more concrete: visible leadership, public reporting, audited accounts, and a clear framework for public oversight. The Fund must start by announcing its formal leadership, including its chief executive. It must also publicly identify the assets it manages, and regularly publish its balance sheets. Its mandate also requires publicly accountable rules for how assets are valued, partners are selected, projects are approved, and investment returns are handled. 

The Syrian Sovereign Fund could become one of the country’s most important recovery instruments. Its recent public engagement is a step out of the shadows. But the Fund will only build credibility if public accountability becomes inherent to its institutional structure.