Syria has finalized an $800 million agreement with Dubai-based DP World to redevelop its Tartous port, marking a significant step in the country’s post-war reconstruction efforts. The deal, signed in Damascus on Sunday, aims to enhance port infrastructure and logistics services, bolstering Syria’s economic potential.
DP World CEO Sultan Ahmed bin Sulayem emphasized the importance of the Tartous port, stating, “Syria possesses valuable assets, and Tartous is an essential hub for trade and exports. We aim to transform it into one of the world’s leading ports.”
The agreement builds on a memorandum of understanding signed between the two parties in May and focuses on developing a multi-purpose terminal at Tartous, as well as cooperation in establishing industrial and free trade zones. Syrian President Ahmed al-Sharaa attended the signing ceremony, highlighting the significance of this deal for the country’s economic future.
Syrian officials described the deal as a key step towards modernizing the country’s logistics infrastructure. “This strategic move will bolster our port operations and logistics services,” said an unnamed official. Qutaiba Badawi, head of Syria’s port authority, added that the agreement marked more than just a commercial venture. “We are laying the groundwork for a new era of maritime development, positioning Syria again on the international economic stage,” he said.
The Tartous deal follows several high-profile contracts signed in recent months, including a 30-year agreement with French shipping company CMA CGM to operate Latakia port and a $7 billion energy deal with a coalition of Qatari, Turkish, and US firms to revive Syria’s power sector. These agreements demonstrate the country’s efforts to reconnect with international companies and revive its shattered economy.
The deal comes after US President Donald Trump issued an executive order lifting several longstanding sanctions on Syria, which Washington said would support the country’s reconstruction. The US Treasury noted that the decision would ease restrictions on companies considered vital to Syria’s rebuilding and governance. Western sanctions had hampered reconstruction efforts for years, further crippling an economy already shattered by more than a decade of civil war and human rights abuses under the previous regime.
DP World manages dozens of port facilities across Europe, Africa, and Asia and has been expanding its reach in the Middle East. With this agreement, DP World aims to transform Tartous into a world-class port, enhancing Syria’s economic potential and positioning the country for future growth.