Rami Makhlouf

Rami Makhlouf
Born	(1969-07-10) July 10, 1969 Syria
Occupation(s)	Entrepreneur, businessperson
Known for	Ownership of Syriatel, major Syrian businessman, member of Assad's close circle

Rami Makhlouf (; born 10 July 1969) is a Syrian entrepreneur and maternal cousin of the former Syrian president Bashar al-Assad. At the onset of the Syrian civil war in 2011, he ranked among the wealthiest and most powerful individuals in Syria. Experts identified him as a key member of al-Assad's close circle, overseeing foreign business operations within Syria.

By 2016, Makhlouf had acquired ownership of Syriatel, Syria's leading mobile telecommunications provider, alongside significant investments in banking, real estate, and retail sectors. Following a dispute with al-Assad in early 2020, he was placed under house arrest, his associates detained, and his enterprises subjected to actions by security forces. Subsequently, he lost control over Syriatel shares and his principal investment group. His remaining assets in Syria are minor compared to the billions transferred abroad on behalf of the Assad regime.

Early life and education

Born on 10 July 1969, Rami Makhlouf earned a Civil Engineering degree from Damascus University in 1993. He is connected to the Assad family through his aunt, Anisa Makhlouf, who was married to the late Syrian president Hafez al-Assad. In 2020, his overseas personal fortune was estimated to surpass $10 billion.

Business activities

Makhlouf holds primary ownership of Syriatel, one of only two licensed mobile operators in Syria. His business interests cover a broad range including real estate, banking, duty-free retail outlets, free-trade zones near Lebanon, and luxury goods. The Financial Times has estimated that he controls as much as 60% of Syria’s economy through his diverse holdings.

During the 1990s, Makhlouf and affiliated insiders dominated Syria’s nascent private sector. As Hafez al-Assad prepared for Bashar’s succession, privatized assets increasingly benefited the Makhlouf family, trusted to provide political support for Bashar. Rami and his brother Ihab secured exclusive licenses for duty-free retail distribution within Syria. By the year 2000, Rami had firmly established his business presence.

In 2004, Makhlouf sought control over Syria’s Mercedes-Benz dealership by lobbying for legislation that would revoke import rights unless he became the sole agent. After a two-year legal battle, ownership reverted to Omar Sanqar & Sons.

His existing portfolio includes stakes in Syria’s oil and gas industries, banking institutions, construction companies, and duty-free shops. He is the majority shareholder of Cham Holding, which invests in luxury tourism, restaurants, and real estate through entities like Bena Properties. Cham Holding also manages Syrian Pearl Airlines, recognized as Syria’s first private airline. Makhlouf holds shares in private banks such as the International Islamic Bank of Syria, Al Baraka Bank, International Bank of Qatar, Cham Bank, and the Bank of Jordan’s Syrian operations; financial firms including Cham Capital; as well as oil ventures like British-based Gulfsands Petroleum.

His investments further extend to real estate companies such as Sourouh, Fajr, Al Batra, and Al Hada'iq; tourism enterprises including Al Mada'in; media organizations like daily Al Watan, radio/TV outlet Ninar, and satellite channel Dunya TV; advertising agencies such as Promedia; education through the Choueifat network; industrial firms like Eltel Middle East; and public works companies including Ramak TP. Additionally, Makhlouf possesses significant land holdings in the United States Virgin Islands that were transferred to his brother Ihab amid ongoing legal disputes. The family maintains exclusive control over tobacco imports into Syria.

In 2008, U.S. Treasury authorities froze Makhlouf’s assets within the United States and imposed restrictions on his financial dealings.

Makhlouf has maintained close relationships with Bashar al-Assad’s sister Bushra and her late husband Assef Shawkat, alongside business partnerships with Maher al-Assad based in Lebanon. Reported strains within these connections may have led to some asset transfers to Dubai around 2005 due to concerns about anti-corruption measures.

On 5 July 2012, banks in the UAE were instructed by their Central Bank to report financial holdings linked to Syria’s ruling elite, including those associated with Makhlouf. This directive came after sanctions were issued by the League of Arab States, the European Union, and the United States targeting Syria’s economic interests.

Allegations of Corruption

In February 2008, the United States Department of the Treasury identified Makhlouf as a key figure benefiting from and facilitating public corruption within Syria, highlighting his dominance over lucrative commodity contracts through governmental ties. According to the US Treasury, Makhlouf exploited the Syrian legal framework and employed intelligence agents to intimidate competitors, thereby securing exclusive licenses and contracts for foreign enterprises. On 10 May 2011, the European Union imposed sanctions on him for "financing the regime and enabling violence against protesters".

Political analysts link Makhlouf's immense fortune to his familial connections with the Syrian authorities. Evidence suggests that Bashar al-Assad assisted Makhlouf in forming business alliances prior to assuming the presidency. Leaked diplomatic communications from the US describe him as a significant financier for the government. Furthermore, Makhlouf has faced accusations of rerouting Lebanese telephone communications through Syria to benefit Syriatel, a company under his control.

He held control over three major Syrian firms closely tied to Bashar al-Assad’s administration—Maxima Middle East Trading, Morgan Additives Manufacturing, and Pangates International—which utilized Mossack Fonseca-created shell companies registered in Seychelles and the British Virgin Islands to evade international sanctions. For instance, Pangates provided aviation fuel to the Syrian Air Force through these offshore entities. The US Treasury sanctioned him specifically for this supply chain.

