Logo Wide

Finance Ministry Lifts Precautionary Seizure Of Saeb Nahas Funds

Tourism tycoon Saeb Nahas has been cleared of smuggling goods and violating import laws, reports Sowt Al-Asima.
Finance Ministry Lifts Precautionary Seizure Of Saeb Nahas Funds

The Ministry of Finance in the government of the Syrian regime issued a decision to lift the precautionary money seizure of businessperson Saeb Nahas, the owner of the largest financial empires in tourism.

The ministerial decision included lifting the precautionary seizure of the movable and immovable funds belonging to him, his son, Muhammad Sobeih, and their wives, according to Aliqtisadi reporting.

The website wrote that it had been made aware of another decision to lift the precautionary seizure imposed on the funds of the Al-Fattal Company Limited Liability, owned by businessperson Muhammad Aziz al-Fattal. The seizure was imposed at the end of July 2017.

At the end of September, the Finance Ministry imposed the precautionary seizure decision on charges of smuggling goods worth 4,987,000 Syrian pounds, in addition to the charge of violating import laws.

Nahas owns more than 30 companies in Syria, the most prominent of which are Technology Construction, Ibn Zahr Pharmaceuticals, and the Chemical Industries Company, in addition to an iron manufacturing plant in Sudan, and Al Majid Travel in Dubai.

Nahas is the exclusive agent for Volvo, Peugeot, and Honda in Syria, and is a prominent partner in many companies around the world.

Arabian Business magazine chose him as one of the 50 most important Arab businessmen in 2009. He was named the richest businessman in Syria in the same year, with a net worth estimated at 300 million dollars.

Nahas served as the Honorary Consul of Syria in Mexico, President of the Arab Side, first Vice President of the Arab-French Chamber of Commerce, Vice President of the German-Arab Chamber of Industry and Commerce, and Chairman of the Tourism Committee of the Syrian Russian Business Council.

Nahas currently holds the position of Honorary Consul of the Republic of Uzbekistan in Syria. He contributes to coordinating Syrian relations with Germany, Iran, and Saudi Arabia, in addition to contributing to coordinating Syrian-French relations.

He started his economic empire, which he based on religious tourism, in 1965. He founded the company, Transitor, in the Sayyidah Zaynab area, south of Damascus, and later built many hotels in the vicinity of the holy shrines and opened branches of his company in several countries around the world.

Nahas was known for having close ties with the Lebanese Hezbollah and the Shiite milieu. Among them, he was known as Hajj Abu Subaih.

The Syrian Ministry of Finance imposed a similar precautionary seizure on Nahas’ money in 2015, only to lift it a month later.


This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.

Helpful keywords