The new Syrian government has signed an agreement with a company from the United Arab Emirates (UAE) that will invest $800 million in the modernisation of the port of Tartus, which was previously leased by Russia. This was reported yesterday by Reuters.
It is stated that yesterday, on 13 July, the General Directorate of Land and Sea Ports of Syria signed an agreement with DP World from the UAE.
The agreement with DP World, a subsidiary of the investment company Dubai World, provides for the development of a multi-purpose terminal in Tartus on the Syrian Mediterranean coast, as well as cooperation in the creation of industrial zones and free trade zones.
This comes after US President Donald Trump lifted sanctions on Syria last month, paving the way for an end to the country’s isolation from the international financial system and the recovery of its economy, which has been devastated by civil war.
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