Hamas has a secret overseas investment portfolio worth more than $500 million, documents seen by a German newspaper have suggested.
The investments include interests in about 40 international companies controlled by Hamas in the Middle East and North Africa, Die Welt reported.
The newspaper said it saw documents from 2017-18 that were part of a decade’s worth of financial files discovered on a Hamas computer. It did not say how the data was retrieved or who provided the information.
Die Welt said the group itself valued the portfolio at $338m. It would now be worth more than $500m. The companies were said to be mainly in the construction sector and found in Turkey with other interests in Sudan and Algeria. Reporters said the business interests were built up over about 20 years.
Dr Matthew Levitt, of the Washington Institute, who formerly worked in financial intelligence for the US government, said the figures were "impossible to verify" but he told the newspaper it was no secret that Hamas invested in foreign companies in the region.
The details stand in contrast to the economic woes in Gaza where the Hamas-run administration – which is subject to tough economic sanctions from Israel and its allies – is battling electricity, water and medicine shortages. Hamas is designated a terrorist group by the US, EU, UK and Israel.
It lost an appeal last September against its inclusion on the EU terrorism list, which leads to sanctions and frozen assets. The militant group said the EU had made a “mistaken characterisation” and claimed the listing was “not substantiated by any evidence”.
Details of the latest Hamas finances came to light after the worst fighting in years between Israel and Hamas, which controls the Gaza Strip.
Israel killed several senior Hamas commanders in air strikes during 11 days of fighting in May. More than 250 people died in Gaza and 13 in Israel before an Egypt-led ceasefire.
Hamas, which is committed to the destruction of Israel, was founded in the 1980s by followers of the Muslim Brotherhood. It has close links to Turkey and Qatar. Its leader was one of the guests at the recent inauguration of the new Iranian president.
State-backed funding for the organisation has declined forcing the group to seek other forms of financing. Its main state sponsor is believed to be Iran despite historical blips in their relationship.
Efforts to attract commercial income are regarded as part of attempts to secure another revenue stream, experts say. The report identified the Turkish construction conglomerate Trend GYO as one its prime investments.
That company is leading developer in Turkey and has completed a number of high-profile projects around the country, including universities and commercial plazas.
“Follow the money,” said Jonathan Schanzer, a former terrorism finance analyst at the US Treasury, on Twitter. “Now let’s see if the host governments take action.”
He told Die Welt: “Companies that generate steady income would be extremely helpful to a terrorist group as long as they were able to operate in the open and not be identified as illegitimate."
The US in 2019 imposed sanctions on four men they said were responsible for moving tens of millions of dollars between Iran’s Islamic Revolutionary Guard Corps and Hamas’s operational arm in Gaza. It said a banker in Lebanon was at the heart of the scheme and in charge of all financial transfers between the groups.
Hamas business activities have shifted to Turkey in recent years, Die Welt said. Its income has been squeezed by a purge of front organisations that pose as charitable groups to collect millions from donors to support the Palestinian cause.
The group retains an iron grip on the Gaza strip where income has been squeezed by the cycle of conflict. Reports from there said the group's operatives had prevented UN officials from accessing a school funded by the UN Relief and Works Agency, where it is alleged a tunnel used by it for firing rockets at Israel was located.
Hamas did not respond to a request for comment.
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
Killing of Qassem Suleimani
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Correspondents
By Tim Murphy
(Grove Press)
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
COMPANY%20PROFILE
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Racecard
5.25pm: Etihad Museum – Maiden (TB) Dh82,500 (Turf) 1,200m
6pm: Al Shindaga Museum – Handicap (TB) Dh87,500 (Dirt) 1,200m
6.35pm: Poet Al Oqaili – Handicap (TB) Dh95,000 (T) 1,400m
7.10pm: Majlis Ghurfat Al Sheif – Handicap (TB) Dh87,500 (D) 1,600m
7.45pm: Hatta – Handicap (TB) Dh95,000 (T) 1,400m
8.20pm: Al Fahidi – Rated Conditions (TB) Dh87,500 (D) 2,200m
8.55pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m
9.30pm: Coins Museum – Rated Conditions (TB) Dh95,000 (D) 1,600m
10.05pm: Al Quoz Creative – Handicap (TB) Dh95,000 (T) 1,000m