Syria names ex-KPMG adviser Omar al-Halabi to chair its sovereign wealth fund

Syrian President Ahmed al-Sharaa has appointed Omar al-Halabi, a former KPMG economic adviser who has worked with Saudi Arabia’s Public Investment Fund, as chairman of the country’s sovereign wealth fund, according to a decree published by state media on Sunday and reported by AFP.

The decree also named Halabi as economic affairs adviser to the presidency, giving a figure with long experience in Gulf and international advisory work a central role in Damascus’s effort to attract foreign capital after 13 years of war.

A Gulf-trained adviser at the top of the fund

According to the official Syrian Arab News Agency (SANA), quoted by AFP, Halabi has more than 20 years of experience advising governments, sovereign institutions and private-sector clients in the Middle East and on international markets. He previously headed the economics and public policy advisory practice for the Middle East at the consultancy KPMG, and has worked with the Public Investment Fund, Saudi Arabia’s main sovereign investor.

His title, as reported by Arab News and Ahram Online, is “chairman of the board of directors of the sovereign fund”. The decree did not announce changes to the rest of the fund’s leadership.

A fund holding Assad-era assets

Syria’s transitional authorities set up the sovereign wealth fund in June 2025 to oversee investment projects and manage state assets. Its portfolio also includes assets confiscated from businessmen close to former president Bashar al-Assad, who was ousted in December 2024, according to AFP.

Officials have said the fund’s assets exceed Syria’s gross domestic product, but the vehicle has drawn criticism for its lack of transparency. Economist Karam Shaar has described it as “a black box”, AFP reported. One sanctioned businessman whose assets are managed by the fund, Mohammad Hamsho, has since reached a settlement with the new authorities.

The authorities have not officially named the fund’s director. In July, anonymous sources told AFP that the post was held by Abu Maryam al-Australi, a former jihadist close to Sharaa who is subject to Australian sanctions. The government has not publicly confirmed that information.

Reconstruction and investor confidence

The appointment comes as Damascus tries to convince Arab and international investors that its economic institutions can be trusted with large reconstruction projects. The fund sits at the heart of that strategy, since it controls both public holdings and assets recovered from the former ruling circle.

Bringing in a chairman with a background in Gulf sovereign investment may help the fund speak the language of potential partners in Riyadh, Doha and Abu Dhabi, whose capital Syria is actively seeking. Investors, however, are likely to watch whether the new leadership publishes audited accounts, clarifies the fund’s governance and explains how confiscated assets are valued and managed.

The move is part of a wider reshaping of the state’s economic apparatus under Sharaa’s transitional government, which has prioritised economic recovery alongside security challenges and efforts to restore Syria’s regional and international standing.