Syria and Dubai Ports World sign $800 million memorandum of understanding to develop Tartus port
The Syrian General Authority for Land and Sea Ports signed a memorandum of understanding with Dubai Ports World on Friday worth $800 million to enhance the country’s port infrastructure and logistics services.
On its website, the Syrian official News Agency (SANA) announced the signing of a memorandum of understanding between the General Authority of Land and Sea Ports and Dubai Ports World, worth $800 million, to enhance the country’s port infrastructure and logistics services.
The memorandum includes “a comprehensive investment in the development, management, and operation of a multi-purpose terminal at the port of Tartus, which will contribute to raising the port’s efficiency, increasing its operational capacity, and enhancing its role as a pivotal center for regional and international trade”.
According to SANA, “The two sides agreed to cooperate in establishing industrial zones and free zones, in addition to dry ports and freight transit stations in a number of strategic areas within the Syrian Arab Republic, reflecting both parties’ commitment to supporting economic development and facilitating trade and transport”.
This step comes within the framework of the Syrian government’s vision to develop the transportation and logistics sector and attract foreign direct investment, which will contribute to reconstruction and stimulate the national economy, according to the same source.
The agreement is the first announced by the Syrian side following US President Donald Trump’s decision to lift sanctions on Damascus.
