Syria’s transitional president, Ahmad al-Sharaa, issued Decree No. 113 on Wednesday, establishing a new sovereign wealth fund aimed at revitalizing the country’s war-ravaged economy.

The “Sovereign Fund,” headquartered in Damascus, will operate as an independent entity with legal, financial, and administrative autonomy, reporting directly to the Presidency. Its objectives include launching development projects, leveraging national resources, and transforming dormant state assets into drivers of economic growth. Funding will come from state allocations, investment income, asset values, and approved donations.

The fund will be governed by a Board of Directors chaired by President al-Sharaa, with a General Manager handling contracts and legal representation. The board, appointed by presidential decree, includes the General Manager, an assistant, a fund director, and three experts, with decisions made by majority vote and the President holding tie-breaking power. Quarterly and annual reports, independent audits, and real-time monitoring are promised to ensure governance.

As Syria navigates its post-conflict transition, the fund’s creation signals a bold economic strategy but raises questions about transparency and democratic accountability. Further regulations and staffing decisions will be set by additional presidential decrees, underscoring the fund’s reliance on executive control. (ILKHA)