The signing of a contract for the reconstruction of the Tartus port in Syria
The Syrian authorities have signed a contract with a company from the United Arab Emirates for an investment of $800 million to modernize the Tartus port, which was previously leased by Russia.
The General Administration of Land and Maritime Ports of Syria signed an agreement with DP World from the UAE on July 13 for $800 million, Reuters reports.
The agreement with DP World, a subsidiary of the investment company Dubai World, involves the development of a multimodal terminal in Tartus on the Syrian coast of the Mediterranean Sea. In addition, cooperation is planned in the creation of industrial zones and free trade zones.
This agreement became possible after US President Donald Trump signed a decree lifting US sanctions against Syria last month. This decision opened the way to end the country's isolation from the international financial system and to restore the economy devastated by civil war.
The Tartus port is strategically important for Syria as one of the country's key maritime gateways to the Mediterranean Sea. Previously, Russia used this port for its logistical needs in the region.
UAE investments in Syrian port infrastructure could become an important step in the process of economic recovery for the country after a long period of international sanctions and internal conflict.
The signing of the contract for the modernization of the Tartus port is an important step in the recovery of the Syrian economy after prolonged conflicts and international sanctions. It demonstrates a certain stability in the country and opens new opportunities for the development of port infrastructure and trade at the international level.