The Syrian government and DP World have agreed to work together on an $800 million project to develop the port of Tartous. According to Syria’s state news agency SANA, this deal was made possible after U.S. sanctions were lifted.
The agreement to develop, manage, and run a multi-purpose terminal at Tartous also includes plans to set up industrial and free trade zones. DP World, the company behind the deal, is a part of Dubai World, an investment company from the United Arab Emirates.
Syria is trying to bring in foreign investments to help improve its weak economy.
The deal was signed in the same week that U.S. President Donald Trump announced he would lift sanctions on Syria during his visit to Riyadh.
Trump said he decided to lift the sanctions after talking with Saudi Crown Prince Mohammed bin Salman and Turkish President Tayyip Erdogan.
Both of these leaders had strongly asked for the sanctions to be lifted.
Trump also met with Syrian President Ahmed Al-Sharaa on Wednesday before the GCC summit in Riyadh.
On Thursday, U.S. Secretary of State Marco Rubio said that Trump intends to issue waivers under the “Caesar Syria Civilian Protection Act,” through which Washington imposed stiff sanctions on former President Bashar al-Assad’s government and secondary sanctions on outside companies or governments that worked with it.
Lifting U.S. sanctions, which had separated Syria from the global financial system, will make it easier for humanitarian groups to work in Syria. It will also help foreign investment and trade as the country rebuilds.
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