Syria inks $800M deal with UAE’s DP World to develop Tartous port: What we know
The agreement came days after Donald Trump announced the lifting of all US sanctions against Syria stemming from the Assad government's conduct in the 14-year civil war.
The Syrian government on Friday signed a landmark deal with the United Arab Emirates to develop the Mediterranean port of Tartous, a few days after US President Donald Trump announced his intent to lift sanctions against the war-torn country.
What happened: The Syrian Land and Sea Ports General Authority announced in a statement that it had signed an $800 million memorandum of understanding (MoU) with the Dubai-based global port operator DP World for the development, management and operation of a multipurpose terminal at Tartous.
"This step marks a strategic shift that will contribute to raising the port's efficiency, increasing its operational capacity, and strengthening its role as a pivotal hub for regional and international trade," the statement read.
Under the MoU, the two sides also agreed to cooperate on establishing industrial zones and free zones in addition to dry ports —inland ports connected to the sea via roads or railways — and cargo transit stations, which, the statement said, will pave the way for more investments and help boost Syria’s economic presence on the international and regional trade map.
