The Syrian government and DP World have signed a memorandum of understanding worth $800m to develop Syria’s port of Tartous.
The deal to develop, manage and operate a multi-purpose terminal at Tartous includes cooperation in establishing industrial and free trade zones.
Syria is seeking to attract foreign investments to boost its struggling economy, and the deal was signed in the same week that US president Donald Trump announced plans to lift of sanctions on Syria.
Earlier this month, CMA CGM signed a 30-year deal with the Syrian government to develop Latakia port, including building a new berth and investing $260m to bolster Syria’s top port. CMA CGM has been operating at Latakia since 2009.
