‘Syria possesses beneficial belongings,’ says DP World’s CEO, highlighting the nation’s financial potential.
Syria has finalised an $800m settlement with Dubai-based DP World to redevelop its Tartous port in a bid to hurry up post-war reconstruction.
State information company SANA stated the deal was signed in Damascus on Sunday between DP World and the Basic Authority for Land and Sea Ports, within the presence of Syrian President Ahmed al-Sharaa.
Syrian officers described the deal as a key step in direction of modernising the nation’s logistics infrastructure.
“This strategic transfer will bolster our port operations and logistics companies,” SANA quoted an unnamed official as saying.
Because the fall of former President Bashar al-Assad in December, Syria’s new management has been pushing to re-establish financial ties with worldwide firms and convey the war-torn nation again into the worldwide market.
Talking after the signing, DP World CEO Sultan Ahmed bin Sulayem stated Syria’s financial potential remained sturdy, noting the Tartous port might play a central function in reviving native business.
“Syria possesses beneficial belongings,” he stated, “and Tartous is a vital hub for commerce and exports. We intention to rework it into one of many world’s main ports.”
‘Laying the groundwork’
DP World manages dozens of port amenities throughout Europe, Africa and Asia and has been increasing its attain within the Center East.
Qutaiba Badawi, who heads Syria’s port authority, stated the settlement marked greater than only a business enterprise.
“We’re laying the groundwork for a brand new period of maritime growth, positioning Syria once more on the worldwide financial stage,” he stated.
The Tartous deal follows a number of high-profile contracts signed in current months.
In Might, Damascus entered a 30-year settlement with French delivery firm CMA CGM to function Latakia port. That very same month, Syria inked a $7bn vitality cope with a coalition of Qatari, Turkish, and US corporations to revive the nation’s energy sector.
Earlier this month, the United States stated it is going to revoke its designation of Hayat Tahrir al-Sham as a “overseas terrorist group” as Washington softens its method to post-war Syria.
Final month, US President Donald Trump issued an executive order lifting a number of longstanding sanctions on Syria, which Washington stated would help the nation’s reconstruction. The US Treasury famous the choice would ease restrictions on firms thought of important to Syria’s rebuilding and governance.
Western sanctions had hampered reconstruction efforts for years, additional crippling an financial system already shattered by greater than a decade of civil conflict and human rights abuses below al-Assad’s rule.
