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Damascus Cham Holding Company

Known Also As: Damascus Cham Holding Private JSC, Damascus Cham Private Joint Stock Company


Country: Syria


Address: Marota City, Eastern Villas, Mazeh, Damascus 096311, Syria


Organization Established Date: 17 Dec 2016;


Business Registration Number: 17951 (Syria);


Website: www.damacham.sy;


E-mail: info@damacham.sy;


Phone: +963 11 6115068;


Activities:



In the wake of the Government of Syria’s land seizures, Legislative Decree 19 of 2015 formalized the funding and management model on which that seized land would be developed, leading to the Governorate of Damascus establishing a wholly owned entity, Damascus Cham Holding Company, to oversee Marota City.


Damascus Cham Holding Company has created a series of joint ventures and has facilitated the flow of private investment into the development of expropriated land. Contributing only in-kind assets (seized land), the Governorate of Damascus has depended on regime-friendly businessmen for financing, allowing private investors in Syria to profit heavily from luxury developments built on land confiscated by the Syrian regime from its own people. In each of these joint ventures, Damascus Cham Holding Company’s share of the profits is granted to the Governorate of Damascus. Damascus Cham Holding Company is being designated pursuant to E.O. 13573 for being an agency or instrumentality of the Government of Syria, or owned or controlled, directly or indirectly, by the Government of Syria or by an official or officials of the Government of Syria.


In addition, OFAC has designated Damascus Cham for Management LLC, the executive management entity of Damascus Cham Holding Company. Damascus Cham for Management LLC is being designated pursuant to E.O. 13573 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Damascus Cham Holding Company.


In January 2018, Damascus Cham Holding Company established Mirza Company, a 23 billion Syrian pound ($52.7 million equivalent at time of announcement) joint venture in which Damascus Cham Holding Company holds 75 percent of the shares. Damascus Cham Holding Company provided in-kind (land) advances worth 17.3 billion Syrian pounds ($39.6 million equivalent). Mirza Company will build and invest four plots within Marota City, residential and commercial, with a combined 60,000 square meters.


In early 2018, Damascus Cham Holding Company established a new joint venture named Bunyan Damascus Private Joint Stock Company (Bunyan) with private sector investors Apex Development and Projects LLC (Apex) and Tamayoz LLC. Valued at 15.2 billion Syrian pounds ($34.8 million equivalent) at the time of its creation, Damascus Cham Holding holds 60 percent of the shares in Bunyan, which will develop two mixed-use properties on expropriated land in Marota City with a total built-up area of 30,000 square meters.

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