ERBIL, Kurdistan Region - Syria on Thursday announced it signed an $800 million deal with Dubai-based DP World to develop and operate the port of Tartous, days after United States President Donald Trump said he would lift sanctions on the country.
The Syrian Land and Sea Ports General Authority announced “the signing of a memorandum of understanding with DP World, a global ports company based in Dubai, worth 800 million US dollars, for the development, management and operation of a multi-purpose terminal in the port of Tartous.”
DP World is a United Arab Emirates-based multinational logistics company that specializes in cargo logistics, port terminal operations, maritime services, and free trade zones. Tartous port is on Syria’s Mediterranean coast.
“This step is a strategic move that will contribute to raising the efficiency of the port, increasing its operational capacity and strengthening its position as a global logistics centre serving the interests of the Syrian Arab Republic and the surrounding regional countries,” the port authority said in a statement.
DP World has not immediately made a statement on the agreement.
Trump on Tuesday, during a visit to Saudi Arabia, declared his intention to lift sanctions on Syria as part of a broader push to normalize relations with Damascus. The announcement prompted celebrations across parts of Syria.
On Wednesday, Trump met with Syrian interim President Ahmad al-Sharaa in Riyadh, in the presence of Saudi Crown Prince Mohammed bin Salman and with Turkish President Recep Tayyip Erdogan attending remotely.
Trump urged Sharaa to normalize ties with Israel during the meeting. Following the ouster of the Bashar al-Assad regime, Israel has struck Tartous port as part of its efforts to degrade Syria’s military capabilities, according to the UK-based Syrian Observatory for Human Rights.
Since taking power, the new leadership in Damascus has repeatedly called on the international community to lift Assad-era sanctions, arguing that they are hindering the country’s economic recovery and post-war reconstruction.