Alpha Capital, the Damascus-based investment institution licensed by the Syrian Commission on Financial Markets and Securities, has appointed Narrative One as its communications partner, to bridge Gulf and international capital with the vast opportunities available today in Syria’s market.
The World Bank puts Syria’s reconstruction needs at around $216bn. The country’s private banks hold about $642m of equity between them, according to Alpha Capital. When the Damascus Securities Exchange reopened in June 2025, foreign investors made up about 2% of its more than 23,000 trading investors, according to the exchange’s executive director, Basel Asaad. The interest is there. The routes in are actively being built.
“Nobody I speak to in the Gulf is asking whether Syria matters any more. They’re asking who holds the money, how it gets priced and how they get out again. It is no longer about appetite. It is about mechanics,” said Issa Chami, Founder of Alpha Capital. “That’s the work we built Alpha Capital to do, and we want investors to hear it from us directly. Narrative One understood the regulatory side of our business before we had to explain it, and they work in Arabic as naturally as in English.”
Alpha Capital is licensed by the Commission and the exchange for capital markets, M&A advisory and investment management, and was the first firm in Syria to offer its clients online trading. Its leadership built their careers at Merrill Lynch in the US and at Nasdaq Dubai and SHUAA Capital in the UAE. Chami has set out what the market needs next in a series of reports from Alpha Capital’s in-house research and analyst team, which has quickly become the marquee reference on Syria’s business outlook for many government entities and corporates looking at the Syrian market.
“There’s no shortage of coverage of Syria’s deals and projects, but very little of it explains the mechanics: the exchange, sovereign paper, bank capital and how a foreign investor actually gets in,” said Tarek Fouad, Founder and CEO of Narrative One. “Alpha Capital is where the Gulf’s capital markets playbook meets the Damascus market. Our job is to make sure the people allocating capital hear that explanation from the firm doing the work.”