The Syrian government and port and logistics company DP World signed an $800 million memorandum of understanding to develop the port of Tartous, state news agency SANA reported Friday, after the lifting of U.S sanctions cleared the way for the deal.
The deal to develop, manage and operate a multi-purpose terminal at Tartous includes cooperation in establishing industrial and free trade zones. DP World is a subsidiary of United Arab Emirates (UAE) investment company Dubai World.
Syria is seeking to attract foreign investments to boost its struggling economy, and the deal was signed in the same week that U.S. President Donald Trump announced plans to lift of sanctions on Syria during a visit to Riyadh.
Trump said he made the decision to lift sanctions after discussions with Turkish President Recep Tayyip Erdoğan and Saudi Crown Prince Mohammed bin Salman, whose governments have both strongly urged the lifting of sanctions.
Trump had also met with Syrian President Ahmed al-Sharaa ahead of the Gulf Cooperation Council (GCC) summit in Riyadh on Wednesday.
U.S. Secretary of State Marco Rubio said on Thursday that Trump intends to issue waivers under the "Caesar Syria Civilian Protection Act," through which Washington imposed stiff sanctions on longtime dictator Bashar Assad and his regime and secondary sanctions on outside companies or governments that worked with it.
Removing U.S. sanctions that cut Syria off from the global financial system will also clear the way for greater engagement by humanitarian organizations working in Syria, easing foreign investment and trade as the country rebuilds.
