Syria and DP World Forge Landmark $800 Million Port Deal Post-Sanctions

The Syrian government, together with DP World, has embarked on a significant $800 million venture to develop the port of Tartous. This comes in the wake of lifted U.S. sanctions, enabling foreign investments aimed at rejuvenating Syria's economy, as reported by Syrian state news agency SANA.

The memorandum of understanding facilitates the development, management, and operation of a multi-purpose terminal at Tartous, marking a collaboration to establish industrial and free trade zones. DP World, under the aegis of Dubai World from the UAE, is aiming to anchor its presence in Syria's evolving economic landscape.

This landmark agreement coincides with U.S. President Donald Trump's decision to lift long-standing sanctions on Syria, announced during his visit to Riyadh. In discussions with Saudi Crown Prince Mohammed bin Salman and Turkish President Tayyip Erdogan, the sanctions' removal is poised to enhance Syria's global financial integration and foster humanitarian advances.

(With inputs from agencies.)