Syria News Wire

Syria News Wire header image 2

Makhlouf sells Syriatel

June 16th, 2011 · 5 Comments · Politics

Rami Makhlouf, the most important businessman in Syria, and a cousin of the president, is selling part of Syriatel.

This is big news. It shows that the regime is belatedly recognising that he is the problem. Or, at least, he was the problem. Anger at Makhlouf’s domination of the economy was an early reason that people came out on to the streets. Syriatel offices were burned in Daraa, and placards denouncing his name were held high.

But this is not March. Now, the killings are motivating the demonstrators.

In any case, Makhlouf is only selling 40% of the company (profits from the sale will go to charity). He retains a majority stake. (CORRECTION: it appears he only owns 40% of the company, so he is selling his entire stake).

And he is selling it…to the state. So it would appear to be a cosmetic change. (CORRECTION: he is selling shares in an IPO – which means anyone can buy them)

As David Kenner, associate editor of Foreign Policy magazine explained: “The idea of Rami Makhlouf selling his properties to the state is a lot like the State Department selling its buildings to the US government.”

Others are explaining this as Bashar selling-out his relative to save his job. But would this really have happened without Makhlouf’s consent? Of course not.

And even after this sale, Makhlouf still controls the majority of the Syrian economy. As much as 60% of the Syrian economy, by some estimates.

Will the Syriatel sale make a difference? Will it have an impact? I doubt it. Others are more optimistic.

Tags:

5 responses so far ↓

  • 1 ????? ??? » Blog Archive » ??????? ??? ?? ??? ???? ???? ??????? ???? ??? // Jun 21, 2011 at 6.11 am

    […] Makhlouf sells Syriatel […]

  • 2 Kathy // Jul 31, 2013 at 6.30 am

    This is a comment to the webmaster. I came to your page via Bing but it was difficult to find as you were not on the front page of search results. I know you could have more traffic to your site. I have found a website which offers to dramatically increase your website rankings and traffic to your website: http://goo.gl/tO3mFJ I managed to get close to 1000 visitors/day using their services, you could also get many more targeted traffic from search engines than you have now. Their service brought significantly more traffic to my site. I hope this helps!

  • 3 www.driversspace.com // Aug 22, 2014 at 1.41 pm

    Hey there are using WordPress for your blog platform?

    I’m new to the blog world but I’m trying to get started and create my own. Do you require any coding knowledge to
    make your own blog? Any help would be greatly appreciated!

  • 4 ?????? ?? // Nov 12, 2014 at 7.22 pm

    What’s up, I would like to subscribe for
    this webpage to obtain most up-to-date updates, therefore where can i do
    it please assist.

  • 5 ?????? ?? // Nov 12, 2014 at 7.22 pm

    What’s up, I would like to subscribe for
    this webpage to obtain most up-to-date updates, therefore where can i do
    it please assist.

Leave a Comment