Finally, the Syrian Airlines investment project, involving a private company of unknown origin, reached its conclusion through the signature of a 20-year contract. This project began nearly a year ago, following the Ministry of Internal Trade’s ratification of the articles of association for “Iloma Investment Private Joint-Stock Company”. The project initially developed quietly but gained significant attention in early summer of last year when details emerged about Iloma submitting a plan to invest in the Syrian Airlines corporation.
About a week ago, the director of the Syrian Air Corporation confirmed through the Russian agency Sputnik that the contract had been signed with the aforementioned company, with an investment value of up to $370 million.
As happened a year ago, the controversy surrounding the Iloma company resurfaced, particularly since details published in the Official Gazette in 2023 indicated that its ownership belongs to three individuals, relatively unknown in the Syrian business sector, aged between their thirties and early forties. This raised questions about their ability to inject $370 million into Syrian Airlines and where each of them managed to secure approximately $120 million for this partnership, which is almost evenly divided among the three.
Three names
Investigative efforts have traced the background of the three Syrian nationals associated with Iloma. Two of these individuals are linked to businessman Ali Najib Ibrahim. According to the “Who Are They” platform, which provides a directory of companies and personalities in the Arab business sector, one of the founders of Iloma,Rama Hamdan Deeb, is a co-founder with Ali Najib Ibrahim in seven companies (Athr, Talj, Crystal, Loma, Rose Mountain, Flame, and Soul), and a one-third partner in Infiniti Skylight. The second name, Razan Nizar Humaira, is also a one-third co-founder of Infiniti Skylight and shares a partnership with Ali Najib Ibrahim in the companies Lebanon and Freedom. So, who is Ali Najib Ibrahim?In January, the European Union imposed a new round of sanctions on officials and businessmen close to the head of the Syrian regime. Among the sanctioned names was Yasar Ibrahim, described as Bashar al-Assad’s economic adviser and a member of the “economic council” run by his wife, Asma al-Assad, according to the European Union newspaper. The newspaper reported that Yasar Ibrahim runs a number of shell companies with Ali Najib Ibrahim, serving as fronts for commercial and investment activities that actually belong to Bashar al-Assad and his wife.
In May, leaks suggested that Yasar Ibrahim had been poisoned in a complex manner, leaving him unable to work. Shortly thereafter, the Syrian presidency announced that Asma al-Assad had cancer, leading to her stepping back from the spotlight. A little over a month later, Luna al-Shibl, a prominent member of Assad’s inner circle and his wife’s confidante died in a suspicious car accident.
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These developments raise questions about the future role of the “secret economic council” within the Republican Palace, as described by the British newspaper Financial Times more than a year ago. Regardless of the fate of the council’s members, it seems certain that Assad will not abandon his strategy of controlling the country’s economy and its limited resources to ensure the continuity of his rule. This suggests that some figures within the Economic Council may have been replaced by new personalities, while others continue to play their required roles. The continuation of Iloma, closely linked to Ali Najib Ibrahim, who is associated with the Republican Palace, leading to the signing of a controversial contract with Syrian Airlines, supports this analysis.
As for the third founder of Iloma, Ali Mohamed Deeb, a search on the “Who Are They” platform reveals that he is a founding partner in Mophradat with a very small share (0.002%). Interestingly, this company is also a founding partner in Egaila Real Estate, holding a 15% stake. Egaila Real Estate includes several shareholders, many of whom are close to Iran, most notably Kuwaiti businessman Abdul Hamid Dashti, who is naturalized Syrian, and businessman Fahd Darwish, who reportedly holds Iranian citizenship and previously chaired the Syrian-Iranian Chamber of Commerce. Businessman Masan Nahas currently serves as the secretary of the Syrian-Iranian Chamber of Commerce.
The Qasioun website, associated with the Popular Will Party led by former Deputy Prime Minister for Economic Affairs Qadri Jamil, who is close to Moscow, published an analysis in the early summer of 2023. The analysis highlights official data estimating that Syrian Airlines’ profits in 2021 amounted to about $129 million from domestic transportation operations alone. This suggests that the government traded annual profits of approximately $130 million for a mere $18.5 million per year in investment from Iloma. Assuming that $130 million represents the average annual profit, the investing company would receive more than $90 million annually from this deal, compared to the $18.5 million it will inject according to the contract details.
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.
