The Syrian government signs $800 million deal with Dubai Ports World
Syria announced on Sunday the signing of an $800 million agreement between the General Authority of Land and Sea Ports and Dubai Ports World, as the country seeks to repair its damaged infrastructure following years of conflict.
The Dubai Ports World operates dozens of sea and inland ports and terminals around the world, particularly in Asia, Africa, and Europe.
The signing ceremony was attended by transitional President Ahmed al Sharaa and the head of the General Authority for Land and Sea Ports and Crossings, Qutaiba Badawi.
The agreement is a continuation of the procedures for the memorandum of understanding related to the subject, which the General Authority for Land and Sea Ports signed with Dubai Ports World last May.
In a speech following the signing of the agreement, DP World Chairman and CEO Sultan bin Sulayem said, “The Syrian economy has significant potential, including the port of Tartous, which represents an opportunity to transport and export many Syrian industries”.
For his part, Badawi stated after the signing, “In this agreement, we sought to build an investment cooperation model based on a balance between the requirements of economic recovery and the foundations of effective partnership, and in a way that allows for the development of the infrastructure of the vital port of Tartous,” noting that the signing establishes a new phase, and repositions us on the regional and international economic map”.
Over the past few months, Damascus has signed several agreements and memoranda of understanding with Arab and foreign companies in the energy and media sectors, valued at millions of dollars.
In May, Damascus signed a 30-year contract with the French company CMA CGM to develop and operate the port of Latakia.
In the same month, Damascus also announced the signing of an energy agreement and memorandum of understanding with a consortium of four international companies worth $7 billion.
In June, the Syrian authorities signed a memorandum of understanding with the Qatari company al Maha International to establish a media production city, a project estimated to be worth more than $1.5 billion.
The new Syrian authorities are seeking to launch a path toward economic recovery and reconstruction after the overthrow of Bashar al Assad in December, following a 14-year war that devastated the country’s economy and infrastructure.
The conflict has severely damaged the electricity infrastructure, with power outages lasting more than 20 hours a day.
The new authorities hope to attract investment in various sectors, particularly after the United States and the European Union announced in May the lifting of years-long sanctions on Syria.
On May 22, Syria and Türkiye announced an energy supply agreement, under which Türkiye will export two billion cubic meters of gas annually, providing approximately 1,300 megawatts of electricity.
In March, Qatar announced funding gas shipments to Syria from Jordan to address the electricity shortage.
