With private finance still in its infancy in Syria, private equity has yet to get up and running, but the foundations are being laid for a sector that could be as hot as elsewhere in the region. Spearheading the direction private equity could take in Syria are holding companies, which were introduced to the market over a decade ago by the likes of former Lebanese prime minister and businessman Rafik Hariri. But it has only been in the past few years that holding companies have started coming into their own, spurred on by the economic reforms implemented since the death of Hafez al-Assad. The de-regulation of the finance and banking sectors has been the most crucial change, creating a more competitive financial environment as well as prompting businesses to pull up their socks and adapt to the new climate. “Holding Companies are a new concept entering the terminology here,” said
