Syria inks $800mln deal with UAE's DP World to upgrade ports
2 Min Read
Syria's General Authority for Land and Sea Ports signs an $800 million agreement with UAE-based DP World to develop Tartous Port and create industrial zones.
-
This satellite image from Planet Labs PBC shows several ships sailing off the port in Tartus, Syria, on Wednesday, Aug. 17, 2022 (AP)
Syria's General Authority for Land and Sea Ports signed an $800 million agreement with UAE-based DP World on Sunday, aiming to enhance the infrastructure and logistical services of Syrian ports, as reported by the Syrian state news agency SANA.
This agreement builds upon a memorandum of understanding that was previously signed by both parties in May.
The agreement with DP World, a subsidiary of the UAE's Dubai World investment company, centers on developing a multi-purpose terminal in Tartous along Syria's Mediterranean coast, as well as fostering collaboration to establish industrial and free-trade zones. Syria's interim President Ahmad al-Sharaa attended the signing ceremony.
Expanding beyond Tartus, the agreement includes comprehensive plans to establish industrial zones, free trade areas, dry ports, and freight transit hubs in strategically important regions throughout Syria, with both sides expressing their dedication to driving economic development and enhancing trade efficiency and transportation logistics.
Opportunities for international investment
The General Authority stated that the memorandum reflects the Syrian government's wider objectives to upgrade the transportation network and create opportunities for international investment, while also contributing to a larger plan aimed at rebuilding damaged infrastructure and revitalizing key economic areas that have suffered significant setbacks during prolonged periods of war.
The Tartus Port agreement with DP World came at the same time as US President Donald Trump eased sanctions on Syria; a move anticipated to encourage greater foreign participation in the country's reconstruction efforts.
During a meeting in Baku on July 12, where Azerbaijani President Ilham Aliyev received Syria's interim president, Ahmad al-Sharaa, Azerbaijan revealed plans to provide gas supplies to Syria to address the nation's ongoing energy shortages.
Previously, on July 9, Turkish Energy Minister Alparslan Bayraktar revealed that Turkey has completed the interconnection of its natural gas network with Syria's infrastructure and is making final preparations to begin gas exports to its southern neighbor, signaling a major advancement in Ankara's efforts to strengthen regional energy collaboration.
