After some countries took steps to return Syria to the Arab fold, the Syrian regime attempted to attract Arab companies to Damascus, particularly following the Arab summit held on May 19, 2023, in Jeddah, Saudi Arabia.
However, this initiative did not gain traction as Arab financial entities were wary of the risks associated with violating the Caesar Act and the repercussions of the Anti-Normalization Act with the Assad regime. The latter was passed by the Foreign Affairs Committee of the US House of Representatives by a near-unanimous vote on May 16 of the same year, expanding the scope of Caesar Act sanctions. Despite this, some companies are attempting to circumvent the Caesar Act with logistical support from the Syrian regime by licensing their branches within Syria.
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Documents obtained by Syria TV reveal that the Ministry of Internal Trade approved the establishment of the “Moderation Maps Contracting” company. This company’s purpose is to construct non-residential buildings such as factories, schools, hospitals, government buildings, hotels, indoor sports facilities, airports and their facilities, including parking garages, warehouses, and religious buildings.
The company also engages in the restoration and maintenance of residential and non-residential buildings, participates in tenders and auctions with the public, private, and joint sectors, and has the right to own and rent real estate necessary to achieve its goals.
The company is owned by Haider Mohamed Awad bin Laden, Yasser Mohamed Awad bin Laden, Zubaida Mohamed Awad bin Laden, Sima Mohamed Awad bin Laden, and Sahar Mohamed Awad bin Laden, who hold Saudi citizenship, along with Syrian partners.
Regarding the new license for the new Saudi company, Muslimani stated, “With this license, the Bin Laden Company is trying to limit the consequences of international sanctions to its operations within Syria, especially since there are Syrian partners who will serve as a financial front, keeping the Bin Laden name out of the spotlight.”
He added that many companies might follow the Bin Laden group’s lead after the Syrian regime’s Minister of Economy and Foreign Trade, Mohamed Samer al-Khalil, called on Arab companies to return to Syria, promising to overcome all local and international logistical obstacles and hinting at breaking sanctions in “innovative ways.”
During the meeting of the Economic and Social Council of the Arab League at the ministerial level, held on the sidelines of the Jeddah summit, Syrian Minister Mohamed Hebron invited Arab countries to invest in Syria, highlighting promising opportunities and new laws designed to attract investment.
The Saudi Binladin Group considered one of the largest contracting companies in the Arab world and globally, has revenues estimated at $5 billion.
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.
