At the Sovereign Fund
Supported by independent sources
The Syrian Sovereign Fund’s announcement of its $7 billion “New Damascus” agreement with the Emirati developer Arada, signed on 31 August 2026 at the fund’s headquarters, names Mohammed Al-Khayyat as the fund’s Director of Real Estate Development and as signatory; SANA described him as head of real estate development at the fund. 1 2 The Financial Times reported in October 2026 that he heads the fund’s property arm. 3
No decree or other published document explains how he was appointed or what his terms are. 3
The family business and Syrian state contracts
Supported by independent sources
He is one of three brothers whose family business, according to The New York Times as reported by IBTimes UK, is linked to more than $12 billion in Syrian government-sponsored reconstruction contracts. 4
- May 2025: a $7 billion agreement with Syria’s energy ministry for gas-fired and solar power plants; Ramez al-Khayyat spoke for the consortium. 5
- August 2025: a more than $4 billion agreement to rebuild Damascus International Airport, signed for UCC Holding by its chairman, Moutaz al-Khayyat. 6
We have found no published document showing Mohamad al-Khayyat personally signing these two contracts.
The Trump golf stone
Supported by independent sources
According to The New York Times, as reported by IBTimes UK, Mohamad al-Khayyat met U.S. Congressman Joe Wilson in the summer of 2025 to present plans for a coastal development in Syria; Wilson suggested a Trump-branded golf course, and al-Khayyat said such a resort had already been part of his concept. Weeks later he gave Wilson a foundation stone engraved “Trump International Golf Club, Syria”, for delivery to the White House. The family also took part in meetings with members of Congress that advocated repealing the Caesar Act sanctions, which Congress repealed in December 2025. 4 A photo of the stone being presented, from his Instagram account, was published by the FT. 3
A spokesman for President Trump said the president “performs his constitutional duties in an ethically sound manner”, and the Trump Organization said there was no deal or discussion about a golf project in Syria. The family and a spokesman for Jared Kushner said a separate joint venture between Mohamad’s brothers and Kushner and Ivanka Trump in Albania had no connection to the sanctions repeal. 4
