Syria Signs $800M Deal with Dubai World for Tartous Port Development

Reuters

Syria has entered into an $800 million memorandum of understanding (MoU) with Dubai World to develop, manage, and operate a multi-purpose terminal at the port of Tartous, marking a significant shift in the nation's maritime infrastructure strategy.

The agreement, announced by Syria's Land and Sea Ports General Authority, signifies a move towards diversifying foreign partnerships and revitalizing the country's port facilities. This development follows the recent cancellation of a 2019 contract with Russian firm STG Stroytransgaz, which was terminated due to the company's failure to fulfill its investment commitments, including necessary infrastructure upgrades.

The new collaboration with Dubai World is expected to enhance Tartous Port's operational capacity, improve logistics services, and boost trade activities, contributing to Syria's broader economic recovery efforts. By engaging with international partners, Syria aims to modernize its port infrastructure and reestablish its position in regional maritime commerce

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