Rami Makhlouf and the Syrian war economy

The ascent of Bashar al-Assad in 2000 paved the way for a new rampant class of corrupt businessmen – often sons or relatives of the governing apparatus which inaugurated the Assad era in Syria in 1970. Thus, his fellow Alawite maternal cousin and close confidant, Rami Makhlouf (b. 1969) was able to become the wealthiest man in the country. Makhlouf’s privileged position was well-known and became a lightning rod for popular rage and discontent during the 2011 Syrian uprising. Makhlouf used corruption, intimidation and governmental ties to expand his businesses and amass a fortune even without secrecy. Moreover, his predatory-capitalistic approach proved detrimental for the economy itself, limiting the Syrian middle class, as he earned the nickname of Mister Five – or Ten – percent, depending of the interest percentage he received on every loan his companies would make. In the analysis which follows, a focus on this particular player highlights the new opportunities for predatory capitalism which have been unearthed due to the Syrian war economy that emerged beginning in 2011.