Although these offshore companies outside US jurisdiction allowed continued operations, EU sanctions affected those registered in the British Virgin Islands. Swiss authorities reportedly froze Makhlouf’s bank accounts and ceased communications with him, as confirmed by HSBC. In 2015, Switzerland’s Federal Administrative Court upheld this asset freeze.

During the Syrian Civil War, opposition groups viewed Makhlouf as a symbol of systemic corruption. Protesters in Daraa labeled him a "thief". Syrian dissident Riad Seif was incarcerated after publicly condemning Makhlouf’s involvement in granting mobile phone licenses to Syriatel. United Nations monitors documented widespread arrests connected to regime crackdowns during this period.

Makhlouf was also named in the 2016 Panama Papers revelations, exposing his control over Syria’s national industries, and featured in the Swissleaks investigation. Investigative journalist Frederik Obermaier highlighted that despite imposed sanctions, Mossack Fonseca continued dealings with Makhlouf due to ongoing banking relationships.

Role During Syrian Civil War

Opposition activists accused Makhlouf of funding pro-government rallies both inside Syria and abroad by supplying flags, food, and financial support during the civil war. In response, Makhlouf defended his enterprises as legitimate operations employing thousands of Syrians. Activists further allege that he bankrolls the Syrian Electronic Army and facilitated its relocation to one of his Dubai-based companies.

On 9 May 2011, Makhlouf told The New York Times that maintaining stability in Syria was essential for regional peace, warning about unpredictable outcomes should the regime collapse. By 16 June 2011, he declared his intention to "withdraw from Syrian business affairs." Nonetheless, documents from Syria Files accessed by Al Akhbar indicated ongoing investments throughout 2011 and 2012, including increased stakes in Qatar National Bank–Syria and Syria International Islamic Bank.

In mid-2019, Makhlouf’s charitable organization, the al-Bustan Association—which provided support for families of fallen soldiers and financed a militia estimated at around 20,000 fighters—was compelled to close down. Later that year in December, Syrian customs authorities froze assets belonging to Abar Petroleum Service SAL, a Beirut-registered company linked to Makhlouf, due to violations involving smuggling goods valued at . He was also accused of illegally importing oil into Syria in defiance of international sanctions.

On 22 April 2020, Egyptian officials intercepted four tonnes of hashish concealed within milk cartons associated with a company owned by Makhlouf on a shipment destined for Libya; he subsequently claimed this was a deliberate attempt to tarnish his reputation.

Legal actions

On 1 May 2020, Makhlouf made an unprecedented public plea to his cousin, President Bashar al-Assad, via Facebook, alleging that a "group of officials" was attempting to confiscate his assets amid demands for payments related to tax evasion. As a member of Assad’s close circle, Makhlouf declared his willingness to pay the President directly but refused to pay the state. Two days later, he released another video revealing that Syrian security forces had detained some of his staff. Analysts speculate that Syrian first lady Asma al-Assad may have orchestrated these events, as her allied businessmen competed with Makhlouf over dwindling resources during the collapse of the Syrian pound and escalating sanctions, according to Dr. Muhannad Al-Hajj Ali from the Carnegie Middle East Center. Additionally, authorities might have targeted Makhlouf to secure funds prior to the enforcement of U.S. sanctions under the Caesar Act.

On 17 May, Makhlouf shared a video highlighting intensified pressure to relinquish profits or face arrest. Subsequently, on 19 May, the Syrian government confiscated all his assets. A court issued a temporary travel restriction against him on 21 May. By 25 June, duty-free agreements at ports and border crossings connected to Makhlouf’s enterprises were canceled by the government.

Reemergence and accusations

In early December 2024, amid the Syrian opposition offensives, Makhlouf reappeared publicly after an absence of one year, accusing extremist factions of threatening civilians through killings, sexual violence, and looting if they advanced. After the collapse of Damascus and the dismantling of the Syrian government, Makhlouf’s location became unknown.

In March 2025, Makhlouf delivered his first public address since the regime’s downfall, criticizing his cousin Bashar al-Assad for wrecking Syria’s economy and military forces, causing widespread hunger among citizens, and fleeing with wealth that could have been used to reduce poverty.

In April 2025, he announced establishing an armed militia named the "Elite forces", with a mission to protect Syria’s coastal area against both domestic and foreign threats. The militia also aims to foster social and economic recovery, build a new political and security framework grounded in "justice, brotherhood, and tolerance," and collaborate with international partners for regional security and oversight.

Personal background

Makhlouf is married to Razan Othman; together they have two sons named Mohammad and Ali Makhlouf.

Additional nationalities

Between 2009 and 2011, Rami Makhlouf sought Austrian citizenship but was unsuccessful. During this period, he held Cypriot citizenship from 2010 until it was revoked following the onset of the Syrian civil war.

Children’s public image

Makhlouf’s sons have drawn attention for their extravagant lifestyles. Ali Makhlouf, who boasts over 250,000 followers on Instagram as an influencer, caused controversy when spotted driving a Ferrari Spider in Beverly Hills in 2021. His brother Mohammed Makhlouf was briefly detained in Syria amid public criticism related to his luxury influencer lifestyle.

See also

• Al-Assad family
• Syrian civil war

External links

• Syrian Business Figure Draws Public Outrage and Criticism, Anthony Shadid, The New York Times, 30 April 2011