Syria, DP World sign $800M port development agreement
Syria signed a historic $800 million deal with UAE-based logistics giant DP World to develop and manage a multi-purpose terminal at the Port of Tartous. The memorandum of understanding (MoU) represents an important milestone in Syria’s bid to revive its maritime infrastructure and draw in foreign investment after years of war and economic isolation.
The accord is aimed at developing the Tartous port as a strategic logistics center of the Eastern Mediterranean. It involves industrial and free trade zone construction, upgrade of cargo handling facilities, and upgrading the port’s infrastructure. The step is anticipated to increase Syria’s import-export capacity, stimulate employment, and contribute to regional connectivity.
The agreement is part of a wider change in Syria’s economic policy to re-engage with the international community after sanctions were partially relaxed. Syria also extended a 30-year concession to French shipping company CMA CGM for managing and developing the Latakia port, which is supported by a €230 million investment, earlier this month.
DP World’s move into Syria is a sign of increasing regional interest in reviving the war-ravaged country’s economy and infrastructure. The company, which has over 80 terminals across the world, has a wealth of experience in port development and logistics services.
This alliance marks the beginning of a possible turning point for Syria’s economic and trade environment, clearing the way for increased foreign direct investment. Successful implementation could add substantially to Syria’s long-term economic revival and reintegration into international trade systems.
