A Syrian woman take a picture of the new national emblem of Syria, depicting an eagle inspired by ancient motifs at Palmyra carrying 14 feathers symbolizing the country's 14 governorates and surmounted by three stars from the national flag, during a drone show at Ummayad Square in the Syrian capital Damascus, early on July 5, 2025. (Bakr al-Kassem/AFP)
The term sovereign wealth fund (SWF) conjures images of oil-rich economies: Saudi Arabia’s $925 billion Public Investment Fund, Qatar’s $475 billion Qatar Investment Authority, and Norway’s nearly $2 trillion pension fund. These funds are tools for countries flush with surplus wealth, turning petro-dollars into rainy-day fortunes for future generations.That image makes it, at first glance, bewildering that Syria — where more than 90 percent of the population lives below the poverty line and the economy remains shattered by over a decade of war — announced the creation of a new sovereign wealth fund last week. At a moment when the state is struggling to even make payroll, why divert scarce resources to long-term investments?Motivations for creating the fund remain murky. Is the fund, in the best-case scenario, an attempt to attract...
The term sovereign wealth fund (SWF) conjures images of oil-rich economies: Saudi Arabia’s $925 billion Public Investment Fund, Qatar’s $475 billion Qatar Investment Authority, and Norway’s nearly $2 trillion pension fund. These funds are tools for countries flush with surplus wealth, turning petro-dollars into rainy-day fortunes for future generations.That image makes it, at first glance, bewildering that Syria — where more than 90 percent of the population lives below the poverty line and the economy remains shattered by over a decade of war — announced the creation of a new sovereign wealth fund last week. At a moment when the state is struggling to even make payroll, why divert scarce resources to long-term investments?Motivations for creating the fund remain murky. Is the fund, in the best-case scenario, an attempt to...
Fragile calm holds in south Lebanon, except for strikes in Nabatieh and Sour districts