Syria Bets on Religious Rebranding of Tourism Sector
The latest post-Assad deal is more credible than previous billion-dollar agreements, but the real gamble lies in the bet on Islamic rebranding.
On 5 July, Syria’s Ministry of Tourism entered into a memorandum of understanding (MoU) with the Syrian International Insurance Holding Company (SIDH) and the International Insurance Holding Company (IDH) to initiate tourism development projects valued at $8 billion. Both SIDH and IDH are subsidiaries of the Inventure Group, a prominent private equity firm headquartered in the Middle East and North Africa, with a diverse portfolio spanning tourism, real estate, and infrastructure. The group’s documented history in the region stands in contrast to previous unsubstantiated deals signed by the Syrian government, but the ideological undercurrent continues to shine through; with a recent decree by the Ministry of Tourism, the Islamic nature of the interim government is once again on display and may prove a hindrance to broader industry growth.
Re-framing Syrian Tourism?
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