The Syrian Future Movement is following with interest the announcement made by the Chairman of the Syrian Sovereign Fund—who also serves as an economic advisor to the Presidency—Mr. Omar Samer al-Halabi. The announcement concerns a comprehensive preliminary assessment of the Fund’s assets, resources, and liabilities, as well as its relationship with the state’s financial system and the national budget. It also entails a review of governance frameworks, oversight mechanisms, and the management of investments and returns. The findings and identified priorities are to be presented to the public within ninety days, effective Thursday, October 23, 2026.
The Syrian Future Movement views this announcement as coming at a sensitive transitional phase for Syria. The management, protection, and development of state assets constitute a collective national responsibility, one that demands the highest levels of transparency and professional accountability.
We regard this initiative as a positive step in the right direction—one deserving of both praise and encouragement—especially following months of legitimate questions raised by credible international reports, most notably an October 2026 report by the Financial Times regarding the estimated scale of these assets and the mechanisms for their disclosure.
The Syrian Future Movement believes that the exceptional circumstances currently facing the country—coupled with the urgent need for reconstruction and the restoration of trust between citizens and state institutions—require this review to go beyond mere formalities and instead meet established international standards. The Santiago Principles—a set of twenty-four voluntary guidelines issued by the International Forum of Sovereign Wealth Funds—affirm that transparency, sound governance, and accountability are essential prerequisites for the legitimacy and effectiveness of any sovereign wealth fund.
Furthermore, the Linaburg-Maduell Transparency Index—which awards top scores (10/10) to funds such as Norway’s Government Pension Fund and others in developed nations—demonstrates that the periodic disclosure of assets, investments, returns, and performance has become a universal standard, with no exceptions.
The Syrian Future Movement (SFM) believes that the Norwegian model, for instance, offers valuable practical lessons: the publication of detailed quarterly and annual reports; the provision of public access to track investments; a clear separation between ownership, governance, and executive management; and the subjection of the fund to parliamentary oversight and independent auditing.
Far from weakening the fund, these practices have bolstered the confidence of both citizens and investors, transforming it into a sustainable instrument for transferring wealth across generations.
In similar transitional contexts, experience has shown that a lack of transparency—even if only temporary—creates risks of conflicts of interest and undermines the ability to attract serious investment.
Consequently, the Syrian Future Movement advocates for the upcoming review to serve as a genuine opportunity to strengthen trust by:
- Relying on independent, internationally accredited financial audits, alongside internal evaluations.
- Publishing clear, verifiable lists of assets, while outlining valuation mechanisms and the fund’s relationship to the general state budget. Early announcement of the new board of directors’ structure and the criteria for selecting its members, ensuring diversity, competence, and independence.
- Establishment of a periodic disclosure mechanism (at least quarterly) that aligns with the Santiago Principles, enabling Syrian citizens to understand how their nation’s resources are being managed.
- Linking the fund’s performance directly to tangible indicators that impact citizens’ livelihoods, such as job creation, income improvement, and support for reconstruction.
- If successful, the sovereign wealth fund would become an integral part of the new national social contract that Syria is building during its transitional phase.
We believe its success should be measured by its ability to protect and grow state assets—free from any suspicion—and to transform them into an economic engine that serves both current and future generations.
At the Syrian Future Movement, we affirm our readiness to support any serious effort in this direction, while ensuring that the supreme national interest remains paramount, and that accountability and transparency continue to be indispensable pillars for building the state of institutions that the Syrian people deserve.
