Syria signs $800m Tartous port deal with UAE firm DP World

‘Syria possesses invaluable assets,’ says DP World’s CEO, highlighting the country’s economical potential.

Syria has finalised an $800m statement with Dubai-based DP World to redevelop its Tartous larboard successful a bid to velocity up post-war reconstruction.

State quality bureau SANA said the woody was signed successful Damascus connected Sunday betwixt DP World and the General Authority for Land and Sea Ports, successful the beingness of Syrian President Ahmed al-Sharaa.

Syrian officials described the woody arsenic a cardinal measurement towards modernising the country’s logistics infrastructure.

“This strategical determination volition bolster our larboard operations and logistics services,” SANA quoted an unnamed authoritative arsenic saying.

Since the fall of erstwhile President Bashar al-Assad successful December, Syria’s caller enactment has been pushing to re-establish economical ties with planetary companies and bring the war-torn state backmost into the planetary market.

Speaking aft the signing, DP World CEO Sultan Ahmed bin Sulayem said Syria’s economical imaginable remained strong, noting the Tartous larboard could play a cardinal relation successful reviving section industry.

“Syria possesses invaluable assets,” helium said, “and Tartous is an indispensable hub for commercialized and exports. We purpose to alteration it into 1 of the world’s starring ports.”

‘Laying the groundwork’

DP World manages dozens of larboard facilities crossed Europe, Africa and Asia and has been expanding its scope successful the Middle East.

Qutaiba Badawi, who heads Syria’s larboard authority, said the statement marked much than conscionable a commercialized venture.

“We are laying the groundwork for a caller epoch of maritime development, positioning Syria again connected the planetary economical stage,” helium said.

The Tartous woody follows respective high-profile contracts signed successful caller months.

In May, Damascus entered a 30-year statement with French shipping institution CMA CGM to run Latakia port. That aforesaid month, Syria inked a $7bn vigor woody with a conjugation of Qatari, Turkish, and US firms to revive the country’s powerfulness sector.

Earlier this month, the United States said it volition revoke its designation of Hayat Tahrir al-Sham arsenic a “foreign violent organization” arsenic Washington softens its attack to post-war Syria.

Last month, US President Donald Trump issued an enforcement order lifting respective longstanding sanctions connected Syria, which Washington said would enactment the country’s reconstruction. The US Treasury noted the determination would easiness restrictions connected companies considered captious to Syria’s rebuilding and governance.

Western sanctions had hampered reconstruction efforts for years, further crippling an system already shattered by much than a decennary of civilian warfare and quality rights abuses nether al-Assad’s rule.

Source:

Al Jazeera and quality agencies