Mohammed Hamsho in the People's Assembly, from which he has been removed. Photo: People's Assembly of Syria
Mohammed Hamsho in the People's Assembly, from which he has been removed. Photo: People's Assembly of Syria
Mohammed Hamsho in the People's Assembly, from which he has been removed. Photo: People's Assembly of Syria
Mohammed Hamsho in the People's Assembly, from which he has been removed. Photo: People's Assembly of Syria

Syrian tycoon Mohammed Hamsho ejected from parliament


Khaled Yacoub Oweis
  • English
  • Arabic

Syria's legislature has revoked the membership of a business associate of Maj Gen Maher Al Assad, the brother of President Bashar Al Assad, who is considered the second-most powerful man in the country.

The move against Mohammed Hamsho, reported by Syrian official media late on Tuesday, comes as the Syrian ruling elite, and Maj Gen Al Assad in particular, come under pressure from Israel over their links with Iran. The President's younger brother controls the Fourth Mechanised Division, a praetorian army unit that Arab security sources say has played a vital role in the expansion of Hezbollah and Iran's presence in Syria.

The Parliament, called the People's Assembly, contains no opposition. It revoked Mr Hamsho’s membership because he had “lost one of the candidacy's conditions”, the state news agency Sana reported. Posts on social media groups loyal to Damascus said Mr Hamsho was removed because he possesses Turkish citizenship.

Mr Hamsho was unreachable for comment. No one answered the phone at Hamsho International, his company in Damascus, and an email to its address bounced. The opaque workings of Syria’s political system make it difficult to pinpoint why the authorities have acted against Mr Hamsho, one of Syria's richest men, and to what extent he is involved in Maj Gen Al Assad's dealings with Iran.

Israel has stepped up attacks in Syria on figures linked to Tehran since the assassination of the Hezbollah leader Hassan Nasrallah in Beirut on September 27. Two days after the air strike that killed Nasrallah, Israeli planes struck a villa in a Damascus suburb frequented by Maj Gen Al Assad. Although he is not thought to have been there at the time, the attack was seen as a signal that Syria's top brass were no longer immune.

Syrian soldiers and civilians inspect the site of an air strike in the Mazzeh neighbourhood of Damascus on Monday. Israel claimed to have killed the head of Hezbollah's money transfer unit in the attack. EPA
Syrian soldiers and civilians inspect the site of an air strike in the Mazzeh neighbourhood of Damascus on Monday. Israel claimed to have killed the head of Hezbollah's money transfer unit in the attack. EPA

The last time a figure as senior as Mr Hamsho fell out with the regime was when the authorities moved against the tycoon Rami Makhlouf, a maternal cousin of the President, and confiscated almost all of his assets, after he came to be seen as having become a power centre on his own. Two Syrian opposition sources said it is difficult to predict whether Mr Hamsho could end up like Mr Makhlouf, or whether stripping him of his membership of parliament signalled a rift between the President and his brother.

One of the sources, who knew Mr Hamsho as he was rising to prominence, said the businessman did not appear to have explicit approval from the presidential palace when he ran for parliament this year, and that he had spent millions of dollars to get elected. "His removal could be just a twist of the ear," the source said.

A member of a Damascene family, Mr Hamsho came to the fore in Syria's business scene in the 2000s after cultivating ties with Maj Gen Al Assad and his inner circle. This enabled him to become one of the best-connected Sunni businessmen in a country where the ruling system is dominated by the country's Alawite minority.

His businesses include telecommunications, manufacturing, construction, real estate, trading and TV production. Like Maj Gen Al Assad, Mr Hamsho, who is in his late 50s, likes fast cars – he owns a collection of American muscle cars – and horse riding.

Mr Hamsho has been under British, European and American sanctions since the Syrian authorities used deadly force to crush peaceful protests demanding the President's removal, which broke out in March 2011. By the end of the year, Syria was embroiled in civil war.

According to one of his relatives, Mr Hamsho sought to maintain ties in areas that had been taken by rebels fighting the regime, and spent lots of time in Beirut, the de facto financial centre for Syria, while maintaining his crucial connection with Maj Gen Al Assad. When announcing sanctions on Mr Hamsho in 2011, the US Treasury Department described him as one of Syria’s top businessmen, involved "in nearly every sector" of the economy.

“He is a close business associate of Maj Gen Assad, and has served as a frontman for him and a number of Assad’s businesses," the department said. British authorities described him as "benefitting from and providing support to the Syrian regime through his business interests".

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
The specs

Engine: 3.8-litre twin-turbo flat-six

Power: 650hp at 6,750rpm

Torque: 800Nm from 2,500-4,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 11.12L/100km

Price: From Dh796,600

On sale: now

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THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

SPECS
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Winners

Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)

Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)

Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)

Best Young Women’s Player
Vicky López (Barcelona / Spain)

Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)

Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)

Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)

Women’s Coach of the Year
Sarina Wiegman (England)

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

First Person
Richard Flanagan
Chatto & Windus 

History's medical milestones

1799 - First small pox vaccine administered

1846 - First public demonstration of anaesthesia in surgery

1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases

1895 - Discovery of x-rays

1923 - Heart valve surgery performed successfully for first time

1928 - Alexander Fleming discovers penicillin

1953 - Structure of DNA discovered

1952 - First organ transplant - a kidney - takes place 

1954 - Clinical trials of birth control pill

1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.

1998 - The first adult live-donor liver transplant is carried out

Gender equality in the workplace still 200 years away

It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.

The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.

But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.

At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.

The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.

After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.

Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.

And the number of women in leadership roles has risen to 34 per cent globally, WEF said.

At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.

And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.

* Agence France Presse

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

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The specs: Fenyr SuperSport

Price, base: Dh5.1 million

Engine: 3.8-litre twin-turbo flat-six

Transmission: Seven-speed automatic

Power: 800hp @ 7,100pm

Torque: 980Nm @ 4,000rpm

Fuel economy, combined: 13.5L / 100km

Updated: October 23, 2024, 3:02 PM