‘Syria possesses beneficial property,’ 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 Normal 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 the direction of modernising the nation’s logistics infrastructure.
“This strategic transfer will bolster our port operations and logistics providers,” 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 produce 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 property,” he stated, “and Tartous is an important 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 services 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 improvement, 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 Could, Damascus entered a 30-year settlement with French delivery firm CMA CGM to function Latakia port. That very same month, Syria inked a $7bn power cope with a coalition of Qatari, Turkish, and US companies to revive the nation’s energy sector.
Earlier this month, america stated it’s going to revoke its designation of Hayat Tahrir al-Sham as a “international terrorist group” as Washington softens its method to post-war Syria.
Final month, US President Donald Trump issued an govt 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 beneath al-Assad’s rule.
