A suspect in the execution of Sydney crime figure Hamad Assaad has been shot dead in his flat in Sydney's inner west.

Kemel Barakat - nicknamed "Blackie" - was shot at point-blank range inside the unit in Bennett Street, Mortlake, in the early hours of Friday.

It is understood the bikie figure, who is well-known to police, was in bed when the gunman opened fire.

A woman was also home but escaped uninjured.